Tax relief - MoneySense

Tax relief

Accidental Americans catch a break from the IRS and Timmies announced free WiFi.

  • Finally, a break for “accidental Americans.” The IRS has announced it will make it easier for dual citizens residing outside the U.S. to become compliant with their U.S. personal tax law without facing penalties or additional enforcement action. Taxpayers may qualify for the procedures, which are effective Sept. 1, 2012, if they owe little or no back taxes (i.e., $1,500 or less in tax for any of the covered years). The U.S. is one of the only countries that requires non-residents to claim worldwide income.
  • As if your local Tim Hortons wasn’t busy enough. The coffee and doughnut chain will begin offering free WiFi at most of it’s full service locations starting this summer.
  • Canada’s banks are increasingly catering to high net worth individuals. Scotiabank is the latest to offer an investment fund geared to high net worth Canadians looking to minimize tax. Scotia Private Corporate Class Pools promises to allow investors to switch from one class of shares to another without triggering an immediate taxable event.