Tax Alerts

Donation Tax Credit - Canadians Donating to Canadian Registered Charities

The Canada Revenue Agency (“CRA”) offers a charitable donation tax credit as an incentive to donate in the form of tax savings for the charitable donors. This is a non-refundable tax credit which is applied to reduce taxes payable. Generally, you may claim eligible amounts of gifts up to a limit of 75% of your net income, with an exception for donations of certified cultural property or ecologically sensitive land.  

The chart below listed donation credit rates for the current year:

Significant Changes to IRS Deadlines

New tax provisions were signed into law on July 31st, 2015, changing the filing deadlines for many U.S. tax returns and forms.  Please keep the following changes in mind for tax years starting January 1, 2016.

The Transit Tax Vote – 62% Vote No! Here are my thoughts.

Yesterday the transit plebiscite results were announced with a resounding No result. What was the No vote for? Was it a vote against Translink (as the mayors are saying), was it a vote against Transit (maybe bike lanes but probably not), or was it a vote against ANOTHER tax. In my view, it was the latter, a vote against yet ANOTHER Tax but phrased in a way that focused on Translink.

Tax Considerations for US Citizens in Canada

There are many differences between the Canadian and U.S. tax systems, which complicate tax planning, especially for the U.S. citizen living in Canada.  In preparation of the oncoming tax season, I’ve outlined the most common differences noted in our tax practice:

What’s new for this tax-filing season? 2014 Edition

Below are a list of the major income tax changes that are effective for the 2014 taxation year.

No more safety deposit box – The deduction for amounts paid for the use of a safety deposit box of a financial institution will no longer be allowed.

Family Tax Cut – For eligible couples with minor children, a $2,000 non-refundable tax cut will be available.  The Family Tax Cut is calculated based on the reduction to you and your spouse’s combined federal taxes if up to $50,000 of taxable income was transferred from the high income spouse to the lower income spouse.


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