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Welcome Back Fort Group Builders!
NOVEMBER 15 2018
We want to welcome back our Fort Group Team from the Dominican Republic. Part of our Fort Group family teamed up with Shine the Light and headed down to El Javillar to help build two new homes for two loving families.
Exciting Career Opportunities
SEPTEMBER 17, 2018
Fort Group is a rapidly growing accounting, tax and business advisory firm, primarily servicing clients in Winnipeg, but also with clients across Canada and the US.
Shine The Light Initiative
SEPTEMBER 14, 2018
Fort Group is proud to be partnering with Shine The Light Initiative, and will be heading to the Domincan Republic to help those who are less fortunate.
2018 Federal Budget Commentary
MARCH 1, 2018
On February 27, the Honourable Bill Morneau, Minister of Finance, tabled his third budget, titled "Equality + Growth, A Strong Middle Class", with a projected deficit of $18.1 billion.
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.
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:
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.
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