by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Overview of Voluntary Disclosure Program The Canada Revenue Agency’s “Voluntary Disclosure Program” (the “VDP”) encourages taxpayers to voluntarily disclose unreported income. The Voluntary Disclosures Program promises that a taxpayer who voluntarily discloses...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Introduction There may come a time when opening a joint bank account or investment account with a parent, or conversely a child, will make a lot of sense. There are a variety of reasons why one might consider going in this direction and we will address these...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Introduction The Employee Profit Sharing Plan has become an increasingly popular structure for owner-mangers in recent years. An Employee Profit Sharing Plan is defined as a plan under which an employer sets aside a portion of its annual profits in trust for...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Overview The health and welfare trust (HWT) is a benefit plan that allows its corporate sponsors to write off all contributions and provide key employees benefits for medical, long-term care and insurance. A health and welfare trust can be structured to...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Introduction Unlike most other countries, including Canada, the United States requires U.S. citizens, dual citizens and green card holders, irrespective of their place of residence, to not only file an income tax return, but also to annually report...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
The attached are the 2011 Income Tax Rates for Individuals in the United States. The rates are outlined for the following: Single TaxpayersMarried Taxpayers Filing Joint Returns & Surviving SpousesMarried Taxpayers Filing Separate ReturnsHeads of...
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