Personal Tax Planning

No Extension Planned For Canadian Tax Returns

Close to a month ago, we wrote about the United States Internal Revenue Service’s decision to extend the filing deadline for Americans. We told our readers at that time that we would let them know if a similar extension would be offered to Canadians. A story published today by the CBC states that the Canada Revenue Agency has announced it will not extend the tax filing date for Canadians. Accountants ask… Read More

Tax Disputes & Litigation

Taxpayer Looks To Appeal Being Bound To Decision

Over the last few years, a tax shelter known as the Global Learning Gifting Initiative (GLGI) made headlines when tens of thousands of Canadian taxpayers were notified that a program they were participating in was not legal, resulting in reassessments and taxes owed. Taxpayers and people involved in the fraudulent program have made headlines since it was discovered. In February, 2020, we wrote about an unsuccessful appeal made by one taxpayer, while more recently… Read More

Sports & Entertainment

NCAA Compensation Heads To Supreme Court

Back in December, we wrote about the United States Supreme Court’s decision to hear a petition from the National Collegiate Athletic Association’s (NCAA’s) regarding a US Circuit Court’s decision to uphold a lower court’s decision stating the NCAA could not put a cap on the compensation offered specifically to Division 1 football and basketball players. While the NCAA stated it is working on a plan to allow for compensation in some situations, the Supreme… Read More

Cross-Border Tax Issues

CRA Sends Excessive Documentation To The IRS

One topic which we have blogged about on a number of occasions in the past is the requirement for dual citizens of the United States and another country to file tax reports in the United States even if they don’t live there. This is a rare policy position, taken only by a couple of countries globally. This means that if someone is a citizen of the United States and Canada, but lives and works… Read More

Personal Tax Planning

IRS Announces Extension For Personal Tax Filing

With tax season fast-approaching in both Canada and the United States, people may be feeling more stress than they normally do this time of year. Both countries have provided people with various types of financial support since the start of the COVID-19 pandemic, and some of these measures may have an impact at tax time. For those living in the United States, the IRS has issued an extended deadline for individuals to file their taxes. Read More