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B.C.’s “Speculation Tax” – Nomenclature at Its Finest

If you are a resident in a province other than B.C. for the purposes of paying income taxes, and you own residential property in Metro Vancouver, the Fraser Valley, the Capital and Nanaimo Regional Districts, or in the municipalities of Kelowna and West Kelowna (the “Target Areas”), you should be paying special attention to the

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The 2018 Federal Budget and the Passive Investment Proposal Climbdown

On February 27, 2018, the federal government released its annual “budget.” This summary focuses only on the tax measures as it relates to private clients and our related commentary. With the exception of the passive investment proposals as described below, this year’s budget was not all that “meaty.” For the non-technically inclined person, please only read our executive summary. For the technically inclined, enjoy!

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The Impact of Select US Tax Reform Provisions on Australian Superannuation Funds and Its Beneficiaries

The following article is an abridged version of the working draft submitted to the Australian Tax Institute for publication in Taxation in Australia journal. On February 23, 2018, Australian Prime Minister Malcolm Turnbull and President Trump commemorated the first 100 years of mateship between Australia and the United States. The special bond between the two

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The US “Transition Tax” for 2017: More Sad News for Many US Citizens Residing Abroad

Transitions come in all different types, some good, some bad, and some just strange. For example, when Canada changed the official English lyrics to “O Canada” to be more gender inclusive, many thought this was generally a good transition. After all, changing the words to the national anthem to be more inclusive is a good

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Renouncing your US citizenship: Is divorcing Uncle Sam right for you?

The billionaire co-founder of Facebook, the only American member of Monty Python, a Civil Rights Leader with a Ph.D. from Harvard, the founder of Carnival Cruise Lines and owner of the Miami Heat NBA franchise, and arguably the best chess mind to ever live have more in common than you might think. So what do Eduardo Saverin, Terry Gilliam, W.E.B. Du Bois, Ted Arison, Bobby Fischer and thousands of U.S. citizens living abroad have in common? The answer is all five have renounced their U.S. citizenship. These individuals are not alone, record numbers of U.S. citizens living in Canada and across the world are in the process of renouncing. Why would a country with a seven to ten year wait list to acquire citizenship have so many citizens headed for the exit? The reason is that three letter word no one likes to hear: TAX.

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The top ten US tax reform changes that will impact everyday Canadians

Contributors: Kenneth Keung CA, CPA (CO, USA), TEP, CFP, MTAX, LLB, and Cooper Xu EA, CGA We needed to catch our breath before we could write about the Tax Cuts and Jobs Act of 2017-2018 (interchangeably, “TCJA” or “Act”), the massive tax reform bill that President Trump signed into law on December 22, 2017.[1] Why? Because

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Proposed Canadian “income sprinkling” rules V2: not many feathers, lots of hissing

1.  Executive Summary On December 13, 2017, the tax and business community finally got the chance to review version two of the tax on split income (“TOSI”) or the so-called “income sprinkling” proposals. The Department of Finance originally announced that these revised proposals would be released later this fall. That would make this release two weeks

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The Canadian Private Corporation Tax Proposals – Part Deux

The media frenzy and uproar over the July 18, 2017 tax proposals that had been routine throughout the summer and early fall has quieted down significantly ever since Minister Morneau’s “Santa Claus” week of announcements in October (we have previously written about these announcements). Does this mean that the tax and business community are satisfied

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