2013 Tax Law Changes: Adapting to a Brand New World

Dear Clients and Friends:In light of the many Canadian and US tax changes we are pleased to reach out to you and assist with 2013 year-end tax planning. Timely action could help you to identify tax breaks and minimize your overall 2013 tax bill. It should also provide you with a tune-up of your tax records for the upcoming reporting season. Reflecting on the complexity of certain new policies and the escalated level of newly introduced disclosures, the 2013 tax season promises to be the most challenging ever yet. It will demand a greater optimization of income and expenses, especially for preparation of cross-border tax returns. On the Canadian side, a freshly overhauled T1135, Foreign Income Verification Statement, unless revised again, promises to take a lot more time than it did in the past. On the US side, expenses and itemized deductions which may have been disregarded and not accounted for in taxable income in prior years due to lower US tax rates will likely be considered from now onto avoid the top marginal tax bracket and the new Medicare tax on net investment income. The new taxes and reporting obligations will require additional preparation time which will likely result in additional fees for this work.Considering that you may be either a Canadian or US tax filer or both, we have addressed the highlights of the 2013 tax changes and planning ideas in separate sections by Country...

0 0