The Canadian government has made it a priority to “crack down on international tax evasion and aggressive tax avoidance” and has, in doing so, proposed several changes to the Foreign Income Verification Statement (Form T1135). As a bit of a background, Form T1135 must be filed by most Canadian-resident individuals, corporations or trusts that, at any time during [...]
The new first-time donor’s super credit gives you an extra 25% non-refundable federal tax credit when you claim your charitable donation tax credit. This means that you can get a 40% credit for up to $200 in cash donations and a 54% credit for the part of the cash donations that is over $200 but [...]
Keep payments eligible for 2012 tax savings — If you plan to make payments that may be eligible for tax deductions or credits on your 2012 income tax return, keep in mind that you’ll need to make many of these payments by December 31, 2012. Other payments due during the first 60 days of 2013 may also [...]
Canadians have long been interested in owning U.S. real estate—for personal use and/or as an investment. With the struggling U.S. economy and strong Canadian dollar, U.S. properties have become more affordable, causing interest in such real estate, especially in the Sun Belt, to be at its highest level in recent memory. Once a property has [...]
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