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John F. Oakey, CA
Dartmouth, Nova Scotia
Tax Partner
Interests: Tax and understanding how our Canadian tax system works to ensure that my client's business situations are well structured to minimize their tax exposure within the confines of the Income Tax Act.
Recent Activity
The world of the US tax filing has been very interesting for 2012 with an extension of the OVDI indefinitely, and the streamline method used for low risk filers introduced in September. Our firm has been advising US citizens for many years, and is very well versed with the Canada/US... Continue reading
Posted Oct 16, 2012 at John Oakey tax blog
US Citizens residing in Canada may be faced with some serious tax situations in the US if they have a Canadian holding company. The PFIC rules can attribute income earned in the Canadian Holding company to actually be reported on the individual's US 1040. Since in Canada, the tax would... Continue reading
Posted Feb 8, 2012 at John Oakey tax blog
The IRS has issued another OVDI for individual US citizens living abroad to become compliant with their taxes. This program has no predefined end date, but it continues to have a predefined penalty calculation similar to the other two programs (2009 & 2011). US citizens should keep in mind that... Continue reading
Posted Jan 28, 2012 at John Oakey tax blog
Official filing date for US 1040's is April 15th, but if you are a US citizen living abroad, you have an automatic 2 month extension. This also includes the tax payment date as well, but be aware, IRS accumulates interest on your taxes if not paid by April 15th. Continue reading
Posted Apr 9, 2011 at John Oakey tax blog
The 2011 budget for Nova Scotia is here. The tax measures were limited to one page, and the only thing that I could get remotely exited about was the .5% reduction in small business corporate tax. Don't get me wrong, better down than up, but I would have liked to... Continue reading
Posted Apr 6, 2011 at John Oakey tax blog
Federal budget released the other day, go to for a summary of the budget. Continue reading
Posted Apr 6, 2011 at John Oakey tax blog
Trust returns are due by the end if this month, and CRA has been cracking down on compliance with the trusts so make sure you are very diligent with preparing your trust return to ensure accuracy and compliance with provisions in the Income Tax Act Continue reading
Posted Mar 18, 2011 at John Oakey tax blog
Just read an interesting article on US estate tax in the January STEP newsletter. The estate tax has been reborn in 2011 with a 35% rate and a $5m ($10m married couples) exemption, but has an expiration date of December 2012...didn't they learn their lesson last time with the 2010... Continue reading
Posted Mar 13, 2011 at John Oakey tax blog
It was not the news I was waiting for, but it is one step forward. Now Atlantic fisherman can have their fishing licence in a corporation as long as the company is wholly owned by the individual fisherman. There is a process that must be followed, but at least this... Continue reading
Posted Mar 11, 2011 at John Oakey tax blog
Tax time is here! This is the time that we all scramble to try and find every deduction possible and look at our earned income in total disbelief..."there is no way I made that much money! Where did it all go?" Well, I can easily tell you that a lot... Continue reading
Posted Mar 11, 2011 at John Oakey tax blog
Just attended another seminar on social media...I recognize that I must start to be more deligent with my posting, so I will try to make it part of my daily ritual. Continue reading
Posted Mar 11, 2011 at John Oakey tax blog
Don't forget spousal loans require interest to be paid by January 31st of following year otherwise income attribution rules will apply. Continue reading
Posted Dec 8, 2010 at John Oakey tax blog
For those of us with family trusts, make sure all the funds received by the family trust are paid out to the beneficiaries before December 31st. If the income received by the trust is not paid to the beneficiaries before the end of the year, then the trustees must prepare... Continue reading
Posted Dec 7, 2010 at John Oakey tax blog
CRA will be changing their admin policy regarding corporately owned life insurance policies. Currently, if you have a life insurance policy owned by a corporate entity and you have a different corporate entity as the beneficiary of the policy, the entire life insurance proceeds would be added to your capital... Continue reading
Posted Nov 30, 2010 at John Oakey tax blog
As it gets close to Christmas, don't forget that CRA has an administration policy regarding non-cash gifts to employees. An employee can receive a non-cash gift up to $500 including HST tax free and the employer can still deduct the cost of the gift. This policy does not apply to... Continue reading
Posted Nov 28, 2010 at John Oakey tax blog
Attended the first day of the Atlantic Provinces Tax Conference. There is a consensus that CRA will, over the next couple of years, aggressively audit trusts. CRA is currently auditing trusts very aggressively in Ontario. The issues that they appear to be looking at in Ontario are residency, improper set-up,... Continue reading
Posted Nov 5, 2010 at John Oakey tax blog
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Sep 22, 2010