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IRS Announces Changes to RRSP Reporting

It’s not often the IRS reduces the information taxpayers need to report with their tax return. Luckily for Canadians, however, the IRS did just that yesterday when it announced Canadians no longer need to report their RRSP and RRIF accounts on Form 8891. Before getting too
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IRS Helps Canadians With Unreported FBAR Accounts

With today being Canada Day, there are many reasons for Canadians to be happy. Whether your’re relaxing with a cold Molson at the cottage or following the NHL Free Agent Frenzy to see how good(or bad in the Maple Leafs case) your team did in the free agent market, Canada Day is a
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Claim a Charitable Donation as a Business Expense

Can you really claim a charitable donation as a business expense instead of as a charitable contribution? With a little creative tax planning, the answer is yes. If you fall into one of the following scenarios then, then this strategy will be advantageous to you: a)      You
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Get A Tax Deduction For Your Vacation Home

Wouldn’t it be nice if you can get a tax deduction for your vacation home? In this article, we’ll show you how we helped one of our clients turn their vacation home into a tax deductible business asset. Now, we have to warn you, the laws are complex and even the slightest
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Why an S Corp Needs to Reimburse its Owners Travel Expenses

Do you incur business related travel expenses on behalf of your S Corporation? Are you an employee of the S Corporation? Do you have your S Corporation reimburse you for these travel expenses? If you answered yes to the first two questions and no to the last question, then you
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How to Deduct Rental Property Losses

Are you showing a tax loss on your rental property investment? Are you unable to deduct the loss because your income is over $100,000? Do either you or your spouse not have a full time job? If you said yes to all three of the above questions, then either you or your spouse should
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Beware The Tax Impact of Incentive Stock Options (ISO)

At Gedeon Law & CPA, we deal with a lot of clients who are issued Incentive Stock Options (ISO) by their employers. Recently, one of our client’s who works at a well known video game developer contacted us about exercising some of her ISO. The company’s shares are currently
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Last Minute Year End Tax Savings For Businesses

In the spirit of giving this holiday season, Gedeon Law & CPA put together a quick list of some simple last minute tax strategies that can help reduce your year-end tax liability. Stop Invoicing Customers For taxpayers on a cash basis, this easy strategy will instantly reduce
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CRA and IRS To Share Cross-Border Travel Dates

In a previous article we published, we explained how the IRS tracks the travel dates of Canadians entering and exiting the US for purposes of US taxation. For Canadians who have not been diligently tracking their time in the US, due to a new Canada-US program taking effect in
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How to Write Off Business Gifts

The holiday season is upon us. So like many business owners, you want to send a gift to a business associate, a referral source, a key customer or your favorite CPA to foster goodwill. Unfortunately, when it comes to gift giving, Uncle Sam is more like Uncle Scrooge. Why? Because
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