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Moodys Gartner musings

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No Social Security number, goodbye passport?

As another season of summer travel starts, Canadian residents with US ties should make sure they are thinking carefully about their tax obligations. Tax compliance may not be first in the minds of most people planning trips to the US, but Congress and the Obama administration certainly are thinking about the combination of travel and taxation. If a proposed law is enacted, US passport holders with tax debt or without a valid Social Security number could, as soon as 2016, find themselves losing that passport and maybe even being forced to remain in the US until the issues are resolved.

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Solicitor client privilege in tax matters

In a prior blog post, I said that solicitor client privilege remains strong in Canada. A recent judgment of the Federal Court included two throwaway comments, so easily quotable, that appear to suggest that solicitor client privilege does not extend to “tax planning” advice.

In Canada v. Revcon Oilfield Constructors Incorporated, 2015 FC 524, the Federal Court offered the two gems that the government will be sure to cite when they want to seek tax planning documents from a taxpayer.

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Renunciation of US citizenship is on the rise

On May 7th, 2015, the US Treasury Department published its first quarter 2015 list of individuals who have chosen to expatriate and it was yet again an eye opening number. The 1,335 published names is the highest quarterly figure ever reported in the Federal Register.

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The Alberta Election, overtime playoffs, and a night full of upsets…

Growing up in Alberta, my parents taught me a golden rule - never talk about politics in a social setting. A golden rule I still respect and one that has carried over to our firm. However, I’m going to make an exception today (sorry Mom) given the historic nature of yesterday’s Alberta election.

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Upcoming FATCA deadlines for Canadians

As part of its 2015 Federal Budget announcements, Canada committed to implementing the “Common Reporting Standard” (CRS) promulgated by the Organization for Economic Co-operation and Development (OECD). While the OECD’s efforts to facilitate information reporting via the CRS and Canada’s corresponding implementation of such a regime will certainly have lasting impact, let us not forget about the progenitor of information exchange and its looming deadlines: FATCA.

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2015 Federal Budget summary

Well, as predicted, the 2015 Federal Budget (the “Budget”) contained significant tax measures. After years and years of boring tax budgets, recent budgets have reversed that trend and the 2015 Budget is certainly no exception. For those of you who do not have the patience, nor energy, to read this entire summary, below is a recap of the more relevant tax measures that will impact our clients and friends.

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