Death of a Taxpayer – A To Do List

Death of a family member is one of the most stressful events in life.  To compound the grief, there are final tax matters to deal with either by April 30th of the following year or 6 months after the date of death. What To Do Upon The Death of a Taxpayer? Upon the death of a taxpayer, at a minimum,

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Guidance for Vancouver Small Businesses Using QBO

Using QBO – QuickBooks Online More small-business owners are migrating from desktop accounting software to a cloud-based system. Cloud-based accounting software, such as QBO, allows the user access anywhere in the world. This ease of access, combined with the ability to download transactions from banks, vendors, credit card companies, etc., makes bookkeeping so straightforward now, pundits claim, that small businesses

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Canadian Holding Corporations and Individuals: Avoid Costly Foreign Asset Reporting Pitfalls

Foreign Asset Reporting Pitfalls for Canadian Holding Corporations and Individuals Canadian taxpayers, individuals, and corporations who hold foreign property exceeding $100,000 in cost at any time during the year, have significant foreign asset reporting obligations. Not only is the reporting obligation an annual requirement, but the penalties for non-compliance can be very steep. Foreign Asset Reporting Obligations Your foreign asset reporting obligations

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