Professional Services

Tax consulting to financial advisors, lawyers, accounting firms and other professional advisors

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. A detailed instruction letter for you and your client's lawyer will be provided, including a review of their legal documentation. If requested, CRA election forms will be provided. At your discretion, I may assist you in selecting a lawyer.

Engagements for business owners and other interested parties

Including the tax services noted above, preparation of unaudited financial statements and tax returns to meet your compliance needs may be provided.

Financial planning, business plans, cash flow projections, financing

As your business matures, your expansion and retirement goals may require modification. I may assist you with these matters as well.

If not included above, please call or email to enquire.

Certification of IRS Form W-7

I am an IRS Certified Acceptance Agent ("CAA"). This status allows me to certify IRS Form W-7 ("Application for Individual Taxpayer's Identification Number"). The ITIN is needed for:

non-U.S persons filing U.S. tax return 1040NR, the W-7 is attached to the return
persons claiming an exemption for a non-U.S. person as an eligible dependent on a U.S. tax return
non-U.S. persons completing IRS Form W8-ECI/W8-Ben that is required for waivers for reduced withholding of the otherwise 30% U.S. non-resident tax, say on gross rental income and other passive income
purchasers of U.S. real estate from a non-U.S. person completing IRS Form 8288A or 8288-B (application for reduced withholding) on the sale of U.S. real estate

There have been changes to the process as announced in June 2012 and in November 2012 by the IRS.

To prove foreign status and identity, you must submit certain original documentation or certified copies issued by the issuing agency. Your passport as an stand-alone document will prove both foreign status and identity. For those renting U.S. properties, you need to obtain a letter from the management company on their letterhead indicating that the ITIN is needed for reporting and/or withholding purposes. This letter must be attached to the W-7. Other withholding agents must prepare a similiar letter.

For my certification of the W-7, you need to get a copy of your passport certified by the passport office if you do not wish to send original documents. Without my certification, there is the likelihood that your W-7 has not been prepared accurately and completely, resulting in processings delays that will affect the processing of your U.S. tax return (say the U.S. 1040NR) and acceptance of waiver applications for reduced tax withholding. As a CAA, I have direct contact with the ITIN office should any difficulties arise.

ITINs for dependents may require submission of original documentation.

Detailed Tax Services

The following is not an all- inclusive list, however it should provide a representation of the tax work that I may provide.

Estate Planning

Freezes-passing on future appreciation
Income splitting-dividends, capital gains, cheaper after-tax dollars for education/personal use
Alter-ego/joint-partner trusts
Wasting freeze-share redemptions (using GRIP)
Shareholder agreements/buy-sell
Wills

Post Mortem Planning

Corporate restructuring -bump, pipeline
Terminal, rights/things tax returns

Corporate Restructuring & Succession Planning

Inter-generational farm transfers
Creditor proofing, capital gains purification
Incorporation of professionals and other business
Employee share acquisitions
Shareholder split-up, asset spin-offs
Capital gains crystallization
Loss utilization-amalgamations, wind-ups
GRIP crystallization, secure loan-back, purification
Capital dividend account distributions

Partnership Restructuring

Incorporation of partnerships
Wind-up partnership
Conversion to proprietorship

Immigration/Emigration Planning

Residency and departure issues
Canadian/U.S. tax filings such as T1,T2,T3, U.S. 1040/1040NR, 1120/1120F/1120S,1065,706/706-NA
U.S. rental property purchase/sale
Clearance certificate applications under Section 116
U.S companies with Canadian branch operations
Canadian companies with U.S. branch operations
Other in-bound/out-bound transactions

Miscellaneous

Debt forgiveness
Foreign reporting CRA Forms T1134,T1135,T1141,T1142
Scientific research & experimental development tax credits CRA Forms T661/T2038
Voluntary disclosure applications