2012 PERSONAL TAX CHECKLIST

Please use the following link to access our personal tax checklist for 2012:

http://pgcllp.com/resources/personal-tax-checklist

U.S. TAX CHANGES FOR 2013

After much fighting the U.S. Congress

AUTOMOBILE DEDUCTION LIMITS FOR 2013

Once more the Ministry of Finance has failed to recognize the increased costs of owning and operating a vehicle as they announce the new numbers (that are the same as the old numbers since 2002) which are

INCREASED REPORTING FOR CROSS-BORDER TRANSACTIONS

The Canada Revenue Agency (CRA) has announced increased requirements for documentation for cross-border transactions. These new requirements become effective January 1, 2013. The new rules include an increase in the responsibility of the Canadian taxpayer in documenting the identity and residence of non-residents

PRESCRIBED INTEREST RATES CRA has announced the prescribed rates for the fourth quarter, October 1 to December 31, 2012. The following rates apply: • Interest charged on overdue taxes – 5% • Interest paid on overpaid corporate tax – 1% • Interest paid on overpaid personal tax – 3% • Interest calculated on taxable

BAD NEWS, GOOD NEWS - TAKING ADVANTAGE OF THE ECONOMIC DOWNTURN The bad news is we are still in an economic mess, principally outside of our control and the result of the Euro Zone issues and the continuing problems in the U.S. While Canada

PRESCRIBED INTEREST RATES

CRA has announced the prescribed rates for the third quarter, July 1 to September 30, 2012. The following rates apply:

• Interest charged on overdue taxes – 5% • Interest paid on overpaid corporate tax – 1% • Interest paid on overpaid personal tax – 3% •

US TAX SPECIAL

US VISA OPTIONS

Many Canadians looking to work in the US assume the best option for them is to acquire a green card. Many US immigration lawyers also advise this but often without considering the adverse tax consequences. For someone intent

HAPPY NEW YEAR

From all of us at Parker Garber & Chesney, LLP to you and your family we wish you a Happy New Year and hope that 2012 will be a good year for all.

IRS GETTING AGGRESSIVE

There has been much

US TAX TREATY ISSUES

There has been a great deal of confusion over the Canada-US Tax Treaty as it regards cross-border business and working arrangements. The revised rules exempt income earned by a Canadian in the US if they did not earn more than $10,000 in the

ESTATE ADMINISTRATION TAX (EAT)

EAT, more commonly referred to as probate fees, have been revised for Ontario. While a new regime will take effect January 1, 2013 to date the Ontario Government has not published any regulations or details to assist estate practitioners and administrators with preparations for