B.C'S NEW NRST TAX - CRA AND IRS SCAMS - TAX NEWS
B.C.'s New NRST Tax

The Non-Resident Speculation Tax (NRST) will be introduced by the B.C. government in 2018. The purpose of this new tax is to target long term vacant and short term rental properties owned by individuals who do not live in British Columbia

This tax will apply to non-owner occupied houses and homes that do not qualify as a long-term rental property. If there is a long term rental agreement in place then this will not apply to you.

Questions? We can assist with navigating the complexities of the new NRST tax.
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CRA and IRS Tax Scams on the Rise
Many Canadians have fallen prey to seemingly realistic calls and threatening e-mails claiming to be from the Canada Revenue Agency (CRA) asking for recipients to take immediate action or face severe consequences.

Protect yourself by being on alert for convincing phone calls and voice recordings stating that you have been identified for aggressive collection and if you do not return the call and take action, a warrant for your arrest will be issued.
 
Also, disregard any e-mails that claim to be from the CRA that urge you to take the following action:
 
  • Claim your additional tax refund now
  • You have overpaid in previous years and you are eligible for a refund but only within a certain time frame
  • Requests to click links to submit claims or asking you to submit personal information

Your best option when confronted with these or similar scenarios is to login to your “My CRA” account or give the CRA a call directly to check on the status of your return.
 
The IRS is also advising Americans of similar scams that have cost people millions of dollars and compromised personal information. The IRS will never initiate contact with taxpayers by email, text message or over social media channels asking for personal or financial information.
 
For more information, contact us at info@trowbridge.ca
Trowbridge Presents at Women's Power Meeting
On April 19, 2018, Ernie Nagratha and Ruby Chouhan of Trowbridge Toronto were invited to present at the Women’s Power Meeting hosted by Condos.ca at their offices in the stylish Distillery District.

Attendees walked away with valuable information on tax filing requirements related to Canadian real estate owned by non-residents.

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WANDERTRUST is a newsletter compiled with a digest of some timely and relevant news links or articles selected for the WANDERTRUST newsletter from thousands of sources by an independent newsletter consultant. Trowbridge Professional Corporation or any associated company does not endorse any of the advertised products and services. Opinions expressed in the articles or news links are those of the author and not of Trowbridge/associated company. Trowbridge does contribute an article written by a variety of staff members, but does not provide any tax advice or consulting in these articles. No information contained in any articles, whether sourced or provided by Trowbridge/associated companies, is to be considered tax advice, and we strongly recommend that you consult with a tax professional.