Fort Group Analysis of December 12, 2017 Income Sprinkling Revised Legislation

DECEMBER 22, 2017

On December 13, 2017, The Department of Finance, in conjunction with the Canada Revenue Agency, released an updated Technical Backgrounder and new draft legislation related to the draft income sprinkling legislative proposals released on July 18, 2017.

Merry Christmas and Happy Holidays

DECEMBER 22, 2017
 
Merry Christmas

 Fort Group wishes you and your loved ones a very Merry Christmas and many blessings in the New Year.

Our office will be closed Monday, December 25 to Monday, January 1, 2018. We will return on Tuesday, January 2.

 

Congratulations to Eileen Klassen

DECEMBER 12, 2017

Fort Group is happy to announce that bookkeeper, Eileen Klassen has successfully completed the exam to become a member of the Institute of Professional Bookkeepers of Canada.

Congratulations to Earl Villafuerte!

DECEMBER 1, 2017

Fort Group is thrilled to announce that Staff Accountant, Earl Villafuerte has successfully passed his CFE exam! Well done, Earl!

Canadians Paying Tax on U.S. Real Estate Investments

NOVEMBER 10, 2017

In spite of the less then favorable foreign currency exchange rate between Canada and the U.S., many Canadians continue to profit on investments in rental real estate in the U.S. Many Canadians however, are still unsure as to how they are supposed to properly report this rental income for U.S. tax purposes. Generally, a Canadian can meet their income tax obligations related to U.S. rental property to the IRS in one of two ways:

Fort Group welcomes new Bookkeeper

OCTOBER 2, 2017

Fort Group is pleased to welcome Wanru Li to our Bookkeeping Department.

Important Tax Changes for Canadian Private Corporations

JULY 27, 2017

On July 18, 2017 the Department of Finance released the whitepaper blue printing their proposed changes to current tax law, targeting what they perceive to be abuses by private Canadian corporations. These changes, if enacted, could have significant consequences on the current tax planning utilized by many private corporations across Canada. The Department of Finance is currently focusing on three main areas of tax planning in relation to private corporations:

Voluntary Compliance with the IRS for U.S. Citizens Living in Canada

JULY 18, 2017
US FLAGS

 According to recent estimates there could be anywhere between 900,000 and 2,000,000 U.S. citizens currently living in Canada. As residents of Canada these U.S. citizens living abroad are often correctly filing their Canadian income tax returns. However, many of these individuals are not filing their annual U.S. income tax returns. U.S. citizens often come to us with a variety of reasons for not filing a U.S. tax return while living in Canada. Most commonly a lack of awareness that a U.S. citizen must file an annual tax return regardless of the fact that they no longer live in the U.S. leads to compliance issues that must be resolved.

Fortunately, the IRS has recognized that some U.S. citizens have unknowingly been missing their annual U.S. tax filings and want to get caught up without being exposed to potential tax penalties. In an effort to help these taxpayers the IRS have instituted a series of programs that can allow U.S. citizens living abroad to come into full compliance with their federal tax filings without the fear of recourse from the IRS.

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