United States Tax Services
Individuals are increasingly encountering the rapidly changing and complex U.S. tax legislation which is affecting a large number of Canadian Residents. We provide tax planning and compliance services for individuals with cross-border U.S., Canadian and international tax obligations and exposures.
We are committed to assisting Canadian, U.S. and other foreign individuals with Navigating, Coordinating and ensuring Compliance with the U.S. and Canadian tax systems in order to optimize and protect assets and in order to avoid exposure to double taxation.
U.S. Tax Compliance is required for:
U.S. Citizens, including those living abroad
U.S. Green Card Holders, including those living abroad
Individuals with U.S. property
Individuals spending substantial time in the U.S.
Individuals investing in the U.S. and, or earning income in the U.S.
How does this apply to me?
It is important for Canadian, and other foreign individuals to understand the U.S. and Canadian reporting requirements when investing in, doing business in, or having a substantial presence in the U.S.
+ U.S. Citizens and Green Card Holders Living Abroad
If you are a U.S. citizen, the rules for filing income, estate, and gift tax returns are generally the same whether you are in the United States or abroad.
Your worldwide income is subject to U.S. income tax, regardless of where you live. U.S. Citizens often have a number of additional foreign reporting requirements when living abroad. We assist U.S. Citizens in their U.S. and Canadian tax planning and compliance needs.
+ U.S. Property Ownership
Canadians and other individuals with investments in U.S. property, will have various U.S. reporting and compliance requirements. U.S. tax authorities have continued their focus on foreign investments in the U.S. This increased focus has exposed many Canadian investors to tax compliance issues, and has resulted in substantial, unrecoverable financial penalties and interest being assessed.
Tax implications have not generally been part of the planning process for many investors, and for some, the often misunderstood and late filed tax compliance has resulted in substantial penalties. It is important for Canadian, and other foreign individuals investing in U.S. real property to understand the tax implications and their tax reporting obligations.
We can assist you with your U.S. and Canadian income tax compliance.
+ Canadian Snowbirds
Under the U.S. Substantial Presence Test, Canadians who winter in the US may unwittingly become U.S. tax residents if they are determined to have substantial presence in the U.S. If you meet the U.S. substantial presence test, you may be considered a resident of the US. Accordingly, it is important to understand the rules and the preventative filing opportunities available.
+ U.S. IRS Acceptance Agent Services
We are authorized by the U.S. Internal Revenue Service (IRS) to provide Certifying Acceptance Agent Services on behalf of Canadian, and other foreign individuals, in order to facilitate the application process leading to the IRS issuance of Individual Taxpayer Identification Numbers (ITINs).
ITINs are required when a Canadian, or other foreign individual, who is not eligible for a U.S. Social Security Number (SSN) is required to have an ITIN for tax purposes, ie. has U.S. - sourced income.
+ U.S. Gambling Winnings
For U.S. tax purposes, Gambling winnings are fully taxable. Canadians, and other foreign individuals are subject to a withholding tax of 30% at the time of winning.
Under the Canada – U.S. tax treaty, you may be eligible to claim your U.S. gambling losses up to the amount of your gambling winnings in order to claim a refund of the excess tax that has been withheld from you. We can assist you with your U.S. tax compliance.
Our U.S. Tax Services include:
U.S. and Canadian Income Tax return preparation
U.S. Estate and Gift Tax Return preparation
U.S. and Canadian Professional Tax Planning for:
Departure from the U.S.
Entry to the U.S.
Tax Treaty Reviews
U.S. and Canadian tax representation
Representation before the Internal Revenue Service (IRS)
Specialized U.S. and Canadian tax filings
FBAR – Report of Foreign Bank and Financial Accounts
Applications for Withholding Certificates for Dispositions by Foreign Persons of U.S. Real Property Interests
IRS Acceptance Agent Services
W-7 Application for Individual Taxpayer Identification Number (ITIN)
W-8BEN Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding to the Internal Revenue Service