Changes to the Canada-US Income Tax Treaty

After almost 10 years of negotiation, on September 21, 2007, Canada's Minister of Finance and the US Secretary of the Treasury signed the long-awaited Fifth Protocol to the Canada-US Income Tax Convention (the "Treaty").  Unless otherwise noted, the changes will become effective on the later of January 1, 2008 or the date that the governments of both countries ratify the agreement.

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Strong Canadian Dollar - Caution Buying US Assets

The Canadian dollar is strong, and you're heading down south for the holiday season.  The real estate prices in Florida are down.  Please, do not buy any real estate in the US before you speak with your accountant!  Also, make sure your accountant understands US income tax and US estate tax.

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Some Things to do Before December 31

• Make your $2,500 contribution to your RESP to get the $500 government grant.
  
• Pay your December 15 personal tax instalment.
  
• Make your donations to maximize your tax credits.  Donations greater than $200 equal a tax credit at the top tax rate.

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