Tax Tips – U.S. Citizens

Risks of Tax Non-Compliance? Commencing January 1, 2016, the U.S. State Department was able to deny or revoke passports to U.S. citizens having a “seriously delinquent tax debt”or no Social Security Number associated with their passport. A “seriously delinquent tax debt” is one where the taxpayer owed more than $51,000, after January 1, 2018 (indexed going forward), in tax, interest and penalties.An Alert on the […]

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Tax Tips – Corporate Passive Investment Income

A new passive investment tax regime for Canadian Controlled Private Corporations (CCPCs) is proposed to apply to taxation years commencing after 2018.  Passive income may include interest, rental, royalties, dividends from portfolio investments and taxable capital gains. Two significant changes are proposed. First, a limit to the small business deduction for CCPCs generating significant income […]

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