3. June 2011 by Dan Walkow, CFA, CMT.

The IRS is conducting its second voluntary offshore disclosure program, allowing taxpayers to pay penalties related to undeclared accounts to avoid criminal prosecution.

The program requires those who come forward to pay as much as 25 percent of the highest annual amount in the account from 2003 through 2010, plus back taxes, interest and other penalties.

Read more here>

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30. May 2011 by Dan Walkow, CFA, CMT.

The long arm of U.S. law is poised to reach deep into the lives of millions of Canadians.

It’s called the Foreign Account Tax Compliance Act, or FATCA. Quietly signed into law by President Barack Obama last year, the legislation boasts the lofty goal of dismantling foreign tax havens suspected of looting $100-billion a year from the U.S. Treasury. Read on to see how it may affect you here.

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12. May 2011 by Dan Walkow, CFA, CMT.

The next time you want  to convert currency you would be wise to check around. Banks, Brokers and other financial institutions see this as a significant profit driver and there are no rules or regulations as to how much they can charge.

It is particularly evident in the investment business where the costs of converting can be as much or more than the commission on the investment itself. It is not only the little guy check out this piece on the how the SEC is investigating State Street on inflated currency conversion costs for pension funds.

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12. May 2011 by Dan Walkow, CFA, CMT.

The role reversal is hard to miss, filled with the kind of irony journalists and political activists love to pounce on. A Wall Street Journal editorial last week hailed Canada as a monument to good governance and fiscal soundness. The Weekly Standard’s Fred Barnes portrays Canada as a bastion of upright conservative values and home to “the most powerful conservative leader in the Americas.” More at the Financial Post here.

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23. April 2011 by Dan Walkow, CFA, CMT.

Posted in Uncategorized | No Comments »

23. April 2011 by Dan Walkow, CFA, CMT.

Every recession since 1973 has been precluded by by a rise in energy and food costs to over 6% of personal consumption with the exception of the the “tech meltdown”. The data suggests we are at the tipping point one more time. This bears a close watch as it has not been felt in the markets yet but if the past is any prelude to the future…

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18. April 2011 by Dan Walkow, CFA, CMT.

As mentioned in a previous post the Government of Canada has been lowering the tax rate corporations pay in Canada. This may be a function of the law of untended consequences but the result of lower corporate taxes reduces the value of the dividend tax credit Canadian investors now enjoy. The bottom line is that Canadian investors will receive less after tax income from their dividend paying stocks. Combined with low interest rates and now with reduced after tax income, the challenge for income investors becomes even more challenging. See more here.

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17. April 2011 by Dan Walkow, CFA, CMT.

Now, overseas tax cheats have one more big problem to worry about: An IRS whistleblower law that for the first time allows anonymous informants to collect a chunk of the cash recovered when they turn in people committing tax fraud.

As any tax attorney will tell you ignorance of the law is no excuse. Canadians want to be very careful and understand how American tax issues affect them particularly if they have US issues such as owning any kind of US asset or account.

A very simple example is where a expat Canadian lives or is a deemed resident of the United States and fails to report an old RRSP back in Canada.

As the attached article points out you can run but you cannot hide!

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17. April 2011 by Dan Walkow, CFA, CMT.

Not that many years ago Canada was well known as a high corporate tax jurisdiction. Not anymore.

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17. April 2011 by Dan Walkow, CFA, CMT.

Apple, RIM, Windows 7 or Android? Experts say that Android is easiest to hack and the number 1 rule when using smartphones to relay money or confidential information is not to use public wifi sites.

Stick with your phone’s 3G (or 4G) network connection.
Read more: http://www.kiplinger.com/columns/kiptips/archives/smart-phone-safety-tips-from-a-professional-hacker.html#ixzz1JnvpUbIP
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