Stoney Creek Canadian and U.S. Tax Services

Such as cross border issues, U.S. tax returns, snowbirds, expatriate, appeals, business expansion, FBAR, rental properties, incorporations, restructuring, estate planning, CRA appeals
Estate Planning Stoney Creek Ontario
  • 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 Stoney Creek Ontario
  • Corporate restructuring -bump, pipeline
  • Terminal, rights/things tax returns
Corporate Restructuring & Succession Planning Stoney Creek Ontario
  • 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 Stoney Creek Ontario
  • 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 Stoney Creek Ontario
  • Debt forgiveness
  • Foreign reporting CRA Forms T1134,T1135,T1141,T1142
  • Scientific research & experimental development tax credits CRA Forms T661/T2038
  • Voluntary disclosure applications
Certification of IRS Form W-7 – Stoney Creek Ontario

Effective April 17, 2017, the IRS reinstated foreign or non-U.S. certified acceptance agents that was disbanded on January 1, 2017. I can certify or if you wish, review your W-7 to ensure it is complete and accurate. A number of individuals have attempted to complete the W-7 themselves to which errors have arisen causing undue delays and months to successfully obtain the ITIN. Withholding tax waiver forms requiring an ITIN or your 1040NR tax return processing could be delayed.

Note that with your self-prepared W-7 you will need to submit your original passport or obtain a certified copy of the passport from Passport Canada. With certification, a photocopy of the passport will suffice.

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

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 similar letter.

ITINs for dependents may require submission of original documentation.

Canadian & U.S. Tax Services

 

Why use Larry Stolberg Canadian & U.S. Tax Services – Stoney Creek Ontario

Larry is an expert tax specialist who has been practicing full-time for over 30 years. He has the expertise, knowledge and resources necessary for efficient tax planning that will achieve both short and long term objectives. Located right here in the GTA, our office is easily accessible to Stoney Creek residents.