If you’re a Canadian resident with business ties to the US, we offer cross-border tax services that can help simplify your returns:
Residency, immigration and emigration
A taxpayer’s tax obligations depend on whether they are a tax resident or non-resident of Canada. This determination (resident vs non-resident) depends on a variety of factors and can be affected not only by Canada’s tax law but also by Canada’s tax treaties. We can assist you in determining your residency status and offer tax advice to individuals who are immigrating to or emigrating from Canada. We can also assist you in obtaining a residency determination from the Canada Revenue Agency (Form NR73 or NR74).
Applying for a Canadian tax ID number/program accounts
We can assist you in obtaining an ITN (individuals) or business number (BN) for use in preparing Canadian tax filings.
Canadian tax return preparation
We can prepare Canadian tax submissions for individuals, trusts and estates. However, we accept engagements in this area only in certain situations. See our FAQs for more information about what Canadian tax compliance assignments we accept.
Services related to foreign asset reporting on Canadian tax returns
Foreign assets can complicate the tax returns of Canadian taxpayers in two ways: first, they have to report the income received from those foreign assets on their tax return; second, they may have to file disclosure forms (for example, Forms T1134, T1135, T1141, and T1142) about those assets. We are able to provide a range of services related to these obligations – foreign exchange conversion, cost basis tracking in CAD, a summary of values to be reported on the disclosure forms and disclosure form preparation. These services don’t require us to prepare the Canadian tax return – we can be engaged to assist you or your Canadian accountant as needed.
Services related to Canadian real estate owned by non-residents
Non-residents who rent Canadian real estate can reduce the Canadian tax that must be paid on their rental income by filing Form NR6 (to reduce the tax which must be remitted during the year) and a Canadian income tax return (to reduce the ultimate tax liability for the entire year). We can assist with these filings.
If a non-resident of Canada sells Canadian real estate, they need to file Form T2062 with the Canada Revenue Agency within 10 days of the sale’s closing date. We can assist with the preparation and submission of this form.
Foreign taxpayers doing business in Canada
If you are a foreign individual or entity doing business in Canada, we can assist you in determining the best organizational structure to use to invest in or do business in Canada.
We can determine your Canadian tax compliance obligations in the following areas: income tax, goods and services tax, payroll and business registration.
Where your business is eligible for tax treaty based exemptions from Canadian tax withholding, we can apply to the Canada Revenue Agency for the necessary waivers.
Consultation on transfer of pension assets into Canada
In today’s globalized world, it is common for Canadian resident taxpayers to have pension assets accumulated in various foreign countries. We can advise on:
- whether the investment income in these pension plans is taxable annually in Canada or is tax-deferred until the pension is taken;
- the income that will be reported and the tax that will be paid when the pension is drawn or the pension assets are repatriated to Canada;
- options for transferring these assets on a tax-deferred basis to a Canadian registered retirement savings plan.
Estate planning for individuals with cross-border assets or beneficiaries in the U.S.
We can assist families with U.S. connections as they develop a Canadian estate plan. A “U.S. connection” might be a family member who is a U.S. citizen or resident or it might be a U.S. asset like U.S. real estate. We can work alongside with other professionals (like your Canadian accountant, lawyer and investment advisor) to provide insight into how these U.S. connections impact your plan.