Davies Ward Phillips & Vineberg LLP’s Post

Concerned about how the Canada Revenue Agency’s new audit powers may be applied in practice? Read on. Marie-France Dompierre and Jacob Yau were recently interviewed by Canadian Lawyer Magazine on the practical applications of the CRA’s proposed authority to require taxpayers to provide requested information under oath, affirmation or by affidavit. In this article, they outline the questions and concerns this move raises. Read the article: https://ow.ly/pNQ350S2Efr #TaxLawAtDavies #Tax #Budget2024

Canada Revenue Agency feels your bare trust filing pain. It will no longer require bare trusts to file a T3 return for the 2023 tax year unless it makes a direct request for these filings. This announcement recognizes the unintended impact this requirement had on many Canadians. Read more: https://ow.ly/zY2W50R6T4s #Tax #Alert #TaxAlert

Australian Federal Budget │ Updates on the General Anti-Avoidance Rule The Federal Budget has expanded the general anti-avoidance rule to: - Cover schemes exploiting lower withholding tax rates for foreign residents - Address schemes reducing foreign income tax - Effective from the day the amending law receives Royal Assent, with no grandfathering, applying to all existing schemes. Our graphic below provides an overview. Want to understand all the changes? Our blog highlights the key insights: https://lnkd.in/geHpydVx #federalbudget #budgetplanning #financialplanning #antiavoidancerule #foreignresidents

On March 28, the Canada Revenue Agency announced that they will not require bare trusts to file a T3 Income Tax and Information Return, including Schedule 15, for the 2023 tax year, unless the #CRA makes a direct request for these filings. Learn more in Megan Lambert and Brodie Kirsh's latest article, now available on our website. Read it here: https://lnkd.in/e7f79vB4 #trustreporting #tax #estates #trusts #baretrusts

The Canada Revenue Agency has announced that bare trusts will not be required to file a T3 Income Tax and Information Return for the 2024 tax year, maintaining the exemption granted for 2023. This decision highlights the CRA's efforts to simplify compliance for certain trust structures. However, it is important to note that this exemption is specific to bare trusts; other trusts must adhere to updated reporting requirements. Taxpayers should ensure that applicable T3 returns are submitted within 90 days post tax-year-end. For comprehensive details, refer here: https://lnkd.in/gbGeR_Z7 #TaxCompliance #BareTrusts #CRA #Taxation #Trusts

France is proposing a 90% tax on incomes above EUR 500K. Is this the start of a competition with Canada on which country can show the most disdain for the wealthy? #TaxReform #WealthTax #HighIncomeTax #FranceTaxPolicy #CanadianTaxPolicy #WealthyTax #IncomeInequality #TaxDebate #TaxJustice #EconomicPolicy #FiscalPolicy #Taxation #GovernmentPolicy #FinancialFreedom #TaxHike #TaxTheRich #TaxProposals #WealthManagement #IncomeTax #GlobalTaxPolicy #EconomicJustice #FairTaxation #FinancialInequality #TaxAndSpend #TaxRevolution

The Canada Revenue Agency has announced that bare trusts will not be required to file a T3 Income Tax and Information Return for the 2024 tax year, maintaining the exemption granted for 2023. However, it is important to note that this exemption is specific to bare trusts; other trusts must adhere to updated reporting requirements. Taxpayers should ensure that applicable T3 returns are submitted within 90 days post tax-year-end. For comprehensive details, refer here: https://lnkd.in/ggPCe3Nx #TaxCompliance #BareTrusts #CRA #Taxation #Trusts

1) British introduced Income tax in 1799 2) The top rate Income tax was 10% 3) Income tax was introduced to fund the war with France 4) At the end of the war the Tax was abolished in 1816 5) Income tax was re-introduced in 1842 temporarily but remained ever since Source: in comments section #UK #Britain #Tax #History #Facts #Economy #Business

Read our latest blog ("Bills C-59 and C-69: Top Seven Tax Changes for the Middle Market") to understand the notable amendments and new legislation impacting Canada's middle market. https://bit.ly/4bqEeNL #taxation #taxcredit #advisory #smallbusinessowner #cpafirm #lndont

Report foreign income on your U.S. tax return to stay compliant and avoid penalties. For 2023, you can benefit from the Foreign Earned Income Exclusion (up to $120,000) or the Foreign Tax Credit to prevent double taxation�complete Form 2555 for the FEIE or Form 1116 for the FTC. Maintain accurate records of all foreign income and taxes paid. Consult a tax professional to optimize your strategy and ensure compliance with IRS regulations. Start managing your foreign income effectively today. #TaxTips #ForeignIncome #IRS #TaxCompliance #Finance #LindenhurstCPA #LongIsland #NassauCounty #SuffolkCounty #TaxSeason #TaxStrategy