GCSE Chartered Accountants LLP Toronto-Professional Business & Personal Income Tax Services-Accounting & Tax Auditing

GCSE, Green Chencinski Starkman Eles LLP Chartered Accountants, is a full-service, public accounting firm, primarily serving the small and mid-size, entrepreneurial business and professional sectors in Toronto Canada. GCSE’s experienced partners and professional, support staff strive to provide accounting and advisory services using an invaluable personal approach, designed to meet each client’s individual needs. This “personal touch”, combined with a full range of accounting, auditing, tax compliance and planning services allows GCSE to meet all your business and personal accounting requirements.



	Foreign Investment Entities Rules Still Pending The FIE rules have been in existence in draft format for a number of years. Under a previous version of the rules, investors owning certain types of foreign investments were to include their share of income earned through these investment vehicles beginning in 2003. The draft rules have been shelved pending further review. If a taxpayer has calculated and included an amount in income in an earlier year, it is possible to request an amendment to remove the amount from income. Once it is determined that these rules apply, there are three methods which income may be calculated: the prescribed rate method, the mark-to-market method, and the accrual method. The default method, except for certain types of investments such as foreign insurance policies, is the prescribed rate. The mark-to-market method must be used for certain types of investments, but may otherwise be used by election. The accrual method is also available by filing an election. The rules dealing with whether an investment is subject to these rules, and the methods of computing income, are complicated, and professional advice is strongly recommended.