It is required that clients with over $100,000 in foreign property file a T1135 form. It is crucial for accountants to acquire relevant and complete information due to the complexity level of this form. The $100,000 threshold was planned to be increased; however, the Liberal government may not change this limit.

Severance packages are unfortunately becoming more and more common in today’s business world and for someone who has just lost their job; it can be very overwhelming and difficult to determine what to do with your severance pay.

When hiring a worker, is it very important to distinguish whether that worker is an employee of your business or a self-employed individual (contractor). This employment status can affect the individual’s entitlement to receive employment insurance (EI) and it can also have an impact on your business’s obligations to that individual and the government.

There is currently an agreement in the works between Canada and the US to share information on who is travelling between the two countries. In due time, the US government will have the ability to know how long Canadian snowbirds are staying in the US and whether they have overstayed their welcome.