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Insight on what’s happening in the world of tax, law and accounting so you can stay ahead.

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Kenneth Keung is quoted in the Investment Executive article titled “How should trusts flow out capital gains to beneficiaries in 2024?”, July 5, 2024.

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Kim G C Moody, Kenneth Keung, and Christopher Ellett are quoted in the Investment Executive article titled “When is the latest clients can sell assets prior to June 25?”, published on May 17, 2024.

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Alexander Marino recently appeared on the Global Investment Voice Podcast to discuss the benefits of renouncing US citizenship on March 14, 2024.

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Alexander Marino guested on the Snowbirds US Expats Radio Podcast about the benefits of renouncing your US citizenship on January 17, 2024.

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Kenneth Keung and Evan Crocker are quoted in Investment Executive article titled “CRAʼs 10% interest rate on overdue tax raises risks“, published on November 13, 2023.

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New draft legislation will have a great impact on traditional estate planning for Canadians

On August 29, 2014, the Department of Finance released 100+ pages of draft legislation. Much of the draft legislation was to enact the 2014 Federal Budget proposals. However, there were a couple of nasty surprises, one of which will have a great impact on traditional estate planning for Canadians. The Department of Finance gave interested parties until September 28, 2014 to provide comments.

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Updated IRS streamlined filing program: snowbirds beware

On October 8, 2014, the IRS issued FAQs clarifying its amnesty programs for non-compliant taxpayers who want to catch-up on their U.S. tax filing obligations.1 These FAQs address the recently amended streamlined filing compliance procedures, offshore voluntary disclosure program (OVDP), and delinquent information return and FBAR submission procedures.2 The FAQs are not relatively enlightening, except for the FAQ on the nonresident streamlined procedures (dubbed the “Streamlined Foreign Offshore Procedures” by the IRS). After briefly summarizing some relevant general rules regarding streamlined, this blog will address the consequences of that FAQ for snowbirds who have not filed during the three-year period for which tax returns must be submitted under streamlined and, according to the IRS, spend too much time in the United States. Ultimately, these snowbirds are ineligible for streamlined and must find an alternative way to catch-up with their U.S. tax filing obligations.

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Does the increased fee for renouncing US citizenship indicate a change in attitude toward expatriates?

Uncle Sam just managed to dig out a quarter hiding in his couch. Or maybe his patience…

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Are United States limited liability limited partnerships the Holy Grail?

One thing is for sure… Canadians continue to invest significant amounts of money in the US. When investing for business or commercial purposes, Canadian residents are often faced with a fundamental question: what legal structure should be used to ensure that an appropriate balance of tax and non-tax objectives are met? Such a question is not easily answered. As my colleague says: “… if someone tells you emphatically what the answer is without exploring all of your facts, then politely ask the person to validate your parking and leave”. One of the structures that has recently been recommended by many US and Canadian advisors is the US limited liability limited partnership (“LLLP”). Accordingly, we will explore that alternative in this article.

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Taxation of restrictive covenants – caution when trying to qualify for exceptions to full income inclusions!

Our firm has written about the taxation of restrictive covenants many times before. Section 56.4 of the Income Tax Act is mind-numbingly complex. However, to oversimplify, if a person grants a restrictive covenant, such as a non-compete agreement (which is often part of a purchase and sale agreement for the sale of business), then the person granting the covenant needs to concern themselves with the new section 56.4. If section 56.4 applies, then any amount received or receivable by the grantor (or deemed to be received or receivable pursuant to section 68 of the Act – I call this the “deemed receipt” rule) in respect of that restrictive covenant grant will be taxed as a full income inclusion. This surprises many taxpayers…

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T1135: 2013 transitional relief is permanent

In our blog “T1135 transitional guidance” we reported that the Canada Revenue Agency (CRA) developed transitioning rules which were welcomed relief to taxpayers, but applied only to the 2013 tax year reporting period.

On July 8, 2014 the CRA announced that these T1135 transitioning rules will become permanent for 2014 and thereafter, but there are a few significant twists.

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***CLICK FOR ALL NEWS***

Kenneth Keung is quoted in the Investment Executive article titled “How should trusts flow out capital gains to beneficiaries in 2024?”, July 5, 2024.

***CLICK FOR ALL NEWS***

Kim G C Moody, Kenneth Keung, and Christopher Ellett are quoted in the Investment Executive article titled “When is the latest clients can sell assets prior to June 25?”, published on May 17, 2024.

***CLICK FOR ALL NEWS***

Alexander Marino recently appeared on the Global Investment Voice Podcast to discuss the benefits of renouncing US citizenship on March 14, 2024.

***CLICK FOR ALL NEWS***

Alexander Marino guested on the Snowbirds US Expats Radio Podcast about the benefits of renouncing your US citizenship on January 17, 2024.

***CLICK FOR ALL NEWS***

Kenneth Keung and Evan Crocker are quoted in Investment Executive article titled “CRAʼs 10% interest rate on overdue tax raises risks“, published on November 13, 2023.