Apr 19, 2021
As you may know, we have supported a request to the CRA to extend the April 30 deadline to June 15. But if the deadline is NOT extended, here are some practical tips to reduce the burden of a COVID tax season.
“Congress still has to deal with spending cuts.”
Over New Years, the U.S. Congress averted the fiscal cliff by reaching a bi-partisan agreement on various income and transfer tax provisions. Congress still has to deal with spending cuts and the debt ceiling before we know how steep the “hill” will be. The following are some of the tax changes that were made effective January 1, 2013, under the “American Taxpayer Relief Act of 2012” (the “Act”):
The Act also contains other provisions related to subpart F income received from related parties, extension of regulated investment companies (“R.I.C.”) qualified investment entity treatment under the Foreign Investment in Real Property Tax Act, and the extension of the exemption of certain interest-related dividends and short-term capital gains dividends of R.I.C.’s.
The passage of the Act provides some fixes but much still remains to be done to provide some certainty to the U.S. economy. Interested readers should contact their TSG advisor for more detailed information.
TAX TIP OF THE WEEK is provided as a free service to clients and friends of the Tax Specialist Group member firms. The Tax Specialist Group is a national affiliation of firms who specialize in providing tax consulting services to other professionals, businesses and high net worth individuals on Canadian and international tax matters and tax disputes.
The material provided in Tax Tip of the Week is believed to be accurate and reliable as of the date it is written. Tax laws are complex and are subject to frequent change. Professional advice should always be sought before implementing any tax planning arrangements. Neither the Tax Specialist Group nor any member firm can accept any liability for the tax consequences that may result from acting based on the contents hereof.
TAX TIP is provided as a free service to clients and friends of Cadesky Tax.
The material provided in Tax Tip is believed to be accurate and reliable as of the date of posting. Tax laws are complex and are subject to frequent change. Professional advice should always be sought before implementing any tax planning arrangements. Cadesky Tax cannot accept any liability for the tax consequences that may result from acting based on the contents hereof.