Minister Shea highlights Harper Government’s improvements to tax debt collections

Ottawa, Ontario, April 30, 2013…The Honourable Gail Shea, Minister of National Revenue and Minister for the Atlantic Canada Opportunities Agency, today highlighted that the Canada Revenue Agency (CRA) has made satisfactory progress on improvements to tax debt collections, according to the latest report from the Auditor General of Canada. “Our Government is committed to ensuring…

Canada: Three Important Changes To IRS Streamlined Filing Procedures For US Taxpayers Resident In Canada

02 April 2013 Article by Paul Barba  The IRS recently released answers to frequently asked questions (which you may find by clicking here) regarding its new Streamlined filing compliance procedures (“Streamlined”) for US persons who reside outside of the US and are not current on their tax and filing obligations. The FAQs address six questions, three of…

Chartered Professional Accountants of Canada operational

TORONTO, April 1, 2013 – Today marks an historic milestone as Chartered Professional Accountants of Canada (CPA Canada), a national accounting and business organization, officially became operational. CPA Canada was established earlier this year with the unification of the Canadian Institute of Chartered Accountants (CICA) and The Society of Management Accountants of Canada (CMA Canada).…

Budget 2013 - Personal Tax Measures

Personal Income Tax Measures Adoption Expense Tax Credit The Adoption Expense Tax Credit (AETC) is a 15-per-cent non-refundable tax credit that allows adoptive parents to claim eligible adoption expenses relating to the completed adoption of a child under the age of 18 (up to a maximum of $11,669 in expenses per child for 2013). The…

Harper government announces date for Economic Action Plan 2013

Ottawa, March 14, 20132013-035 The Honourable Jim Flaherty, Minister of Finance, today announced that he will present Economic Action Plan 2013 on March 21 in the House of Commons at approximately 4 p.m. EDT. He also marked the conclusion of pre-budget consultations with Canadians after meeting with representatives of CIVIX, a national, charitable organization whose mission…

Harper government takes important step to modernize the tax system

Ottawa, March 6, 20132013-031 The Honourable Jim Flaherty, Minister of Finance, today announced the introduction of the Tax Conventions Implementation Act, 2013. This bill proposes to implement agreements concluded between Canada and Namibia, Serbia, Poland, Hong Kong, Luxembourg and Switzerland for the avoidance of double taxation (where the same income is taxed by two countries) and…

Question: I am a U.S. citizen. If I move to Canada to live and work there as a Canadian permanent resident, do I pay both U.S. and Canadian taxes?

Answer: As a U. S. citizen living in Canada you: Are required to file annual U.S. income tax returns and may be required to file certain information returns if applicable (e.g. Form 8891 (PDF), U.S. Information Return for Beneficiaries of Certain Canadian Registered Retirement Plans; Form 3520 (PDF),Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign…