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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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Being An Artist Can Be Taxing

Some guys have all the luck Some guys have all the pain Some guys get all the breaks Some guys do nothing but complain – Rod Stewart When it comes to taxes, some guys definitely have all the pain and may end up doing nothing but complaining. How so? Well, let’s take the
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Save on Taxes By Getting Married Before Year End

“If love is blind, I guess I’ll by myself a cane” W. Axl Rose   While love may be blind, your tax planning when it comes to getting married shouldn’t be. Why? Because some couples are surprised to learn that getting married may actually result in a higher tax liability than
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How to deduct Entertaining Your Spouse and Kids?

Can you get a tax write off for taking your spouse and kids to see a Rolling Stones concert? You’re probably thinking “you can’t always get what you want.” So of course the answer must be no. Well, you’ll be surprised that sometimes, with the right tax planning, not only can you
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CRA Revises Form T1135

As part of its efforts to address tax noncompliance involving foreign property, CRA recently introduced a revised Form T1135, Foreign Income Verification Statement, which is applicable for taxation years ending after June 30, 2013.Beginning with the 2013 taxation year, Form T1135
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Should You Rollover Your 401K or IRA to a RRSP?

We recently had a client contact us about rolling over her tax deferred US retirement accounts to a Canadian RRSP. With many Canadians deciding to leave the US in favor of returning to live permanently in Canada, the question of what to do with a 401K and IRA comes up frequently.
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Husband & Wife Board Meetings Tax Deductible?

Can a husband and wife claim a tax deduction for a corporate board of directors meeting where they are the only participants? Well, according to the IRS audit manual, the answer is no. Per the IRS audit manual, “Board meetings between husband and wife are not ordinary and
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Combine Business and Pleasure Travel

Later this month, I’ll be traveling back home to Toronto to enjoy the city’s vibrant culture and hopefully some Maple Leafs hockey. Part of my trip will include attending a 3 day cross-border tax conference in Toronto to get the continuing education credits required
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How to Deduct Vehicles Used By Employees

How do you deduct the expenses associated with a company owned vehicle provided to an employee? To take advantage of special tax deductions, a business client of ours recently leased some cars for their sales employees to use. The monthly vehicle lease on each car is say $200. In
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