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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

Bitcoin

Bitcoin

Bitcoin and Income Tax: Canada

Bitcoin, the digital currency first launched in 2009, continues to make the news after its recent explosion in value. After starting last year at below $1,000, Bitcoin reached a value of almost $20,000 in December 2017, and was worth approximately $300 billion in real money. While prices have cooled in the weeks since Bitcoin hit its peak, certain experts predict that the cryptocurrency will continue to grow in popularity. Some have said that Bitcoin… Read More

FATCA- the capital building

Corporate Tax Planning

Landmark Tax Reform in the U.S: The Tax Cuts and Jobs Act

The Republican’s Tax Cuts and Jobs Act (TCJA) was enacted into law last week, with timing intended to comply with the President’s promise to have a tax bill signed before Christmas of this year. The TCJA is a $1.5 trillion overhaul that will introduce the first widespread changes to the U.S. tax code in more than 30 years. After first receiving Senate approval with a 51 to 48 vote, the TCJA was passed by… Read More