Tax News

International income isn’t always tax-free

It’s common these days for nearly every financial advisor to have at least one client with a foreign connection. That could mean a client with a foreign parent living overseas or a child living in the United States. It could also be a client who has previously lived in Europe and then immigrated to Canada, but still has financial ties with the foreign jurisdiction.

By Jamie Golombek |May 12, 2011

3 min read

Tax News

U.S. transplants face harsh FBAR penalties

In recent years, the Internal Revenue Service (IRS) has increased its focus on reporting of foreign financial accounts by U.S. persons. This is evidenced by the renewed IRS emphasis on receiving the Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts, (also known as FBAR reporting).

By Frank Di Pietro |May 3, 2011

4 min read

Tax News

Tax developments for philanthropists

Anne Brayley, vice president, professional advisory services at the Toronto Community Foundation, speaks with Heather Evans, managing partner, tax at Deloitte & Touche, about how the current tax environment influences trends in philanthropy.

By Anne Brayley |May 1, 2011

3 min read

Industry

A tangled web of taxes

Can someone actually enjoy an insect collection? Maybe not in the strict sense of the word, but as this case will show, one may nonetheless enjoy the tax results that derive from it.

May 1, 2011

3 min read

Canadians responsible tax filers: study

Canadians seem determined to file their taxes before the May 2 deadline, but are demanding more simplified tax system, according to a study from BMO Harris Private Banking. The study revealed that 95% respondents aim to meet the tax filing deadline, and more than half (56%) will use their refunds either to pay bills and […]

By Staff |April 29, 2011

2 min read

Quebec academic slams tax shelters

Noted Quebec economics professor Léo-Paul Lauzon says the government should abolish the tax shelters for the good of the collective interest of Canada. Chair of Socio-Economics at the University of Quebec at Montreal, Lauzon, well-known for his sometimes scathing pronouncements, has released the findings of a study on the merits of RRSPs TFSA and other […]

3 min read

Think tank conjures massive tax burden

The average Canadian family pays more in taxes than it does on the necessities of life, according to a study released by the Fraser Institute. Of course, this depends on what you consider a tax—and how you define “necessity.” According to the study, the average family had an income of $72,393 in 2010, and spent […]

By Staff |April 26, 2011

2 min read

Cracks appear in tax haven’s secrecy

One of the most secretive financial services markets in the world has joined the International Organization of Securities Commissions (IOSCO), after the president of the international body approved the Financial Market Authority (FMA) of Liechtenstein for membership. To gain membership, the FMA had to prove it was working toward becoming a signatory to Appendix A […]

By Staff |April 20, 2011

1 min read

Canadians take DIY approach to taxes

An overwhelming majority of Canadians are doing their own taxes and are confident they are doing a good job, according to a BMO Harris Private Banking survey. The study noted that despite the anxiety that often accompanies tax season, more than half of taxpaying Canadians (59%) have decided not to engage a professional to assist […]

2 min read