Tax
AccounTrust (post until Sept. 30/18)
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David J. Rotfleisch's media roundup

Canadian tax lawyer   David J. Rotfleisch  is frequently called upon by the media to be a trusted source for their news stories, particularly for his focus on ... Read more

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Threats of arrest make CRA scam calls easy to identify

A phone scam claiming to represent the Canada Revenue Agency (CRA) is making the rounds and has already duped a number of taxpayers across the country, but as Canadian tax ... Read more

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Top 10 tips for estate executors: Dahary

The position of estate executor is fraught with pitfalls, particularly for a person doing the job for the first time, says  Avi Dahary , founder of  AccounTrust. In ... Read more

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CRA argument in case would have changed tax filing for PCs

Had the Tax Court of Canada accepted the Canada Revenue Agency’s (CRA) arguments in a recent case involving s.160 of the Income Tax Act , it would have turned the manner in ... Read more

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The IRS is ending OVDP in Sept. 2018 — here are four alternatives

By Alexey Manasuev In March 2018, the IRS made an announcement of titanic proportions. It will be ending the  Offshore Voluntary Disclosure Program (OVDP) ... Read more

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Co-operation, cryptocurrency focus of new tax enforcement group

News that Canada has joined a new multinational group aimed at combating international tax evasion is a “long overdue” development that will allow law enforcement to ... Read more

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Outsource estates financials, advises accountant

Unbiased estate and trust accounting for large estates, or those being disputed, should be handled by independent accountants rather than within law firms that don’t ... Read more

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Transition tax places 'further burden' on U.S. taxpayers

The 2017 U.S. tax reform imposed a one-time transition tax on earnings of certain foreign corporations — and, for affected U.S. individuals who own shares in ... Read more

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CRA 'striking gold' in some housing rebate claim cases

News that the Canada Revenue Agency (CRA) has recently imposed millions of dollars in penalties as a result of unpaid taxes in the country's largest real estate sectors comes ... Read more

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Public database not useful for corporate transparency: Rotfleisch

Although several ‘tax haven’ countries are moving forward with public databases for corporate ownership, a similar structure would likely prove to be ineffective in ... Read more

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Ruling confirms ITC claims possible after business wind-up

A recent Federal Court of Appeal (FCA) ruling provides “surer footing” to argue that a corporate registrant that incurs expenses after the windup of its business but ... Read more

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Taxpayers likely face less favourable options after U.S. OVDP closes

The U.S. Internal Revenue Service (IRS) is closing a program later this year that allowed certain taxpayers to come forward to report undisclosed offshore income — which ... Read more

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FATCA: U.S citizens living in Canada – financial asset reporting

By Alexey Manasuev Part III: Asset value threshold for FATCA reporting U.S. citizens who are currently living in Canada or abroad are required to file Form 8938 (FATCA ... Read more

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Failure to tell CRA about sale of home may bring penalties

The Canada Revenue Agency (CRA) may be lenient with taxpayers when it comes to the new requirement to report the sale of their principal residence on a 2017 tax return ... Read more

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Address tax concerns early when owning, investing in U.S. real property

Thousands of Canadians own and invest in U.S. real property, but the issues one couple recently faced when selling their vacation home serve as a cautionary tale on the importance ... Read more

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Large penalties, jail time common in 'tax protest' scheme cases

A recent case where two ‘tax protesters’ were given jail sentences for their role in enabling or advising individuals to evade paying income tax shows that the ... Read more

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$1.7M award for B.C. couple after malicious prosecution by CRA

VICTORIA — A Vancouver Island couple has been awarded nearly $1.7 million in damages after a judge criticized the Canada Revenue Agency for the “ruination'' of their ... Read more

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Selling, trading cryptocurrency a 'taxable event'

Although taxpayers trading bitcoin for another cryptocurrency may think they do not have to report the transaction, they need to be aware that in the eyes of the Canada Revenue ... Read more

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Taxpayer's responsibility to review accountant-prepared return

Although many Canadians hire a professional to prepare their tax return, the courts have generally been unwilling to allow taxpayers to rely entirely on their accountant to ensure ... Read more

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No such thing as materiality in estate accounts

While materiality is an important convention in accounting and auditing relating to the significance of an amount, transaction, or discrepancy, it has no real application in ... Read more

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