The season of giving has arrived! You may be thinking of making some final charitable donations for 2017. Many are inspired to give back to the community by donating to charitable organizations. As you embrace the giving spirit by making donations, keep in mind the tax benefits available to you. Eligible Donations Donations are eligible […]
Tax Planning Changes for Private Corporations – Where Do We Stand And What Should We Do?
Over the past few months the Federal Government has refined its previous July 18, 2017 proposal with more announcements expected in the near future. Pressured by a large public outcry, Finance Minister Bill Morneau has revisited the means by which his agency will address strategies used by high-income individuals through private corporations to gain “tax […]
CPA Canada’s New Review Engagement Standard – What to Expect
Does your company require us to perform a review of its financial statements? You should be aware that the review engagement standards are changing. DMCL will be applying the new review engagement standard, Canadian Standard on Review Engagements (CSRE) 2400, Engagements to Review Historical Financial Statements, as required by CPA Canada, for reviews on your […]
How Will the IRS Catch Me?
How will the IRS catch me? Sticking your head in the sand and wishing your troubles away is never a sound tax strategy. You may be surprised, though, as to how many US persons (i.e. US citizens, green card holders or resident aliens) continue to follow this path even after years of media attention on […]
Crackdown on “Unfair Tax Practices” undertaken by Private Corporations – July 18th 2017 Tax Proposals
I was blissfully enjoying my quiet vacation after a typically hectic tax season and hoping to relax for the rest of the summer, when I was hit with the July 18th, 2017 tax proposals by the Department of Finance (“Finance”) that means to eliminate certain “unfair tax practices” used by private corporations. Below is a […]
Proposed Strategies Aimed at Private Corporation Tax Planning from the Department of Finance
On July 18th, 2017, Finance Minister Bill Morneau announced the next steps the Department of Finance would be taking to improve the fairness in the Canadian tax system. The government’s objective is to address tax strategies used by high-income individuals through private corporations to gain “tax advantages.” The three scenarios specifically addressed in the draft legislation that […]
2017 Federal Budget Highlights
For our clients, we offer these 2017 Federal Budget Highlights. Finance Minister Bill Morneau released his second Canadian Federal Budget titled “Building a Strong Middle Class” on March 22, 2017 which continues to focus on innovation and skills development and to expand the tax base by taking aim at certain tax loopholes and perceived aggressive […]
US Section 385 Final and Proposed Debt Equity Rules: Some Breathing Room
US Tax Alert: The IRS finalized the proposed regulations issued in April 2016 with Final and Proposed Regulations issued on October 13, 2016, after receiving more than 200 comments and concerned letters from members of Congress. They backed off some of their harsher, proposed rules, in some cases eliminating parts of the rule, providing additional […]
Potential Changes to the Capital Gains Rate
Will they or won’t they? Rumours continue to swirl that the Federal budget expected to come out in Feb/Mar 2017 may increase the capital gains inclusion rate from 50 percent to as high as 75 per cent. Capital gains occur when you dispose of capital property, such as a stock, bond or mutual fund, for […]
Thinking of Leaving the US? Know the Expatriation Tax Rules
It’s no secret that many Americans living in Canada are unhappy with their U.S. tax compliance costs and information reporting burdens. For those that are voting with their feet and renouncing their U.S. citizenship(i) or terminating their long-term U.S. residency(ii) (“expatriating”), careful planning should be undertaken prior to expatriating to avoid costly surprises. A few […]
