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.
Including the tax services noted above, preparation of unaudited financial statements and tax returns to meet your compliance needs may be provided.
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.
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.
The following is not an all- inclusive list, however it should provide a representation of the tax work that I may provide.
- 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
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
- Incorporation of partnerships
- Wind-up partnership
- Conversion to proprietorship
- 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
- Debt forgiveness
- Foreign reporting CRA Forms T1134,T1135,T1141,T1142
- Scientific research & experimental development tax credits CRA Forms T661/T2038
- Voluntary disclosure applications