Tax consulting for you, or for accounting firms, lawyers, financial advisors or other professionals
I often assist other professionals with the more complex Canadian and U.S. tax issues affecting their clients.
From corporate restructuring and estate planning to cross border and domestic compliance, these are just a few areas that I may become involved. You may click the "Services" tab at the top of the HOME PAGE and then scroll down to "Detailed Tax Services" for examples of various tax compliance and planning issues that I may deal with.
My fees for services are competitive to that of the GTA area. I may invoice you or your client for a specific tax engagement, whatever you prefer. Initially, a retainer may be requested.
I will take the lead on tax engagements, review with you all relevant facts and information. For example, a detailed instruction letter for you or your client's lawyer may be provided, including a review of the legal documentation. If requested, CRA election forms will be provided. Where applicable, at your discretion, I may assist you in selecting a lawyer.
I deal with various issues applying to individuals residing or working in either Canada or the United States.
General compliance work may include preparation of tax returns, personal, corporate, or trust/estate to filing notice of objections for appeals to the Canada Revenue Agency ("CRA") or it my include just a simple planning consultation to get you on the right track.
From U.S. compliance for annual 1040 tax return filings for U.S. citizens/green card holders to IRS streamlined applications (catch-up), FBARs/FINCEN114, to expatriation, to businesses expanding/operating in either country, to Canadians or non-residents buying their first U.S./Canadian rental property to snowbirds , I can assist in the process. Moving to/or from Canada or to/from the U.S. is dealt with on a regular basis.
I am also an IRS Certified Acceptance Agent able to assist in obtaining an ITIN (individual taxpayer identification number).
Engagements for business owners and other interested parties
Including the tax services noted above, preparation of unaudited financial statements and Canadian corporate T2 or T1 personal tax returns to meet your compliance needs may be provided as well as dealing with CRA appeals/disputes and filing notices of objection. Corporation restructuring or determination if you qualify for investment tax credit for doing research & development is another possibility. Please review the detailed services tab included in the "Services Tab" for additional services provided.
I may deal with various techniques to minimize your otherwise potential tax burden arising on your passing. From assistance with WILL preparation, to corporate restructuring, to post-mortem planning or simply just to T1/T3 tax return preparation- I can assist in the process.
Succession planning in dealing with transfer of business to next generation is dealt with on a regular basis.
I deal with various restructuring options from estate planning, to purification to enhance the your ability to obtain the capital gains
exemption, to entry of family members or key employees as shareholders, to inter-generational farm transfers, to consolidation to simplify your present structure and reduce your annual fees, to access to small business deduction, to assistance with structuring a shareholders agreement & corporate-owned life insurance or even incorporation of professional corporations to that of proprietorships or partnerships-I can assist in the process.
U.S./ Canada Cross Border Compliance & Planning
I deal with various issues applying to individuals residing or working as employees or on a contractual basis in either Canada or the United States as well Canadian businesses or U.S. businesses wishing to expand into the other country. It is not unusual to get into a structure and find out latter that it is not only not tax effective but you have increased your annual compliance fees significantly. Cross border payments and domestic laws and TREATY application are an a important part of the analysis! Remember it is not always what you make, it is what you keep or retain. Repatriation of funds is an important element.
Cross border payments may include various types of income such as management fees, dividends, interest, royalties or pensions/annuities. In some situations, the Canada/U.S. tax treaty will exempt or reduce the U.S. 30% withholding tax. In this regard, you generally would require an IRS issued waiver form such as the W8-Ben. Sometimes you may need a U.S. ITIN. If tax is over withheld, you need to file a U.S. return to get the refund which can be avoided if you deal with the situation at the outset. Canada will not provide credit for excess withholding if it was due to you not claiming an available TREATY provision.
From U.S. compliance for annual foreign information returns to 1040 tax return filings for U.S. citizens/green card holders to IRS streamlined applications (catch-up), FBARs/FINCEN114, to expatriation, to Canadians or non-residents buying their first U.S./Canadian rental property and their 1040NR filings, to U.S. corporate (protective) filings because you are carrying on business in the U.S., I can assist in the process. Moving to/or from Canada or to/from the U.S. is dealt with on a regular basis.
Canadians who wish to reside in the U.S. for the winter months should be aware of the U.S. residency rules. If you fall into these rules, you could be resident for U.S. income tax purposes and therefore be subject to U.S. tax on your world income unless you file the appropriate forms for exemptions.
Review the detailed article on Snowbirds contained in the Resources section-U.S. Taxation.
I am also an IRS Certified Acceptance Agent able to assist in obtaining an ITIN (individual taxpayer identification number). As a CAA, I have direct access to the ITIN office to settle any queries that may arise or enquire into the status of the W-7 application. Generally it takes 6 weeks to get your ITIN. On your own, it may take double the time if your application does not fit into their review requirements and you have to resubmit and be at the bottom of the queue.
Tax Disputes and Appeals-CANADA & U.S.
Some of the routine areas that I may deal with are:
- Applying for our Canadian voluntary disclosure procedures to waive penalties and interest with respect to outstanding returns and prescribed forms
- Appealing your notice of (re)assessment to obtain a more favourable result where indicated
- Dealing with collection officers to obtain reasonable payment terms and\or to remove liens and requirements to pay orders
- Meeting with officials to negotiate on your behalf
- U.S. streamlined & OVDP procedures for U.S. persons in respect to past-due tax returns, international information returns, FBARS (FINCEN114), etc.