Inside Jan/Feb 2012 Edition Featured Articles The First Word Welcome to the January/February 2012 edition of CRA Magazine. In this first issue of 2012, we start the year with a paradigm shifting article from regular contributor Peter Kistemaker. He argues that our views on diversification have not kept pace with changes in capital markets. This may leave some of us less diversified than we believe we are. A New Look at Diversification “Don’t put all your eggs in one basket‟ is a well known proverb. The phrase has been around since the early 17th century. It is now most commonly used in the investment community to extol the virtues of diversification.  Canadian Foreign Property Reporting and How to Sleep Better at Night THERE IS AN OLD SAYING THAT “WHAT YOU DON’T KNOW WON’T HURT YOU. However, this saying doesn’t apply when you’re talking about foreign property reporting requirements under the tax rules. The EU Crisis to Continue The Organisation for Economic Co-operation and Development (OECD) slashed its 2012 forecast for economic growth to 1.6 per cent for its 34 member states from 2.3 per cent six months ago. Year-end round-up: How major indexes performed in 2011 The first trading day of 2011, which was Jan 4th 2011, S&P/TSX composite index opened at 13,530 and today (Dec 28th 2011) it’s trading at 11,723 down more than 13% for 2011. After two great years stock markets around the world struggled to stay positive in 2011 and in most of the cases they failed.

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Inside Nov/Dec 2011 Edition Featured Articles The First Word Welcome to the November/December 2011 edition of CRA Magazine. In this last issue of 2011, risk is very much the focus. With global equity markets experiencing high levels of volatility due to the ongoing Euro-pean sovereign debt crisis major investors face a great deal of uncertainty. Black Swans & Collateral Damage If the name of this article sounds disjointed – it probably is. Let us start our diatribe with the term “black swan‟. Foreign and Canadian Pension Planning We are often asked by Canadians who have worked abroad and are now back in Canada or who are considering moving back to Canada what they should and can do with respect to their foreign pen-sions or superannuation plans. Risk- Where Emotion Collides with Statistics Some of us grew up with a love/hate relationship with numbers. I always thought it would be difficult to differentiate myself in the world of numbers. Even in Times of Uncertainty You Can Find Opportunity Even if you only occasionally look at stock market charts you probably know that the S&P 500 or Dow Jones Industrial Average had entered in a flat chan-nel (which is called bear flag in a downtrend) for the last couple of months.

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Inside Sep/Oct 2011 Edition Featured Articles The First Word Welcome to the September/October 2011 edition of CRA Magazine. In this late summer issue of 2011, we reprise an article on The World of Bonds penned by our resident specialist in fixed income, Pervez Patel. The World of Bonds As an old Chinese proverb states “We live in interesting times”.  While this proverb is probably always true, it is even more so when the US has to exit a premier league of countries whose debt has the coveted AAA status conferred by S&P. Tax Basics for American Persons Abroad The rules for filing of U.S. income tax, estate tax, and gift tax returns for U.S. persons are generally the same whether you are residing in the United States or abroad. Where do Canadians Emigrate to and Why? Canada is a country of immigrants. Few cities around the world offer the diversity present in Canada’s largest urban centres. Canada has a great reputation as a stable place with opportunities for ambitious people. This Time is Different: From Credit Crunch to Sovereign Debt Crisis In recent times the volatility index known as the VIX, moved up to 48 on Aug 8, 2011. The market volatility in the last 4 weeks reminds me of the dark days of Oct 2008 when VIX moved up to the 90-level.

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Inside July/Aug 2011 Edition Featured Articles The First Word Welcome to the July/August 2011 edition of CRA Magazine. In this summer issue of 2011, John Wright talks about the hunt for yield. He discusses the difficulty in finding sufficient yield these days without taking too much risk. The Hunt for Yield Over the past three months we have had an increasing number of conversations with wealthy investors regarding the difficult task of finding stable yield bearing investments. Sale of Canadian Property by Non-residents: Reminders on the steps to be taken to minimize your tax burden The following article lists some of the common errors from a tax perspective our office has noted that Canadian non-residents overlook when selling/renting Canadian property.  Is Research In Motion Undervalued? After launching the Blackberry smart-phone in 1999 the company really began to get noticed both for its technology and its incredible growth which lured many investors. To Strive for Perfection or to Avoid Mistakes The thesis I present today is one which impacts upon all areas of our lives but is particularly relevant to the financial domain. The concept is quite simple perhaps most easily illustrated through a golfing Cloud Computing: The Changing Landscape of IT Goldman Sachs, one of the biggest investment banks in the world had a conference on cloud computing recently on May 4, 2011 in Menlo Park, CA.       U.S. economy has lost momentum, now what? After pumping trillions of dollars to the economy the U.S. unemployment rate is still at 9.1%. Numbers published recently show that the U.S. has added only 54,000 jobs in May.

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Inside May/June 2011 Edition Featured Articles The First Word Welcome to the May/June 2011 edition of CRA Magazine. In this issue of 2011, Pervez Patel and John Wright once again teaches us about the Greek alphabet, this time focusing on alpha. Alpha is probably the single most important concept to understand when investing; it is what everyone constantly should be seeking. The Chase for Alpha Continuing our sojourn, which began in an earlier issue, into the letters of the Greek language – we now come to the first letter of the Greek alphabet – alpha. Vote for Canada’s Bay of Fundy Make it one of nature’s 7 wonders Buying US Real Estate- Tax Considerations for Canadians With depressed US property values and a soaring Canadian dollar it seems like there has never been a better time for Canadians to buy US real estate.  Sell in May, but don’t go away Many are familiar with the common investment refrain to ‘Sell in May and go away’.  Statistics have shown that equity returns are typically lower from May to October. Solar Power: A Journey from Calculator to Power Grid When I was in my early teens, I was so surprised to see how that a calculator could run without any battery. I came to know that this new technology is called Solar Power.

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Inside Mar/Apr 2011 Edition Featured Articles The First Word Welcome to the Mar/Apr 2011 edition of CRA Magazine. In this spring issue of 2011, John Wright talks about the rise of the Global Middle Class. He discusses the investment opportunities which will arise as more people around the world begin to acquire many of the things most in the developed world already take for granted. The Rise of the Global Middle Class As we travel the world we are increasingly struck that the globe is rapidly becoming a more homogeneous place than it was even twenty years ago.  Vote for Canada’s Bay of Fundy Make it one of nature’s 7 wonders A Return to 1979 I am not a distant relative of Nostradamus, predicting in my last article that silver would fall between 5-10% then strongly rebound, and that oil would begin to rise in earnest were relatively easy feats. Canada: Tax Withholding on Stock Option Benefits: Are you compliant? Legislation which was introduced in 2010 in Canada includes provisions with a significant impact on the treatment of employee stock option benefits.  Food: Demand, Supply and Beyond On December 17 Mohamed Bouazizi , a poor fruit and vegetable vendor of Tunisia, not only set himself on fire he set the fire on a popular uprising in the entire Middle East.

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Inside Jan/Feb 2011 Edition Featured Articles The First Word Welcome to the January/February 2011 edition of CRA Magazine. In our first issue of 2011, Pervez Patel discusses some common mathematics used by investment professionals when designing portfolios. Grappling with the Greek Alphabet Very often in the investment world, we come across these arcane and mystical symbols – alpha, beta and delta that do have a profound impact on how your investments fare in a variety of market conditions Every Cloud Has a Silver Lining For regular readers of CRA magazine you are aware that my primary contribution thus far has been to discuss the merits of gold and different ways to invest in the yellow metal to match your particular needs. Sale of Canadian Property by Non-residents: Reminders on the steps to be taken to minimize your tax burden The following article lists some of the common errors from a tax perspective our office has noted that Canadian non-residents overlook when selling/renting Canadian property.  Year-end Round-up: How major indexes performed in 2010 As of 30^th Dec 2010 roughly 1 pm the S&P 500, widely regarded as one of the best gauges of the US equity market, is up around 11.19% in 2010. S&P 500 was up 19.67% in 2009. Euro: It’s history and future After the financial crisis in Ireland in recent times I haven’t seen anywhere that the PIGS should be re-written again as PIIGS including Ireland in the Portugal, Italy, Greece and Spain group but there are much of discussions about the future of the Euro.

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Inside Nov/Dec 2010 Edition Featured Articles The First Word Welcome to the November/December 2010 edition of CRA Magazine. In our final issue of 2010, Pervez Patel and John Wright continue their examination of fixed income and discuss ways to survive in this increasingly challenging environment. Bond Investing 101: (aka Survival Tips in the Shark Tank) In the last publication we focused on the dichotomy between most parts of the developed world – what one money manager alluded to as the “3D effect”: Non-Resident Employee: Canadian Payroll Tax Withholding And Reporting Requirements- Update Feb 2010 The payroll withholding provisions of the Canadian Income Tax Act (the “Act”) apply to all companies that employ individuals working in Canada (regardless of whether the employees are Canadian residents or non-residents working in Canada temporarily or permanently). Irrational Exuberance This is the first time I’m writing in a long time where I’m not confident that by the time you read this our favorite precious metal, Gold, will be at its all-time highs. BRIC Economic Roundup When China surprised the world with the biggest IPO offering this year since 1995, Brazil’s Petrobras came out with a mammoth $67 billion dollar offering more than three times the size of Agricultural Bank of China’s $22.1 billion dollar offering. Christmas Cheer and its Importance for the Economy Christmas is a time for many when economic concerns are cast aside and focus is placed upon more sentimental aspects of life.

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Inside Sep/Oct 2010 Edition The First Word Welcome to the September/October 2010 edition of CRA Magazine. In this issue, Pervez Patel and John Wright continue their examination of global fixed income under the paradigm of the ‘new normal’. The World of Bonds (aka The Shark Tank) In an earlier article we talked about the characteristics of the new normal in the world today – this would relate to regulation, de- globalization, protectionism, currency manipulation, de-leveraging, higher taxation etc etc. Canadian Foreign Property Reporting & How To Sleep Better At Night – Voluntary Disclosure Process There is an old saying that “what you don’t know won’t hurt you”.  However, this saying doesn’t apply when you’re talking about foreign property reporting requirements under the tax rules.  Gold: How to maximize your return from this rising asset class Once again I will begin my article by saying that gold is likely to be at a new all-time high by the time you read this. Gold’s rise has been relentless for most of the preceding decade. Congratulations China, you are the second largest economy now. No surprise China passes Japan and becomes second-largest economy of the world, a senior official said recently. According to IMF, World Bank and other economists, China is on course to become the largest economy of the world by 2025 overtaking US. Stock market seasonality: Some common seasonality effects First you may want to know why there are abnormal returns or seasonality happens in stock markets.

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Inside July/August 2010 Edition
	The First Word Welcome to the Summer Edition of CRA Magazine. In this issue, Pervez Patel and John Wright examine global fixed income and how the sovereign debt crisis will impact investments in this asset class. Global Fixed Income: Wither Goest Thou?? In times of market uncertainty, the quest is always on to control down-side risk; and the logical move is towards fixed income. Are we in for a different result this time around, similar to what we experienced in 2008 – the year of financial Armageddon? The Implications of the Harmonized Sales Tax (HST) Effective July 1, 2010, Ontario and British Columbia will combine their province sales tax (PST) with the federal GST and will implement a Harmonized Sales Tax. Gold: The Re-emergence of a Forgotten Asset Class In a recent edition of CRA Magazine avid readers will recognize that we discussed various methods to invest in gold such as: coins, equities, exchange traded funds, etc. A Matter of Trust: The Decline  of the Vaunted Class As we travel the world chatting with clients and friends one topic keeps coming up which is the area of asset protection and the use of offshore trust structures for planning purpose. FIFA World Cup: The Business and Benefits Behind it News headline: World Cup hosting race for 2018 and 2022 heats up at FIFA. Fortunately I am not talking about something that will take place 8 or 12 years from now, but it shows the depth of this popular game.
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Inside Winter/Spring 2010 Edition
	The First Word Welcome to the Winter Edition of CRA Magazine. In this issue, Mohammad Ahmad examines the non-resident tax issues that impact participants, support staff, media and others attending the Olympic Games. Non-Resident Tax Issues For the Olympic Games And Others The 2010 Winter Olympic and Paralympics’ Games were held in Vancouver, Canada. In this article, we will review some of the Canadian tax issues that will impact participants, support staff, media and others attending the Olympic Games. Moving Home To Canada – Opportunities & Obligations The global financial crisis has resulted in an unprecedented number of Canadians returning to Canada. If you find yourself returning for work, retirement or change of life reasons you can engage in a great deal of sound financial planning before you return. Non-Asian Emerging Markets Outlook Growth in non-Asian emerging economies - Latin America, Eastern Europe, the Middle East and Africa - is expected to recover in 2010 in spite of expectations of weak U.S. consumer spending – but the strength of the recovery will vary across the different regions. What Moves Markets? Things have changed rapidly over the past year in the markets. Hope and greed, those age old forces which propel the markets to dizzying heights and perilous lows were all too apparent. Do I Still Need a Financial Advisor? Now volatility is subdued and buying every dip that comes along has been working so well one could easily think we had transported back in time to the final years of the twentieth century. Increased security measures a blow to our personal liberty There’s no place like home,’ or so the saying goes. For those concerned about our civil liberties, that may just end up being where you have to stay. A Photojournalist’s View of Natural Beauty News Round Up
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Inside Fall 2009 Edition
	The First Word Welcome to the Fall Edition of CRA Magazine. Since our last issue, the stock markets have continued to recover, led by strong emerging market growth. Tax Implications of Moving to Asia In the last issue of CRA Magazine, my colleague Wayne Bewick examined the tax implications of living and working in the Middle East, highlighting some of the intricacies of moving to that part of the world. Different Ways to Invest if you’re Dazzled by the Glitter of Gold The glitter of gold catches the eyes of investors for various reasons, including uncertain equities markets, threats of growing inflation, heightened global political tensions and weakness in the U.S. dollar. Quality of Living Global City Rankings 2009 – Mercer Survey The quality of living and quality of infrastructure are important considerations for expatriates taking up positions abroad. Human Development Report 2009: UNDP Afghanistan is new to the list this year - reliable statistics were not previously available - but otherwise leaders and laggards are largely the same. A Photojournalist's View of New York City William Self is a Toronto based freelance photographer. He’s been an avid photographer since his college years where he first learned to shoot film and work in a darkroom. Over the years he’s evolved and now works exclusively with digital technology. In his photography he loves to work with people as well as shoot landscapes and urban scenes. News Round Up Growth Returns to OECD Economies IMF Upgrades World Economic Outlook: October 2009 Corruption threatens global economic recovery, greatly challenges countries in conflict: Transparency International
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Inside Summer 2009 Edition
	The First Word Welcome to the Summer Issue of CRA Magazine. We hope you are having a wonderful Summer – enjoying the long, warm days with your family and friends. No Consensus on Frequency of Portfolio Rebalancing Many advisors rebalance their clients’ portfolios at least annually but there’s no consensus on the frequency of such strategy. Tax Implications of Moving to the Middle East This article identifies some of the tax issues non-resident Canadians may face when living abroad. Since tax implications will vary with each individual’s specific circumstances, professional tax advice should be sought before acting on any information provided in this article. Federal Government proposes changes to Canada Pension Plan New proposals aimed at providing greater flexibility. A Photojournalist’s View of Georgian Bay,Ontario Michael Mitchener is a Toronto based photographer who lives between Leslieville and the Beach neighbourhoods. Self-taught, he likes to take his camera along for the ride whether he’s exploring his neighbourhood with his trusty canine or camping near Parry Sound in Georgian Bay. Views on Economic Recovery Vary Widely No consensus among Senior Financial Executives. U.S. Fiscal Stimulus Not Seen To Be Ineffective Greenwich Associates Survey. G7 Trade Flows Continue To Decline OECD Report. Unemployment in OECD Countries Forecasted To Rise In 2010 OECD Forecast. Carbon emission reduction should focus on individuals Princeton University Study. Canadian Institutional Investment Strategies Largely Unchanged Greenwich Associates Research. Canadian Interest Rates Expected to Remain Unchanged Until First Half 2010 Governor of the Bank of Canada Mark Carney says the central bank is committed to maintaining current interest rates through the first half of 2010, although he noted the challenge of resolving global imbalances stands in the way of convincing economic recovery.
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Inside Spring 2009 Edition
	The First Word By the time you read this issue of CRA Magazine the blues of winter would be over and you would be looking forward to blooming flowers and greener grass as new life sprouts in the season of renewal. Don’t Let Emotions Drive Your Financial Plan The loss of $1 is twice as painful as the pleasure derived from a gain of $1. Taking Stock of Your Options as the International Job Crisis Unfolds As job losses mount worldwide, Canadian expatriates must consider practical issues relating to health care, taxation, asset structuring and repatriation of goods. Natural Resources Outlook for 2009: Optimism Prevails I'd like to talk a little bit about our outlook for energy over the next year or so and why we’re optimistic about the prospects for Energy. Moving to Canada: Tax Issues to Consider This article identifies some of the tax issues individuals moving to Canada may face. Since tax implications will vary with an individuals specific circumstances, professional tax advice should be sought before acting on any information provided in this article. Where do Emissions Fit into Socially Responsible Investing? Investors focused on ESG (Environmental, Social and Governance) opportunities often question the suitability of the emerging carbons markets. Coping with Culture Shock any people who travel or live overseas experience what is commonly referred to as “culture shock.” Although its intensity varies from one individual to another, most people experience a period of adjustment. Canada Better Prepared to Weather Global Turbulence On March 11, 2009, the IMF (International Monetary Fund) reported that Canada is better prepared than most other countries to weather a global economic downturn. Canada: Growing Unequal After 20 years of continuous decline, both inequality and poverty rates have increased rapidly in Canada in the past 10 years, now reaching levels above the OECD average. A Photojournalist’s View of the Beaches in Toronto, Ontario Michael Mitchener is a Toronto based photographer who lives halfway between Leslieville and the Beach neighbourhoods. Self-taught, he has developed his personal style and ability by actively shooting and exploring his environment with his camera along for the ride.
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Inside Winter 2008 Edition
	The First Word Since our last issue of CRA Magazine, the credit crunch which originated in the United States at the beginning of last year has evolved into a crisis of global proportions, triggering massive government bailouts and a dramatic slump in the financial markets. Canadian Expatriates' 2008 Tax Filing Requirements: Are you compliant? If you’re an expatriate, it is imperative that you’re aware of your of tax filing requirements. Emerging Markets Provide Long-Term Investors with Better Growth Global uncertainty weighs heavily on the outlook for non-Asian emerging markets which are nonetheless expected to outperform their developed counterparts. Outlook for Non-Asian Emerging Markets: Is the Poisoned Chalice Half Full or Half Empty? Global uncertainty weighs heavily on the outlook for non-Asian emerging markets which are nonetheless expected to outperform their developed counterparts. Credit Crisis We see the "Credit Crisis" as un-folding in three phases. The first phase is the collapse of real estate prices. The second is the collapse of the banking system that made all the real estate loans, and the third phase is the broader impact on the overall economy. Understanding Offshore Financial Centres Although they are often put in negative light, OFCs play a vital role for both individuals and corporations. A Photojournalist’s View of Algonquin Park William Self is a Toronto based freelance photographer. In his photography he loves to work with people as well as shoot landscapes and urban scenes. 2009 Federal Budget Overview As was widely expected, Canada’s 2009 Federal Budget presents a wide-ranging package of provisions to stimulate the economy through dramatically increased, although mostly time-limited, spending on infrastructure and targeted programs.
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Inside Fall 2008 Edition
	The First Word Welcome to the Fall Issue of CRA Magazine. In this issue, Marnie Kinsley examines the changing role of the treasury in today’s business climate, while Dwarka Lakhan reviews the new Canada-U.S. Tax treaty, with specific reference to the elimination of the with-holding tax on most cross-border interest payments, which he argues could lead to an increase in fund flows between Canada and the US. Beyond Borders Canadian companies need services that cross borders and boundaries. Canada-US Sign New Tax Treaty Elimination of with-holding tax on most cross-border interest payments could lead to an increase in fund flows between Canada and the US. Electing to File a Canadian Tax Return as a non-resident of Canada for Tax Purposes This article identifies some of the tax issues non-resident Canadians may face when living abroad. Since tax implications will vary with each individual’s specific circumstances, professional tax advice should be sought before acting on any information provided in this article. Will the Sun Rise or Set on Japan? Predictions about the country’s economic fortunes vary considerably. Corruption vs. Controls: The Battle Continues Survey shows that corrupt practices prevail throughout the world and that companies doing business overseas need to exercise more. A Photojournalist’s View of Self France & Spain William Self is a Toronto based freelance photographer. He’s been an avid photographer since his college years where he first learned to shoot film and work in a darkroom. Over the years he’s evolved and now works exclusively with digital technology. In his photography he loves to work with people as well as shoot landscapes and urban scenes. New Mercer Study Examines M&A Risks, Opportunities Globally With the world of mergers and acquisitions (M&A) now truly global, companies are increasingly seeking targets in far-flung destinations as well as their own backyards. KPMG Ranks Canada Third in Tax Competitiveness for Businesses Canada has the third lowest tax cost for businesses among 10 countries studied by KPMG for a special report. Big Gender Gap in Plans to Live Abroad in Retirement, Poll Finds A new national poll released in September by TD Waterhouse on the retirement plans of Canadian baby boomers has uncovered significant differences between men and women concerning their appetite to spend time living abroad. For both genders, however, health care coverage is the biggest factor in their decision to spend time outside of Canada each year.
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Inside Spring / Summer 2008 Edition
	The First Word Welcome to the Spring/Summer 2008 edition of CRA Magazine. In this issue Wojciech Kupny reviews how US tax issues affect individual Canadians who are also U.S. citizens. He finds that in most instances all that is required is filing a U.S. tax return and possibly a state return with no actual tax owing based on the exclusions and credits for which you may be eligible. United States Tax Issues for Individuals in Canada Although you are a Canadian resident, as a U.S. citizen or Green Card holder you continue to have U.S. tax obligations. In most instances it only involves filing a U.S. tax return and possibly a state return with no actual tax owing based on the exclusions and credits for which you could be eligible. Latin America Firmly Entrenched in Sustainable Growth Path Consistent, positive growth and democratic stability are now the norm in the traditionally risky Latin American region. Insuring Proper Travel Health Insurance Coverage It’s Easy to Forget that you may not be covered for medical emergencies overseas. Foreign Exchange and International Money Transfers Most expats at some point will need to exchange currencies and make international transfers. A Photojournalist’s View of South Africa Cameron Murdoch, a budding photojournalist, and his wife Elesha recently visited South Africa. They share the diversity of Africa’s richest nation. Millionaires Club Gets Bigger Although the rate of growth slowed, global wealth reached $40.7 trillion last year according to the 12th Merrill Lynch and Capgemini Annual World Wealth Report released in June. The world’s high worth population now stands at 10.1 million with India and China recording the highest growth in high net worth individuals (HNWI). IFRS Reporting Commences The May 2008 release by the Canadian Securities Administrators (CSA) on International Financial Reporting Standards (IFRS) disclosure has heightened focus on the requirements of the IFRS. Unlike other mandatory timelines, the Financial reporting expertise (including training requirements), and business activities and matters that may be influenced by GAAP measures (e.g. debt covenants, compensation arrangements). Changes to Code of Conduct for Credit Rating Agencies Proposed Credit rating agencies may face registration obligations in Europe if France has its say when it takes over the leadership of the European Union later this year.
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Inside Winter 2007 Edition
	The First Word Welcome to the Winter 2007 edition of CRA Magazine. In this issue Todd Trowbridge looks at what’s involved in becoming a nonresident of Canada for tax purposes by taking advantage of the tiebreaker provisions contained in Canada’s tax treaties. The Impact of Canada’s Tax Treaties on Residency Status Becoming a non-resident of Canada for tax purposes by taking advantage of the tiebreaker provisions contained in Canada’s tax treaties. EU’s Newest Members Struggle with Convergence Positive signs remain for the EU12 in spite of risks associated with a slowing Western Europe and a stronger euro. Managing Change Amidst the Storm Businesses must prepare to deal with change and uncertainty. The Bull Market for Financial Fraud Financial fraud has emerged as major problem for individuals and businesses. How do you tell what’s real from what’s fraudulent has become increasingly complex. This article looks at some of the common types of financial fraud and on how to avoid getting “conned” based on advice provided by the US Federal Bureau of Investigation (FBI). Asian Powers Coming Under Increasing Scrutiny India is continuing to surprise, while China’s bull market may be on the verge of a bubble. Will Executives and Employers Have to Modify Their Yax Planning? While the protocol amending the Canada-U.S. tax treaty (signed September 21, 2007) contains a number of relieving measures that were expected, it also contains a large number of surprise changes, some of which may have adverse consequences for certain taxpayers.
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Inside Fall 2007 Edition
	The First Word In this issue we look at Asia 10 years after its currency crisis had a domino effect on capital markets around the world and find that the region has emerged stronger than ever and better prepared to deal with similar crises in the future. Working in Canada as a Non-Resident Understanding the potential tax issues faced by non-residents working in Canada and their foreign employers. Asia: 10 Years After the Crisis Ten years later, some Asian economies are now more sophisticated, flexible, innovative and open. Criminals & Hackers: Managing employee risk Employers can minimize fraud by conducting background checks at hiring and implementing appropriate controls over employees’ use of technology. Dubai: The Gateway to Regional Capital and Investment Dubai is well positioned to benefit from the global “flight-to-quality”. Canada-U.S. treaty protocol released The long-awaited Protocol to the Canada-U.S. Income Tax Convention was finally signed in September 2007 by the Canadian Minister of Finance, James Flaherty, and the U.S. Treasury Secretary, Henry Paulson, Jr.
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Inside Summer 2007 Edition
	The First Word In this issue Arun (Ernie) Nagratha and Todd Trowbridge look at the problems taxpayers may face when they do nothing or incorrectly file their departure year tax returns. We also provide the results of two surveys conducted by Mercer Human Resource Consulting – the Cost of Living Abroad and the Worldwide Quality of Living Survey. Leaving Canada? Penalties for Canadian Expatriate Tax Filers Failing to comply can be costly. How Frequently Should You Rebalance Your Portfolio? U.S. research paper shows optimal rebalancing period is almost four years. Choosing the Right Asset Mix Within each asset class, there are varying levels of risk. The Cost of Living Abroad 2007 Worldwide Cost of Living Survey by city. Mercer Human Resource Consulting, New York. The Quality of Living Abroad 2007 Worldwide Quality of Living Survey by city. Mercer Human Resource Consulting, New York. A Photo Journalist’s View of British Columbia Jack Bergmans is an avid Toronto-based freelance photojournalist. He visited British Columbia in June 2007 and shares an eclectic view of the province. Federal Budget Brief for Canadian Expatriates The following is a brief outline of the items relevant to Canadian expatriates from 2007 Federal Budget
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Inside Spring 2007 Edition
	The First Word As we commence the second year of publication of the electronic version of CRA Magazine, I would like to thank our readers for their enthusiastic support and feedback. Tax Considerations for Relocating Employees from Canada to the USA? The tax implications of relocating employees to the US should be considered well in advance of initiating any transfer. Profesional advice should be sought before acting on any information in this article. Panama Emerges as Favoured Destination for Offshore Investors Strong economy, tax-friendly environment, comprehensive privacy rules, and well-developed banking sector make Panama a destination of choice for offshore investors. Interview/Foreign exchange: One world, many currencies The far-reaching impact of currencies on the world economy. Culture Shock in Canada! A Canadian would never expect to experience culture shock in their homeland but after 15 years abroad, things appear a whole lot different. Dine Like a Diplomat Many people forget that dining skills are as much a part of the business toolkit as negotiating skills. The 2007 Canadian Federal Budget Important information regarding the budget of Monday, March 19, 2007.
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Inside Fall / Winter 2006 Edition
	The First Word I am pleased to say that each new issue of the electronic edition of CRA Magazine is now much anticipated by Canadians living abroad, former expatriates, and those who are contemplating residing overseas. Is Water the Oil of The Future? Greater global demand for fresh water is placing a strain on the natural resource, making a potential shortage one of the most worrying problems of the new millennium. Tax Considerations for Non-Residents Owning Canadian Real Property This article identifies some of the tax issues non-resident Canadians may face when owning Canadian real property. And the Reason for Your Visit? This is the second in a series of articles on the “real life experi-ences” of an expatriate, dealing with local culture, traditions and the lifestyle of the expatriate. Singapore’s Economy Poised to Take Off. Buoyed by a strong domestic economy, new economic drivers, liberalized immigration policies, an inflow of foreign funds, a rising property market and the potential of playing a leading role in Southeast Asia, the long-term prospects for traditionally “boring” Singapore have become very encouraging. Create a Life You Love As a recovered workaholic who experienced many of the health implications associated with too much stress, I know firsthand the negative impact of a life out of balance. As Retirement Lifestyle Expectations Fall, Savings Stress Rises Employees are scaling back their expectations and ambitions for life in retirement, as they recognize that they are not saving enough to support the lifestyle they envisioned. Canadian Tax Reform On October 31, 2006, Canada’s Minister of Finance announced the Tax Fairness Plan for Canadians. Global Growth Expected to Slow Marginally in 2007 A slowdown in the U.S. economy will likely drag on global growth next year, economists predict, but Asia and Europe are expected to remain fairly resilient amid signs of healthy consumer demand. Canadian Companies Predict Another Big Year for M&A According to the Connecticut based international research firm, Greenwich Associates, Canadian companies expect mergers and acquisitions activity in the coming year to exceed the record breaking levels of the past 12 months. World Financial Assets Expected To Grow Rapidly According to the Boston based firm McKinsey, the world's financial assets now total more than $118 trillion and will exceed $200 trillion by 2010 if current trends persist.
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Inside Summer 2006 Edition
	The First Word Welcome to the second electronic edition of CRA Magazine, designed exclusively for Canadians currently living abroad, former expatriates, and those who are contemplating residing overseas. Should you stay or go? Real life experiences of an expatriate who spent 15 years abroad. The key learnings I took away from the military postings became the benchmark that facilitated a few fundamental decisions for our move to Sweden. Understanding the Overseas Employment Tax Credit The overseas employment tax credit potentially provides significant tax benefits for individuals working abroad. Working abroad can be a great experience both personally and professionally. Brazil: The Sleeping Giant Awakens South America’s giant is finally experiencing steady order and progress. Buoyed by favorable monetary and fiscal policies, significant improvement in its debt profile and a robust export performance, Brazil is enjoying a surge in capital inflows, a soaring stock market and a stronger currency. Adequate travel insurance essential when heading abroad Provincial medical plans aren’t as encompassing as before, leaving you at risk on short-term assignments abroad. Tavel insurance is no longer a straightforward, off-the-shelf product you can quickly purchase at a travel agency or airport on your way to a foreign destination. Maximize Your Energy for Peak Performance The sage advice of an energy consultant on how to remain productive in a stressed out world. Do you recall moments when you have been bursting with energy, when no mountain was too high, and the boundary between your work and play disappeared? Most Internationally Reported Corporate Crime Occurs in Developed Markets Canadian, U.S. organizations are more likely to protect whistleblowers. Canada’s Foreign Property Rule Surprising results reveal home bias. CSME Opens New Doors The sunny Caribbean is poised to present an abundance of new opportunities for expatriates.
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Inside Spring 2006 Edition
	The First Word - Maintaining the Ties That Bind Information on your a free subscription to the electronic version of CRA Magazine, designed specifically for Canadians currently living abroad, former expatriates, and those who are contemplating residing overseas. The Basics of Canadian Residency for Tax Purposes You could potentially face a myriad of tax issues while working or living abroad, with varying implications that depend on your unique circumstances. This article identifies some of the more common issues that you may face no matter where you live. Canadians Are Not Stereotypes Americans believe the typical American is very assertive, and Canadians believe the typical Canadian is submissive, but in fact Americans and Canadians have almost identical scores on measures of assertiveness, a little above the world average. Affordable Retirement: Proving Elusive Around the World An aging population that is living longer, lower saving rates and a looming crisis in public pension plans poses substantial risks to a comfortable retirement. Identity Theft - The Latest Trend In White Collar Crime Losing your identity to a thief can be a harrowing experience, but there are steps you can take to prevent it. Canadian Companies to Follow International Reporting Standards Canada's Accounting Standards Board (AcSB) has ratified a new strategic plan that proposes to phase out the use of Canadian GAAP for financial reporting by public companies and introduce International Financial Reporting Standards (IFRS).
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Inside Winter 2003 Edition
	Buying Into Mexico From the depths of the Canadian winter, it is tempting to consider the delights of relocating or retiring to Mexico. Canadian expat and real estate agent Kevin Collins explores one aspect of the dream – buying a house in the idyllic village of Ajijic on Lake Chapala. Paradise Found A Residents’ Report: Retired Canadian civil servants Dick and Peter Hodges describe their perfect life in Ajijic. Whom You Should Notify When Departing Canada A question that is asked frequently by individuals who cease to be residents of Canada is, Whom should they notify? Tony Schweitzer and Graham Turner provide the answers. When Expats Become Repats People seldom consider the challenges of repatriation at the end of an overseas stay. Yet the challenges are real, and may leave repatriates feeling like expatriates in their own country. Donna Bergles reports. Canadian College Italy Based in the ancient city of Lanciano, Canadian College Italy’s mission is to inspire its students to reach their highest intellectual and moral potential while preparing for effective university study and responsible adult life – a tall order, which CCI fulfills admirably.
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Inside Winter 2002 Edition
	Barbados Bound Barbados is a haven for relaxation, and a mecca for active lifestyles and cultural pursuits. It is also one of the leading centres in the Caribbean for near shore information services and has become the domicile of several subsidiaries of Canadian and American IT firms. Rob McChlery and Kenneth Campbell describe working and playing in the “Jewel of the Eastern Caribbean.” The Thorny Question of Residence Two Recent Examples The courts have established certain criteria to determine whether an individual is “ordinarily resident in Canada.” The Canada Customs & Revenue Agency also has its interpretations in this area, views not always necessarily supported by the law. Bilateral Income Tax Treaties should be carefully considered as well. It’s not easy to reconcile the application of all of the above to factual situations, as Tony Schweitzer shows. Beneficiaries still in Canada? How to Plan Your Estate You have retired to a warmer climate with a friendlier tax environment. But just when you think there is little left to worry about, a nagging voice in the back of your mind reminds you to look into what happens to your assets after your demise. John Maclachlan eases some of your fears and points you towards peace of mind. Healing on the “Nature Island” Expat Profile Gwenith Whitford had been ill for a long time. Heavy metal poisoning, severe multiple chemical sensitivities and persistent allergies had taken their toll on her productivity and personal life. Unpolluted indoor and outdoor environments were critical for her improved well-being. Sick and tired of being sick and tired, Gwenith found Dominica.
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Inside Summer 2002 Edition
	Singapore Report Singapore stars as the “Jewel of New Asia” in this four-part look at one of the world’s most fascinating and energetic cities. Louisa Nedkov begins the series by giving her usual captivating cultural briefing (Singapore, A Cultural Guide), setting the stage for a tourist’s comprehensive guide on to what to do when you get there (Jewel of New Asia, Singapore). Clinton Cheng describes the opportunities and connections for Canadian business in Singapore (The Canadian-Singapore Business Connection), while Ian Deakin tells the success story of a Canadian school far from home shores (Big Steps Forward, The Canadian International School, Singapore). CCRA's Interpretation Bulletin (IT-221R3) CCRA has published its revised Interpretation Bulletin IT-221R3. Tony Schweitzer and Graham Turner outline the current views of CCRA relating to the determination of residency, pointing out that CCRA’s approach appears to elevate the status of certain secondary ties in determining residency. The unanswered question is how many and which secondary ties will cause an individual to be resident of Canada for tax purposes? Does Canadian Citizenship = Taxation? CCRA’s recently revised IT-221R3 bulletin and NR73 (01) questionnaire (used to make a determination of residency) both suggest that Canada may have started to tax Canadians on the basis of citizenship. In his commentary Garry Duncan states that these revisions create enormous concerns, not only for the hopeful future-expat, but also for those who have already severed their ties. The Maple Leaf Card for Immigrants to Canada Under Canada’s new Immigration and Refugee Protection Act, physical resi-dency requirements are less onerous, making travel outside Canada easier for “permanent residents” (formerly “landed immigrants”). As well, a new identification document - the “Maple Leaf Card” - has been introduced. Stephen Green explores the ramifications.
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Inside Summer 2001 Edition
	Golf Ahoy! Cruising is the fastest-growing sector of the travel business in many parts of the world. With the market for cruising becoming more experienced and affluent, the industry is responding with more variety than ever. Paul Stanway paints an enticing picture of life on shipboard - a picture that now includes some of the world’s great golf courses! Moving Home to Canada! Opportunities & Obligations. Any move is a chore, fraught with decisions, details and plain hard work. With so much to cope with, it’s easy to get distracted from the big picture. If your next move is back to Canada, read on. John Wright and Leslie Mezei present a helpful check list to make sure your financial and tax planning don’t get left behind. Personal Safety While Abroad More Canadians are venturing abroad than ever before, sometimes into locales and situations that present a heightened degree of risk. Nationality can’t guarantee immunity from certain threats. Herbert Fraser explains why personal safety should be in your list of concerns, and some steps you should take to ensure you and yours are protected. Bayshore Private Banking Doing it Right! Barbados-based Bayshore Bank & Trust is the offshore legacy of a 35-year-old Canadian consortium focused on financial services and leading edge technologies for some of the world’s major financial institutions. Founded in 1996, Bayshore is today enjoying outstanding success by harnessing that technological expertise with “A philosophy of understanding the client, their objectives and their goals in life.”
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Inside Spring 2001 Edition

Raise Your Cultural IQ As international travellers, most of us have experienced a measure of social uncertainty and discomfort when meeting new business colleagues or attending social functions in a foreign country. Louisa Nedkov’s book Raise Your Cultural IQ is the antidote for ignorance in 22 countries of the Asia/Pacific region. We sample Malaysia. OOPS! Damage Control for Non-Resident Tax Oversights Forget something? Tax matters are complex at the best of times. When contemplating an overseas move, Canadians also have to face a labyrinth of unfamiliar tax rules. Seeking professional assistance prior to departure is the best way to avoid the pitfalls. Meanwhile, Garry Duncan and Elizabeth Peck provide a check list of tax do’s and don’t’s. AIC Ltd. The Advantage of Philosophy AIC Offshore is just the latest chapter in the success story that is AIC Ltd., brainchild of investment guru Michael Lee-Chin. “Laight Edition” columnist Gordon Laight explains how AIC’s operating principles and philosophy married to this offshore initiative provide an attractive new investment opportunity for non-resident Canadians and international investors. The Magic of Neuchâtel Junior College To be unique, one must be incomparable — the sole example of one’s kind, and Neuchâtel Junior College most assuredly lives up to these criteria due to its location, its program, and its repeated success in preparing young women and men for life. Neuchâtel alumna and Admissions Counsellor Brenda Castle takes us on a tour.

Inside Fall 2001 Edition
	Farming Coral Striving to Revive the “Underwater Rainforest” Living coral provides more oxygen to the planet than all land-based rainforests. But, the world over, these “underwater rainforests” are in a precarious state due to a variety of factors: if drastic steps are not taken to prevent further destruction, all reefs could be dead within the next forty years. Canadian expat Gwenith Whitford describes a heartening initiative to save the coral. Taking the Necessary Precautions For people living abroad, home may seem very far away in times of uncertainty. While recent world events have focused attention on issues of personal and financial security for everyone, these developments have added dimensions for Canadians overseas. Our four experts provide their comments and advice. Offshore Trusts Myths & Realities Historically, some Canadians have reduced their tax burden by using offshore trusts. But the Canadian government is now going out of its way to develop tax laws to quell the use of offshore entities for other than legitimate reasons, a position reinforced with the recent introduction of revisions to the foreign trust rules. Garry Duncan addresses the myths and realities and what still works. Brittany by Bike “This is not my real life. Nor is it a parental fantasy,” writes Janis Cooke Newman, author of Brittany by Bike. “It’s a Butterfield & Robinson family vacation, and it’s about as far from real life with a 5-year-old as Versailles is from Chuck E. Cheese’s.” When it comes to travelling, it seems you can have it all!
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Inside Fall 2000 Edition
	Out Of This World Butterfield & Robinson Travel In 1972, “B&R” sent out 20,000 pamphlets promoting their first bicycling trip (Munich to Innsbruck, $199 standard, $299 deluxe). There wasn’t a single reply. This year, following the motto “Slow down and see the world,” 7,000 fortunate travellers will bike & hike their way on one of B&R’s 90 exotic trips spread over 35 countries. Today, by the way, they’re all deluxe. Taking Control of Your Retirement Retirement comes with a natural set of challenges: major changes in routine, a lot more time to yourself and family, managing a new financial situation. For Canadians living abroad, or those considering moving abroad when the big day comes, these challenges are magnified. Garry Duncan helps us explore some of retirement’s terra incognita. Canadians Love Retirement Trimark Survey “Retirement dreams can come true,” says Jade Hemeon of Trimark Investment Management Inc. Trimark’s recent survey presents reassuring news to baby boomers who in the near future will begin hitting retirement age: retired Canadians are less stressed, more physically active, and happier in their relationships than when they were working. There’s more to life! Shock Treatment Hostility, frustration, irritability, anxiety: to a greater or lesser degree, we’ve all been there - a state called Culture Shock. When you travel or re-locate, it comes with the territory. The good news is there’s treatment. Dr. Mark Wise writes us a prescription.
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