Since the Covid-19 pandemic prevented many Canadians from going on overseas vacations and since so many people are still working from home, it shouldn’t come as a surprise to discover there has been a boom in cottage sales lately. In fact, during the first nine months of 2020, cottage sales went up almost 12% in […]
Category Archives: Blog
28
Dec
Dec
Falling behind on filing income tax returns and paying taxes is more common than you think. However, as a Canadian taxpayer, it is your responsibility to calculate, submit, and pay your taxes by the deadlines. The deadline for filing 2021 taxes is April 30th, 2022, for individuals and June 15th, 2022, for those who are […]
28
Dec
Dec
Section 160 of the Income Tax Act in Canada is a tool for tax collection which impedes taxpayers attempting to hide assets from the tax collector by transferring them to related corporations, friends, or relatives. There is a wide variety of transactions, such as those involving cryptocurrency and NFTs, so if you receive anything like […]
28
Dec
Dec
Income tax audits can be daunting and costly for taxpayers. Anyone running a company, especially a cash-based one, might not realize the Canada Revenue Agency, or CRA, has various methods it can use to reassess taxpayers. Also, not all methods depend on examining the company’s records and books. If the CRA believes that a taxpayer’s […]
28
Dec
Dec
The Excise Tax Act offers the Canada Revenue Agency (CRA) and its tax collectors’ broad authority to recover tax obligations. Many taxpayers are surprised when their bank accounts are blocked, possessions confiscated, or paychecks garnished. However, there are precise and time-based constraints where the CRA can legally recover GST/HST tax obligation. Unlike most tax debts, […]
28
Dec
Dec
Section 85 rollover allows a Canadian taxpayer to transfer eligible property, deferring the tax to a taxable Canadian corporation. This means a taxpayer can defer part or all of the tax consequences that typically arise on the transfer, depending on objectives. Section 85 rollover applies to the following situations (and more): Estate planning Sole proprietors […]
22
Jun
Jun
Tax Problem Solutions More often than not, complex tax problems are unanticipated; not to mention, they are almost always without clarification or simple answers. The support of a competent tax professional can help you with feasible tax solutions, which could be your first step towards the best possible outcome. If you are seeking feasible, practical […]
03
May
May
Tax Partners has the IRS accreditations for the authentication of YOU ID documents for your ITIN application. Every year, Tax Partners assists hundreds of Canadians in obtaining an Individual Taxpayer Identification Number (ITIN). Indeed, as an IRS Certifying Acceptance Agent, we have the expertise and certification required to assist Canadians in obtaining their ITINs, including the ability to […]
03
May
May
Let us do the complex stuff, you will only need to wait for your cheque. Who’s eligible? Any Canadian citizen not residing in the USA having won a prize and seen the IRS withhold part of it can claim part or all of it to the IRS. Residents of other countries benefiting from a Tax […]
03
May
May
Millions of Americans living abroad aren’t aware that all American citizens are required to file US taxes, reporting their global income, wherever in the world they live. The requirement for Americans living abroad to file is an anomaly that dates back to the Civil War, when the federal government was desperate for revenue at a […]