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On October 1, 2013 the "prescribed rate" in Canada is set to rise from one percent to two percent and, predictably, taxpayers and advisors are feverishly working to execute prescribed-rate loans between related parties to take advantage of this popular income splitting strategy before the prescribed rate doubles.

On June 18, 2014, the IRS announced significant changes to its current offshore voluntary disclosure programs to ease the tax compliance burden for both residents and nonresidents of the United States who are not compliant with their US tax filing obligations.