Changes to Capital Gains Tax will Likely Spark Panic Sales

Changes to Capital Gains Tax will Likely Spark Panic SalesWill they or won’t they? Rumours continue to swirl that the Liberals plan to raise taxes by cutting back on the break Canadians get from capital gains — even though they’ve never campaigned on the issue. That concern could lead to some panic selling of assets as people try to avoid a deadline for something that may never happen or might include a grandfather clause…

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Relief May be on the Way — Tax on Both Sides of the Border

Relief May be on the Way -- Tax on Both Sides of the BorderU.S. citizens living in Canada not only have to file Canadian tax returns reporting their worldwide income, but they also have to file U.S. tax returns reporting the same income. That’s because the U.S. imposes taxes and filing requirements based on citizenship, not residency. To make matters worse, if the U.S. citizen holds a TFSA, RESP or RDSP, these accounts are not recognized as tax-preferred by the U.S. and the…

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Why a Capital Gains Tax Hike Might be on the Federal Budget

Why a Capital Gains Tax Hike Might be on the Federal BudgetWith the federal deficit now estimated to come in at $18 billion (or more), there is nervous speculation that Finance Minister Bill Morneau may go beyond the specific tax changes already detailed in the Liberal pre-election platform and introduce new measures in his March 22 budget to raise much needed tax revenue. One such measure being discussed in the financial and tax community is whether the government might raise the…

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