Vancouver’s Biggest Ever Networking BBQ Party
Tax Deductible Biz Exp
Things that went very well.
• Every one showed up with a very upbeat mood.
• Got in touch with many old acquaintances and met many new entrepreneurs.
• Amazing hospitality and acknowledging the difficulties by the event host.
• Free Coat Check
Things that could go very well.
• Waiting line at the entrance at the ground floor. Someone from the host group should have been outside, informing guests about the long wait to get into the venue.
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US Citizens In Canada Must File US Tax Returns
Emptying the Tax Payer
The US tax law determines that all individuals holding US citizenship are required to file annual income tax returns with the Internal Revenue Service (IRS). In addition, Canadian financial institutions are required to report to the IRS all accounts held by US citizens in 2013. The reason being, US wants to get the maximum tax it can collect from its citizens.
If you are a US citizen or green card holder, you must report your worldwide income to IRS or risk heavy penalties, it does not matter if you live in the USA or not.
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CRA Computer Glitch Carrying Forward Capital Loss of a Deceased Tax Payer
Taxes after Death
In years other than the year of death, capital losses may only be deducted against capital gains in the year, the prior three years, or subsequent years. In the year of death, S.111 (2) allows capital losses from the current year and capital losses carried forward from previous years to be applied to reduce any type of income.
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