The Fraser Institute recently announced that June 10 is Tax Freedom Day 2018 (although the date varies depending on where you live in Canada). According to the Fraser Institute calculations, from that day onward, employees are finally working for themselves and their families. Moreover, if you had to pay all your taxes up front to different levels of government, you are now in the clear to keep the rest of your earnings until a new year begins.
On July 7, 2017, the Department of Finance issued the consultation paper “A New Retail Payments Oversight Framework” (the “Consultation Paper”) proposing a federal oversight framework for retail payments. Comments on the Consultation Paper are due October 6, 2017.
Close to one million American expatriates and dual citizens live in Canada, many of whom haven’t worked, lived, or even stepped foot in the U.S. for years. Many of them don’t report their income to the IRS, mistakenly believing that they don’t have to because they don’t owe the IRS any taxes. But as of July 1, 2014, the CRA will begin collecting and sharing with the IRS information on any “U.S. person” with accounts in a Canadian financial institution.