U.S. + Canadian Cross Border Tax for Individuals
U.S. Tax
We’ve prepared hundreds of U.S. tax returns for individuals with cross-border complexities and U.S. citizens living in Canada. Our goal is to make your annual tax filings a stress-free experience!
We specialize in U.S. individual tax compliance, ensuring that U.S. citizens living abroad meet their annual filing requirements, no matter where they reside.
U.S. non-residents may also need to file a U.S. tax return. If you have U.S. rental income, sell U.S. real estate, or earn effectively connected income, such as wages from U.S.-based employment, our team is here to guide you through the reporting process and ensure compliance with IRS regulations.
The IRS Offshore Streamlined Procedures are designed to assist taxpayers who have not filed tax returns or reported foreign financial assets. This program encourages compliance with U.S. tax laws by providing a simplified path for taxpayers to come into compliance without incurring severe penalties.
We have successfully helped numerous clients catch up on their past-due U.S. tax returns by utilizing the Streamlined Procedures to file multiple returns simultaneously. We will guide you through the entire process, ensuring your returns are submitted with all the required information for a smooth and stress-free experience.
Let us help you regain your peace of mind and get back on track with your U.S. tax obligations!
Navigating the complexities of reporting Canadian and other non-U.S. assets on U.S. tax returns can be challenging.
As a U.S. citizen or resident, you may be required to file Form 3520 if you simply receive a gift or inheritance from someone outside the U.S. If you hold a position as an officer, director, or shareholder in a private corporation abroad, you’ll need to file Form 5471. Additionally, if you have investments in foreign banks exceeding certain thresholds, you may have to file FinCEN Form 114 (FBAR) and Form 8938. These are just a few examples of the many foreign reporting disclosures that could apply to your situation.
The stakes are high, as failing to file the necessary disclosures can lead to significant penalties.
Our team will identify when these disclosures are required and ensure they are completed accurately and thoroughly.
Canadian Tax
We offer assistance in filing Canadian income tax returns for individuals with cross-border complexities.
Canadian tax obligations hinge on tax residency, which is based on your individual facts and circumstances (e.g., family ties, property, and employment). Tax residency can also depend on the number of days spent in Canada during the year. Further adding to the complexity are international tax treaties that can override Canada’s tax law or that of another country regarding tax residency.
Allow us to help you navigate this complexity. We can assist you in:
- Identifying whether you are a tax resident or non-resident.
- Determining the date of your residency status change.
- Assessing your obligation to file a tax return or pay income taxes to Canada.
Owning assets and investments outside of Canada can make tax filings more complex for Canadian taxpayers. They need to report any income from these foreign assets on their tax returns and may also have to submit disclosure forms like T1134, T1135, T1141, and T1142 to provide details about these assets. Not filing these forms can lead to significant penalties.
We offer a full range of services to help you meet these obligations.
Our tax compliance services cater to individuals immigrating to or emigrating from Canada. The immigration/emigration year poses unique challenges, often requiring tax returns for both Canada and the other country involved in the move.
We provide tax planning and advisory services for both immigrants and emigrants of Canada.
For immigrants, understanding the basics of the Canadian tax system, obligations, and expected tax on income is crucial. We offer guidance and suggest pre-arrival planning to ease compliance and reduce tax burdens.
Emigrants from Canada are required to file a final tax return for the year of their departure. Departure tax may apply when leaving Canada. We provide guidance on pre-departure tax planning, filing special forms such as T1161 and T1243, and estimating any departure tax owed.
We encourage you to contact us in advance for early planning. By engaging with us sooner, you can ensure a smoother transition and optimize your tax strategy for your move.
How our filing process works
Step 1: Get Started
Complete the online form, give us a call, or send us an email. We will be in touch to schedule a meeting.
Step 2: Introductory Meeting
We are happy to offer a 20-minute prospective client meeting free of charge to get to know you and your cross-border tax situation.
Step 3: New Client Onboarding
Through our online questionnaire and easy and secure file sharing, we efficiently gather your information.
Step 4: Tax Preparation
We will schedule the preparation of your tax return and remain in touch with you throughout the entire process to ensure the accurate and timely filing of your tax return.
Step 5: Delivery and Review
We will deliver your tax return electronically and you will have an opportunity to review it. If you have any questions, we are available for a call, meeting, or video conference.
Step 6: Payment and Filing
Once you approve and sign your tax return and submit payment for our fees, we will e-File your tax return.
Step 7: Ongoing Support
Tax questions can arise at any time of the year. We encourage you to reach out to your dedicated professional if you ever have any questions.
Contact Us to Get Started!
Contact us to discover how our expertise in U.S. and Canadian cross-border tax can simplify and streamline your tax filing, making it a stress-free experience!
Phone
902-332-3879
