Watch Dale Barrett, Barrett Tax Law and Joseph Devaney discuss Net Worth Assessments.

Watch Dale Barrett, Barrett Tax Law and Joseph Devaney discuss Net Worth Assessments.

Sources: https://members.videotax.com/shared_links/1730929658

Recorded November 7, 2017

This video is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2017, All Rights Reserved.

Life in the Tax Lane - April 2018 (Episode 35)

This FREE 10-minute video for Canadian Tax Professionals includes rapid-fire discussion of select recent developments in the wonderful world of Canadian tax presented by the Video Tax News Team. 

Sources

• Malicious Prosecution by CRA?

• Budget 2018 – Passive Income– Source 1 and Source 2

• Tax on Split Income – Parliamentary Budget Officer

• U.S. Transition Tax and Canadian Corporations– Source 1 and Source 2

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Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2018, All Rights Reserved.

Family member die without a Will? CRA now has a form for surviving a family member to complete such that they are recognized by CRA as person who will manage affairs of the deceased.

MANAGING AFFAIRS UPON INTESTATE DEATH

On July 4, 2017, CRA released a series of provincial forms entitled “Affidavit for intestate situation” (Forms RC549 to RC561, with no form for Quebec, and no RC554). These forms are to be completed by family members that are looking to be recognized by CRA as the person or persons who will manage the tax affairs of the person who died without a last will and testament. The form lists the priority order for those that may apply to be the representative. If another person ranks higher than the applicant, consent and a signature must be obtained and included in Part 3. The priority order is generally:

1. Spouse or common-law partner
2. Adult children
3. Parents
4. Siblings
5. Grandparents

If direct signatures from each of the persons listed in Part 3 cannot be obtained, a letter of consent may be used in its place. A blank letter of consent is included in the form. CRA aims to process the application within 4 weeks.

For further information see Video Tax News Monthly Tax Update Newsletter, Issue No. 432

Watch Mike Dolson, Felesky Flynn LLP, discuss the US Mandatory Repatriation tax affecting US persons in Canada.

Watch Mike Dolson, Partner at Felesky Flynn LLP, and Joseph Devaney discuss the US Mandatory Repatriation tax affecting US persons in Canada.

The discussion includes identification of those impacted by the tax, the quantum of the tax and other important considerations.

Sources:

• IRS Frequently Asked Questions - IRS Frequently Asked Questions - https://www.irs.gov/newsroom/questions-and-answers-about-reporting-related-to-section-965-on-2017-tax-returns

• https://members.videotax.com/shared_links/6983509760

Recorded March 21, 2018.

This video is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2018, All Rights Reserved.

Medical claims for reproductive technologies, even where the individual doesn't have a medical condition preventing conception, is now an eligible medical expense.

Taxpayers will now be allowed medical expense claims for reproductive technologies where the patient does not have a medical condition preventing conception.  Claims may be made for costs incurred in the prior 10 years, which previously would not have been allowed.  

For more information see https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2017-building-a-strong-middle-class/medical-expenses-tax-credit-metc-reproductive-technologies.html