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Foreign Income Easier to Monitor

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Information will now be shared between the Canada Revenue Agency and the Internal Revenue Service.

Information will now be shared between the Canada Revenue Agency and the Internal Revenue Service.

In February of this year, an agreement was signed between the Canadian and American government which makes it easier for the respective entities to monitor income earned outside their borders.

Under the terms of this agreement, financial institutions in Canada will share information with the Canada Revenue Agency (CRA), who will pass this information onto the Internal Revenue Service (IRS).

This will allow the IRS to more easily determine whether income earned at a bank in Canada is being accurately reported on an individual’s tax return.

The same information will be shared in return, so that the CRA will now have greater access to financial information regarding Canadians who hold bank or investment accounts in the United States.

This information sharing regime does not apply to registered investments, such as Registered Retirement Savings Plans, Tax Free Savings Accounts, and Registered Retirement Income Funds.

The new reporting regime will come into effect in July 2014 with information exchanges beginning in 2015.

The CRA has indicated that they will not assist the IRS in collecting taxes and penalties that are owed to the IRS.

As well, the agreement will not impose any taxes on US citizens holding accounts in Canada. The agreement will work in conjunction with tax treaties that are already in place with the United States, which govern the withholdings and the taxability of income between the two countries.

If you have investments in the United States, you should advise your investment advisor that you are a Canadian resident, to ensure that the correct amount of tax is being withheld on your income.

For instance, if you are receiving dividends on US stocks, and more than 15% tax is withheld on these dividends, you are overpaying US tax on your investment. You will need to contact your advisor to adjust your account.

Congratulations to our own Jim Burch, Grand Forks office

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2015 Board of Governors Election

CGA-BC is holding an election for the 2015 Board of Governors.  A call for nominations to fill seven vacancies resulted in the following:

One vacancy in District 5 –  East West Kootenays

One nomination was received to fill one seat; therefore the following individual is elected by acclamation:

Nominee Residence
James (Jim) R. Burch Grand Forks

Way to go Jim – we look forward to hearing more about this.

 

Social Media

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With Pinterest interest climbing  we have added it to our social media repetroire.

You can still follow us on Twitter.

You can still like our incredible news on Facebook.

But now you can get a look into the fascinating world of accounting by following our board on Pinterest.

See you there!

 

 

Burnaby Board of Trade Business Expo

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Yesterday saw the Burnaby office at the BBOT Business Exposition.  What a great day!  We met literally hundreds of people.  It was great to see some familiar faces as well.  What we have is very tired feet and a lot of respect for people who do this regularly.  If you missed us, come by, we still have some swag left.

20140530 BBOT Expo 6

 

 

More pictures are on the office FB page as well.

 

 

BBOT Expo – May 30 in Burnaby BC

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The Burnaby office hopes you will be joining us on Friday at the Burnaby Board of Trade Business Day Expo.  We will have a table there and hope to see clients, friends and family.

 

Please join us, come say hi and we may have something special for you!

 

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