The new U.S. Tax Cuts and Jobs Act has made renouncing U.S. citizenship easier than ever by reducing the exit tax threshold. This change combined with the features of being a non-U.S. person have made renouncing citizenship an attractive idea worth considering.
Posts Tagged ‘Taxation’
The new Liberal government outlined several significant tax changes in their election platform. If they make good on those election promises in tax year 2016 and beyond, millions of Canadians will be affected financially; some will be winners and some will be losers.
The Family Tax Cut can change the way we think about which spouse should make the RRSP contribution. In a family situation where the non-refundable credits claimed by the higher-income spouse exceed the “adjusted taxable income” after splitting, the extra credits can be wasted.
This new federal non-refundable credit will provide up to a maximum of $2,000 in tax relief to benefit one-earner or two-earner couples where one spouse’s income is taxed at a higher rate.
Here are some tax tips that will help you as you plan your children’s activity agendas for the year. This week I provide some tips on claiming credits for others expenses such as child care, medical, and transportation as well as how to recover refunds or missed claims.