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Pass-through

Personal Tax Planning

Tax Season Begins in the U.S.: Consult with a Tax Professional

Filing season for the 2017 tax year began this week, with an April 17 deadline. The IRS set this week as the start time for filing to ensure the security of key tax processing systems in the wake of the Equifax breach, and to provide sufficient time to assess any potential impact of the changes to tax legislation. The IRS anticipates that it will receive more than 150 million individual tax returns… Read More

Davos

NAFTA

Economic Discussions Conclude at Davos: What is the Prognosis for NAFTA and the TPP?

The World Economic Forum took place this week in Davos, Switzerland. Global business and political elite gathered to set the agenda for international commerce. The theme of this year’s forum was “Creating a Shared Future in a Fractured World” Canada’s Agenda In a speech to Davos delegates, Prime Minister Trudeau noted that Canada is working hard to “make sure ‘our neighbour to the south’ realizes that protecting NAFTA is in everyone’s best interests”. In a… Read More

MLI

NAFTA

Business Groups Warn that U.S. Tax Reform May Have More Impact on Canada than End of NAFTA

Canadian business associations have warned that the recently announced tax changes in the U.S. may end up negatively impacting the Canadian economy more than the possible termination of NAFTA. Much attention has been focused on the Republican’s decision to decrease corporate taxes to levels comparable to Canada’s. The Business Council of Canada John Manley, the President of the Business Council of Canada has said that he believes that the fallout of the tax changes… Read More

FATCA

NAFTA

Canada Prepares for Possible U.S. Exit from NAFTA

As rumblings of a U.S withdrawal from NAFTA continue, the Canadian government has begun to proactively prepare for this possibility. Earlier this week, Reuters reported that Canada is “increasingly convinced” that President Trump will follow through on his previous threats to abandon renegotiation discussions and announce that he will begin the formal process of withdrawing the U.S from the almost 25-year old trade agreement. These most recent threats came on the same day that… Read More

Tax

Corporate Tax Planning

Extensive Changes to US Tax Code

One of the largest overhauls of the tax code in many years has finally passed through the legislative system. Normally changes have dramatic effect on those in the US, but rarely have significant effect on US citizens in Canada because generally our higher individual tax rates provide enough foreign tax credit to offset any US tax on foreign source earnings. However, in this round of changes, there are numerous additional provisions which would affect US… Read More