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Steven Flynn Comments on BC’s New Speculation and Vacancy Tax and the Impact on Foreign Nationals who own Canadian Real Estate

Canada Revenue Agency (CRA) is poised to receive significant data from the BC government that will help tie home ownership to income declarations. While BC's speculation and vacancy tax is a measure to address the housing crisis in major urban centers in BC, it can also have an impact on “satellite” families who declare very little as Canadian income and those who own a secondary urban home that remains empty for most of the year.

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British Columbia Speculation and Vacancy Tax

January 28 2019

Owners of BC residential property need to be aware of the new 2018 British Columbia Speculation and Vacancy Tax affects and how to apply for exemptions.

BC Speculation and Vacancy Tax, Canada Revenue Agency, Canadian Real Property, Canadian Tax Law

U.S. Transition Tax – Update Number Five

June 7 2018

As they did before the April 15th tax filing deadline, the IRS once again issued guidance on the U.S. transition tax right before a tax filing deadline. This time, the filing deadline is June 15, the extended filing deadline for U.S. taxpayers abroad, the very group U.S. transition tax impacts. Guidance published on Monday, June 4th provides filing and payment relief for individuals in certain circumstances

Transition Tax

U.S. Transition Tax – A Fourth Update

April 14 2018

In mid-April, there is usually a race against time by taxpayers and accountants to meet U.S. tax filing deadlines. The normal U.S. tax filing deadline for the 2017 year for individuals and certain U.S. entities is Tuesday, April 17th (a few days later than the usual April 15th due to weekends and a U.S. holiday on Monday).  Entering the “race against time” this year is the Internal Revenue Service itself, who on Friday April 13th published more guidance on the U.S. Transition Tax, a mere four days before the filing deadline.  The IRS has been very active this winter and spring providing updates and guidance for the U.S. Transition Tax enacted by the Tax Cuts and Jobs Act in December.  Links to our blog entries on the previous updates are at the end of this blog.

Repatriation Tax, Transition Tax, US Citizen, US Citizen Living Abroad, US Citizens Resident In Canada, US Tax