Canada Revenue Agency Income Tax: audit Canada CRA Property Tax
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Canada Revenu Agency Audit is Up This Year
CRA Tax Audit
1. Education/Tuition fees expense.
2. Transfer of Tuition fees to spouse or parents.
3. Professional Membership dues
4. Donation Claim receipts
5. Medical expense claims
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In Ontario, Canada Super Rich are now the Super Villains
If you live in Ontario and one of 23,000 Ontarians who is making over $500,000 you are branded as Super Rich by the
Super Rich Are Target of New Tax
The new tax would move Ontario income tax rate to 48.5 per cent for the Super Rich.
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US Tax Grab Is Targeted At Canadian Real Estate Investors
Buying a House - Pay Cross Border Tax
Canadians, have been investing at an increasing rates in the US rental and vacation properties since the US housing market took a dive in price in 2008.
IRS tax law for off-shore investors (Canadians) states that, gross rental property income should be taxed at source @ 30% rate by the property management company and remitted to the IRS each month. Only filing a Non Resident USA tax return, Canadians can get back some of the rental income deducted at source. Since most Canadian does not have any mortgage, they cannot claim mortgage interest expense against their rental income, and almost 100% of the income is taxable in USA.
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IRS Calling! US Citizens in Canada File Your Tax Return
Income Tax
The USA tax collector Internal Revenue Service (IRS) has stepped up their search for U.S. citizens living outside of the country and not filing their returns.
Thousands of “lost” U.S. citizens living in Canada are getting the call from the IRS.
Here are some tips on how to get caught up:
*Dual citizens: Even if you moved to Canada and became a citizen or resident, unless you go through the formal process of renouncing your U.S. citizenship, you are considered a dual citizen. The IRS still expects you to file your annual income tax return form 1040.
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BC Province Canada Revenue Agency HST Income Tax: Canada CRA Income Tax
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How to Read Notice of Assessment and Reply to Request for Documents
Canadians tax filing deadline has passed on April 30th, 2011. And if you are one of those who have filed their tax return on time, you have probably got back your refund or if you owed taxes, paid your tax bill by now, to avoid penalties and interest.
You also probably got a Notice of Assessment from Canada Revenue Agency, explaining, how much carry forward you have for the next tax year and what is your TFSA and RRSP contribution limits for the next tax year. NOA is a very important document for you to understand and keep in file. If you do not agree with the NOA, you must file your objection in due time. If you fail to file your objection to CRA’s NOA, by law you are obligated to abide by the NOA information and data. Get help of your Tax Advisor to understand your NOA.
If your tax return was a bit complicated and you have lots of medical, tuition expense, business loss, etc., CRA will not send you a NOA. CRA will send you a 4 to 9 page letter, requesting supporting/additional documents to support your deduction claims. This letter is usually sent from CRA’s preassessment review section.
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