Professional tax preparers have become increasingly important because today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled, especially if you live in both the
U.S.
and
Canada
.
Even if you use a computer software program, there’s no substitute for the assistance of an experienced cross-border tax professional. Few tax preparers have the knowledge and experience to prepare cross border returns properly. CBTA provides expertise from professionals such as Chartered Accountant (CA), Certified General Accountant (CGA), Certified Public Accountant (CPA) and an attorney to assist you with all of your tax needs.
Here are some of the things we can do for you:
§ Prepare
U.S.
tax returns with the intent of maximizing foreign tax credits
§ Review of filing status and various elections in an effort to minimize total tax paid
§ Prepare Canadian tax returns
§ Communication with CRA and/or the IRS, when necessary
§ RRSP/RRIF analysis and planning
§ Analysis of taxation in the
U.S.
vs.
Canada
· Other tax consultation and planning
· Your tax return will be reviewed by a senior tax professional for accuracy and potential tax savings opportunities
· When possible, your tax return can be filed electronically so you will receive a refund quicker
Preparing your own income tax return can be a task that leaves you with more questions than answers, especially when you have assets in both the
U.S.
and
Canada
.
Note that an engagement letter is required before work can begin. The engagement letter will spell out the services we will perform and the pricing for those services.
Common Forms
· Closer Connection - Form 8840
· RRSP Form - 8891
· Treaty Election – Form 8833
· Reporting of foreign bank and brokerage accounts – Form TD F 90-22.1
· Activities of a Foreign Corporation – Form 5471
Common Deductions that are allowed on a
U.S.
tax return are:
· Mortgage and investment interest
· Real estate, personal property, state income and sales taxes
· Medical expenses to the extent they exceed 7.5% of your adjusted gross income
· Charitable contributions
· Miscellaneous deductions such as tax preparation fees, certain legal fees, and investment related fees to the extent they exceed 2% of your adjusted gross income
Because we are “Acceptance Agents” we can assist our clients in obtaining Individual Tax Identification Numbers (ITIN). An Acceptance Agent is an individual, business or organization authorized by IRS to assist individuals in obtaining ITINs. Acceptance Agents review applicants' documentation, complete a certificate of accuracy, and forward the certificate and application to the IRS for processing.
