Grewal Guyatt LLP

The Corporate Transparency Act (CTA) had set out U.S. federal laws requiring most U.S. entities (including corporations, partnerships and limited liability companies) and some non-U.S. entities to file a Beneficial Ownership Information Report (BOIR). The BOIR was to be filed with the Financial Crimes Enforcement Network (FinCEN), which is the same government agency that administers “FBAR” filings. In this report, filers were required to disclose certain information about the entity, including any ultimate individual owners with an ownership interest of 25% or more and individuals that exercise substantial control (i.e., decision-making power). Click the link below to read our full article: https://lnkd.in/gJGENbQN #IRS #crossbordertax #US #USTax #CPA #CA

Being named as an executor of a Will can be challenging and comes with significant responsibilities. It also carries potential risks, including personal liabilities related to estate administration. In this article, we highlight some key considerations that estate executors should keep in mind to avoid potential liabilities and help facilitate a smoother estate administration process. Click the link below to to read our full article: https://lnkd.in/gfGHN2Fy #trustee #executor #taxplanning #CPA #CA

🎉 Celebrating 10 Years of Growth, Innovation, and Partnership 🎉 Today marks a special milestone in our journey—10 years ago, Rick Grewal, CPA, CA, TEP and Adam Guyatt, CPA, CA, CFA, CBV, CFF first came together to form Grewal Guyatt LLP. From day one, this was a unique partnership with a joint vision to build a well-rounded professional services firm known for exceptional service and technical expertise.  We are grateful for the relationships we have cultivated with our clients, colleagues, family, friends, and everyone else who have made this past decade possible. Your commitment to excellence has allowed us to grow from a very small firm of 3 people to a trusted partner for businesses of all sizes, now with a team of more than 100 professionals in less than 10 years. A huge thank you to our dedicated staff—your passion, hard work, and shared vision have been imperative to our success. We've faced challenges, celebrated wins, and learned invaluable lessons together, and we couldn't have done it without each of you. As we look forward to the next chapter, we're excited to continue evolving, embracing new opportunities, and delivering the highest level of service to our clients. Here’s to the next 10 years of partnership, growth, and shared success! 🙌 #Anniversary #Growth #AccountingExcellence #Partnership #Gratitude #Teamwork #10YearsStrong

Taking your business from a Start-up to a Scale-up is an incredible milestone. As you focus on building your brand and raising capital to grow, it is vital to simultaneously focus on financial reporting. Having a proper financial reporting structure not only demonstrates success, but it also instills investor confidence in the business, and its management. Click the link below to read our full article: https://lnkd.in/g66Y9x3c #torontobusiness #CPA #CA #finance #businessgrowth

This past Thursday, the female leaders of GG hosted a gathering to celebrate and honour women in business at our Second Annual Wine Tasting Event. Guests sipped on a curated selection of fine wines and food pairings while engaging in meaningful conversations with inspiring women representing many local offices across varying professional networks. We are so grateful to have had the opportunity to celebrate all the amazing women shaping the future of business. Together, we continue to break boundaries, elevate one another, and create lasting impact. A special thank you to Krista, Fred, and the rest of the team at Auberge du Pommier. Your attentive service and warm hospitality created an inviting atmosphere for our guests while Krista’s expertise, passion and insights were as eagerly consumed as the wines she had selected. Your support and attention to detail made the evening an immensely enjoyable and memorable experience. #WomenInBusiness #WomenSupportingWomen #WomenInLeadership #TorontoBusiness #GGWineTastingEvent

On October 29, 2024, the Canada Revenue Agency (“CRA”) announced that it will not require bare trusts to file a T3 Income tax and Information return (“T3 Return”), including Schedule 15 - Beneficial Ownership Information of a Trust (“Schedule 15”), for the 2024 tax year, unless the CRA makes a direct request for these filings. A similar announcement was made by the CRA in late March of this year, exempting bare trusts from the new trust reporting requirements for the 2023 tax year. Other affected trusts, however, are still required to report for taxation years ending on or after December 30, 2023. A T3 return, including Schedule 15, must be filed unless specific conditions are met. Click the link below to read our full article: https://lnkd.in/g38j797v #CRA #filingrequirements #BareTrust #Compliance #Tax #Canada #CPA #CA

Please join our own U.S. tax director, Brian G. Cohen, CPA (New York), along with Irina Matco, CFP®(Canada), CFP®(USA), F. Pl., B. Comm. and Ilaria Defendi, CFP® CIM® CRPC® (USA) of i2 Wealth: Cross Border Planning on Tuesday, November the 12th at 12:00PM as they dive into essential tax and financial planning considerations for Canadians moving to the U.S. The agenda will cover the following key topics: -Understanding Tax Residency: Key Considerations for Your Cross-Border Move -Departure Tax & Mitigation Strategies  -Managing Departure Tax: Available Options and Deferral Techniques -Tax Filings in the Year of Departure: Navigating Canadian and U.S. Requirements -Cross-Border Tax Pitfalls: Avoiding Common Traps for Canadians -Transitioning with a Canadian Corporation: CFC vs. PFIC Rules & Mitigation Strategies -Live Q&A: Addressing Your Cross-Border Tax Questions   Click the link below to register: https://lnkd.in/ehpV8cDY   #Canada #US #taxstrategy #crossbordertax #IRS #CRA #CPA

With Presidential Election Day around the corner, Trump and Harris have been lobbing various promises to win votes among the American people. In particular, Trump has vowed “to end double taxation on our overseas citizens.” On the surface, this sounds like it would be very enticing to the millions of Americans living outside the country who can potentially cast votes. But unlike most of his other proposed tax changes for which at least a minimal amount of detail has been released, this promise is vague at this point in time. Click the link below to read our full article: https://lnkd.in/gvwhrmmK #2024PresidentialElection #Trump #Harris #USTax #IRS

The sale of a business can be one of the most critical and lucrative events in someone’s life. However, the execution of this process is subject to many moving parts, so proper planning is vital to the overall success of the sale. We generally recommend that business owners begin planning for the sale of their company at least two years prior to exposing it to the open market, as it takes time to execute strategies to maximize the selling price, and perhaps more importantly, the after-tax proceeds. Click the link below to read our full article: https://lnkd.in/g4fVC6Cj #CBV #torontobusiness #businesssale #businessvaluations #taxplanning #mergersandacquisitions #maximizevalue

The legislative amendments in 2022 brought significant changes to the reporting obligations for trusts in Canada. The enhanced trust reporting rules mandate all trusts to file an annual T3 Trust Income Tax and Information Return ("T3 return") for taxation years ending after December 30, 2023. Additionally, as part of the T3 Return, all trusts are also obligated to disclose additional information such as settlors, trustees, and beneficiaries on an annual basis. With limited exception provided, the broad and comprehensive trust reporting requirements unintentionally bring in excessive filing burdens to many trusts and trustees, including bare trusts and other informal trusts. The enhanced reporting rules could apply to unexpected scenarios such as certain joint bank accounts, “in trust for” accounts, and real property with an on-title owner for financing purposes. Click the link below to read our full article: https://lnkd.in/g5z_fQn9 #CRA #CPA #CA #T3 #TrustsandEstates