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
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.
Fort Group Welcomes Long, Anton and Derek!
MAY 15, 2017
Fort Group is proud to welcome three new faces in our office. Long Phan joined us on April 17 and will be working as a staff accountant while obtaining his CPA designation. Derek McKnight and Anton Rosenbaum joined our team on May 8. Derek will be working as a co-op student from the Asper School of Business for the summer of 2017.
Check out their bios on our staff page. Photos to come soon!
2017 Federal Budget
MARCH 23, 2017
Yesterday, the Honourable Bill Morneau, Minister of Finance, tabled his second budget - "Building a Strong Middle Class" with a projected deficit of $28.5 billion.
Please CLICK HERE to view a commentary on how this budget may affect you. As always, do not hesitate to contact your trusted advisor at Fort Group for more information.
Welcome to new staff members, Aaron and Jeannette!
MARCH 16, 2017
Fort Group is very proud to announce the addition of two new staff members as of Monday, March 13. Aaron Dorosh joined our team as a Manager, and Jeannette Thiessen began her tenure as a Bookkeeper. We are very excited to work with these two dynamic and knowledgable individuals.
Bios and pictures to come soon...
Fort Group is pleased to announce the addition of Senior Manager Bradley Keefe, CPA, CA
FEBRUARY 27, 2017
Bradley will be providing our not-for-profit and public sector entity clients with audit and review engagement services. A graduate of the University of Manitoba in 2004, Bradley received his Chartered Professional Accountant (CPA) designation in 2006 and has over 14 years professional experience. Bradley was awarded the Early Achievement Award by CPA Manitoba in 2016.
Bradley comes to us from the Office of the Auditor General (OAG) where he was group engagement leader for the Audit of the Province of Manitoba’s Summary Financial Statements (Public Accounts).
Educator School Supply Tax Credit
JANUARY 27, 2017
Are you an educator? Do you buy construction paper, flash cards, puzzles and other items that support educational growth? There is a new tax credit you may qualify for when you purchase supplies for your classroom.
The 2016 federal budget introduced a teacher and early childhood educator school supply tax credit for 2016 and subsequent taxation years.
This new tax credit will allow an employee who is an eligible teacher or early childhood educator to claim a 15% refundable tax credit on an amount of up to $1,000 for purchases of eligible teaching supplies for which they were not reimbursed.
US Tax Filing with the IRS for US Citizens who are Residents in Canada
JULY 17, 2015
Are you a US citizen? Are you a resident of Canada?
The United States is one of the only countries in the world that require their citizens to report their worldwide income even if they are a resident of another country. Even if you have not lived in the US since childhood, if you have your US citizenship, you are required to file US tax returns with the IRS.
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