Cross Border Tax & Accounting can help by providing you with the experience and expertise of professionals that work exclusively to help clients like you, with US-Canada tax planning and preparation issues. We do not merely dabble in cross border taxes; we devote all of our efforts and training to US / Canada tax issues!
We believe that cross border tax issues are complex and cannot be adequately handled by someone that works in the area on a part-time basis. We also believe that this area is too complex for any one person to know all of the applicable US and Canadian tax laws for individuals, corporations, partnership, trusts and estates. We believe that you need the expertise of a team of cross border professionals, and that is how we can help. Getting the wrong advice, or no advice, can cost you more than increased taxes or missed opportunities, it could mean serve penalties, expulsion from the country or worse; imprisonment.
Some of the things that make Canada-US tax preparation difficult are:
- Typical tax rules are usually wrong because as a nonresident, you are subject to an entirely different section of the Income Tax Act or the Internal Revenue Code.
- Typical tax rules are usually wrong because the Canada-US Tax Treaty modifies the rules.
- Special reporting requirements for foreign income and foreign assets.
- Income that is tax deferred in one country may be taxable the other because the income or the investment vehicle does not meet the other country’s rules for deferral.
- There are a number of elections that must be made to maximize the tax benefits and most of those elections must be done in a timely manner or the benefit is lost.
- Many of the issues have not been codified into laws, regulations or even guidelines.
How we can help you with Canada-US Tax Issues
- Canadian Registered Accounts (RRSP/RRIF/etc.)
- Canadians living or working in America
- American citizens living in Canada
- Green Card holders living in Canada
- Canadians Owning Real Estate In The US
- Canadian businesses with operations in the US
- US Businesses with Operations in Canada
- Foreign Trusts and Corporations
- S. Estate Tax Returns
- S. Citizens that have not filed U.S. tax returns
- Applying for taxpayer identification numbers
- Offshore Voluntary Disclosure Program (OVDP)