Tax Brief: Reduce Taxes via Family Income and Allocation Planning
A great question we always receive from clients working on their family tax planning strategies is “how can we reduce taxes?” Tax-splitting strategies are used to move taxable-income from the higher tax bracket family members, to members at lower tax-brackets. Clients have been able to save thousands of dollars, via the use of efficient tax planning methods however, this does not mean that it’s an easy objective to achieve. The Canada Revenue Agency (“CRA”) has implemented st
Tax Brief: Canadian Taxpayers with Real Estate Property in the USA
Towards the end of June 2020, the Canada Revenue Agency (“CRA”) issued a tender notice in order to eventually enable them with the capability to monitor and enforce the tax-compliance of Canadian taxpayers with real estate property in the United States of America (“USA”). This is not a complete surprise, as due to the complexity of international tax-reporting, and the increasing number of individual Canadian taxpayers entering into cross-border real estate transactions, the C
