by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
To gather information for law enforcement, particularly drugs and organized crime, Congress has long required U.S. persons owing or having signatory authority over foreign financial accounts to file a report with the Department of the Treasury...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
If you are a Canadian resident (but not a U.S. citizen) who spends significant amounts of time in the U.S. for either work or leisure, you may be required to file U.S. federal income tax returns. That’s because, under U.S. law, you may be considered a...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Purpose of Voluntary Disclosure The Canada Revenue Agency’s Voluntary Disclosures Program is a fairness initiative that gives taxpayers the opportunity to come forward and to correct inaccurate or incomplete information, or to disclose...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
It is very common for owner/managers to have life insurance policies issued to cover various cash requirements that would arise in the event of an untimely death. These cash needs may include the repayment of business loans and payables, providing cash...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Overview Recently, Canada Revenue Agency introduced special legislation under Section 152.01 of the Employment Insurance Act for a self-employed person to claim Special Benefits under the Employment Insurance Act. Special Rules...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Introduction The Income Tax Act requires each person who carries on a business to maintain complete books and records. Your records should be up-to-date. You should have invoices to support all of your expenses and your revenue. Generally you need to...
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