Crowdfunding – Is it Taxable Income?
Since Kickstarter Canada, started its operation few months ago, there have been a new wave of fund raising activity going on among the Canadian startups. One important missing point is the tax consequence of this private funding. Watch the slide presentation. Tried to simplified a complex presentation as much as possible.
You Know Jack about Income Tax
If you care about your money and financial freedom this is a must attend event for you.
Keep the taxman away.
There are no events to display
Your Privacy is at Risk with Canada Revenue Agency
Is your privacy is at risk with CRA?
It depends. CRA has the most confidential personal and financial information about you, sometime even your spouse does not know. With proper authentication these information can be obtained by anyone in the CRA or outside of the CRA. You always risk your privacy, trying to save money by doing your annual income tax return with one of those mushrooms like tax service provider that pops up during tax time. If they have an alternative agenda, your personal information is more valuable to them than your tax service fees.
CRA employees have been accused of accessing unauthorized taxpayer information by the Office of the Privacy Commissioner of Canada (OPCC).
Canada’s privacy watchdog Office of the Privacy Commissioner of Canada (OPCC) Commissioner Jennifer Stoddart in her annual report stated that Canadians complaints over privacy concerns have reached a record-high in 2012. more »
Tax Avoidance Scheme By Prince Charles
Every wealthy person and successful companies are engaged in legitimate tax deduction all over the world. “Only little people pay tax”.
Supposed tax avoidance has been a hot topic in Britain and the U.K. government has gone after corporate giants such as Google, Amazon and Starbucks, alleging they have all found ways of not paying tax.
They recently focused their attention on the tax deduction strategy of Prince Charles.
According to reports Prince Charles has a complicated business holding comprised of agricultural, commercial and residential lands in U.K. under a holding company called Duchy of Cornwall. The assets of the holding company are valued at $1.2 billion and it does not pay any income tax to the U.K. government. more »
Thousands of US Citizens Have Not Reported Their Canadian Income – IRS
US Internal Revenue Service (IRS) released statistics on the number of tax returns it received in 2010 from US citizens with foreign trusts. In all of Canada only 324 returns were filed that report ownership in a non-US trust, which likely means hundreds of thousands of US citizens residing in Canada had not filed the appropriate returns. This is important for two reasons:
first, the steep penalties for not filing tax returns and
second, last week the US Government Accountability Office (GAO) issued a report that encouraged IRS to pursue those taxpayers who file late returns using a technique known as “quiet disclosure.” more »