Do you own foreign property that cost more than $100,000? If so, you need to know about Form 1135
If you or your corporation own foreign properties with a combined cost in excess of $100,000, you may be familiar with the Foreign Income Verification form , which you are required to file annually. This may seem scary, but don’t worry – we’ll help you navigate!
Due to the Canadian government’s effort to prioritize international tax evasion and avoidance, the 2013 budget update resulted in several changes to foreign income reporting. The new changes to the form are effective for corporate year ends ending after June 30, 2013 and personal tax returns filed for the 2013 calendar year.
T’is the Season! [to ensure all your 2013 financial housekeeping is complete]
December is such a wonderful time of year – families gather together, carols are sung, we reconnect with old friends, and we celebrate the year that just passed. In addition to all these joyous aspects of the month, your trusty friends at TGC want to ensure that you have all your financial housekeeping in order before we wish 2013 farewell. Some items to consider are:
- Do you have any securities in your personal portfolios on which you would like to recognize losses (or gains) for tax planning opportunities?
- If you intended to make payments to a Family Trust, the payments ought to be done before the end of the month
- If you have a corporation, there are several ways to pay yourself depending on what’s important to you and your family from a financial perspective.
Hello Internet. We, here at TGC, have been a member and a partner of the Oakville and surrounding area community – that is, your partner – for nearly 20 years. Today, we are excited to share the news of taking our next step in that partnership. We would like to present to you the brand new, online face of TGC.
What’s This About?
In order to connect with our community in a modern and tech savvy way, we have decided to develop our online presence in our community and, of course, beyond. We will do this through social networking tools that many of you are already familiar with – Twitter, Facebook and LinkedIn to start – as well as our website. On the whole, we seek to develop an enriching resource and ongoing conversation within our community.
Over our 19 years of existence, we at TGC have built up a lot of momentum. We’ve grown and achieved what we have as your partners in the community by focusing on what we do best. In recent times, despite our successes in the world of insightful consulting, creative tax planning and accounting expertise, we saw that we had fallen a bit behind in some other aspects. So, in the spirit of leadership and to act, rather than react, to the challenge at hand, here we are – ready to not only catch up but to become a community leader in ways never possible before.