New Canadian Tax Audits on US Real Estate Property Held by Canadians, Recorded Webinar – Available Date: December 17, 2020

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WBVT20-90J3

On June 25, 2020, the Canada Revenue Agency (CRA) announced that it would be conducting a review of US real estate transactions undertaken by Canadian taxpayers, to identify any non-compliance in reporting the property or transactions.  Substantial penalties and interest could result for failure to report such transactions, and the possibility of further prosecution has not been ruled out.

On June 25, 2020, the Canada Revenue Agency (CRA) announced that it would be conducting a review of US real estate transactions undertaken by Canadian taxpayers, to identify any non-compliance in reporting the property or transactions.  Substantial penalties and interest could result for failure to report such transactions, and the possibility of further prosecution has not been ruled out.

 

Raphael Barchichat, a partner with PSB BOISJOLI LLP, will be presenting a detailed overview of these new Canadian tax audits for US real estate held by Canadians. In its announcement, the CRA indicated it would conduct a tax audit for the past six years, noting that it is looking for "bulk" real estate data to identify historical records, mortgage transactions, property taxes, real estate records and deeds of sale. It is expected that Revenu Québec will perform similar reviews. In this webinar, Raphael will also remind us of the Canadian and American tax rules with which your clients must comply in order to avoid such penalties.

 

More specifically, this webinar will cover:

 

·        Details of CRA’s announcement

·        Reporting under review

o   Reporting of foreign property

o   Sales of foreign property

o   Rentals of foreign property

·        Data being combed by CRA

·        Existing tax rules for reporting foreign property and related transactions


Target Audience

This webinar will be of most interest to tax practitioners, accountants and lawyers, practicing independently in small, medium or large sized firms.

Professional Development Credits

Wolters Kluwer Canadian professional development programs are designed to meet the continuing education requirements of a variety of professional associations. These requirements do vary by association and region. Please consult your provincial association to ensure this webinar meets the continuing professional development standards for your specific situation.

Registrations for each Live Webinar are available until the start of each program. We reserve the right to substitute speakers in the case of instructor illness. In the event that we must cancel a Live Webinar, all registrants will be notified immediately and given the opportunity to either transfer their registration to another Live Webinar or a Recorded Webinar or obtain a refund. For all Live Webinars that are recorded, participants will have access to the recording for three months following the Live Webinar. Partial credit will not be awarded for attendees that are not present for the entirety of the Live Webinar. Credit will not be awarded if an attendee does not answer all of the polling questions (where applicable). Additional credit will not be awarded due to the instructor presenting over the allotted time.

 

 

 

 

BIOGRAPHY

 

This webinar is being presented by Raphael Barchichat, a tax partner with PSB BOISJOLI LLP

 

Raphael Barchichat, LL.B., LL.M., JD, LL.M. Tax

 

Raphael Barchichat is a tax lawyer and tax partner with PSB BOISJOLI in Montreal, Quebec, Canada, a 200+ professional accounting firm. Raphael specializes in Canadian and international tax and corporate reorganization. Raphael is best known for his extensive knowledge in Canadian and international tax laws. He advises high net-worth individuals on their global active and passive investments by understating complex personal, corporate and trust tax issues. Raphael is an experienced and trusted advisor who provides concrete results for every file he takes on. His creativity and practical advice makes this accomplished tax lawyer one of PSB’s key assets. His clients range from local to international, with many complex files requiring high expertise in advanced tax planning and estate planning. Raphael also handles every step of tax audits and dispute resolution.

Raphael teaches taxation at the Master's level at HEC Montreal and corporate tax at the Faculty of Law at McGill University. Raphael is also a tax tutor with CPA Canada. Altogether he has contributed to more than 170 conferences and publications on Canadian tax law. Raphael is the author of the advanced international tax book “Canadian Taxation of Non-Residents” published by CCH Tax / Wolters Kluwer. In addition to being a member of the Quebec Law Society, Raphael is also an active member of the Canadian Tax Foundation, the Association de planification fiscale et financière (APFF), the Ontario Bar Association and the International Fiscal Association (IFA) and is perfectly bilingual. Raphael holds six university degrees in law and taxation, all of which outstanding academic achievements were given.

 

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FormatRecorded Webinar