Canadian & U.S. Personal Tax

SmarTaxPro offers professional accounting and tax preparation services to individuals, families, and businesses in the Greater Vancouver, Lower Mainland and Fraser Valley. We provide personalized, friendly services to our clients, ensuring they receive the highest level of satisfaction. Schedule a free consultation with our accounting professional SmarTaxPro and our team to address any queries regarding your accounting or tax situation.

Cross-Border Tax Services

When individuals from Canada or the US travel across the border for employment or property ownership, it is important to have accountants who possess a unique skill set to guarantee all financial records comply with the tax laws of both countries.

Cross Border Poses Challenges

SmarTaxPro deals with individuals who are U.S. citizens, who reside in Canada. If you are one of those, you need to file both a return and a foreign financial account report for both countries. You would also require advice on the various Canadian and U.S. financial account rules for Canadian residents.

U.S. Citizens Living in Canada

We assist clients in the US to file their taxes. Additionally, we help clients with their Canadian income tax returns and help them take full advantage of the US-Canada Income Tax Convention.

Residency Status

Our team helps Canadian clients who work in the United States by determining their residency status and cross-border income tax filing requirements. We make sure that both federal and state income tax returns in the US and Canadian income tax returns are prepared effectively to meet taxation requirements across borders.

Canadian Business Operations

At our company, we offer assistance to non-residents who need help with tax compliance and planning for business operations in Canada. This service is tailored to ensure compliance with complex tax laws in both countries and to support growth plans.

US Property

We offer tax services that cater to both American and foreign individuals or businesses who are subjected to cross-border taxation. We also process returns for Canadian individuals who possess property in the United States.

FAQ

Yes. And this is especially true given the intricacies associated with US tax laws, and the large fees that can be incurred by failing to comply. It is therefore crucial to manage both personal and corporate tax obligations in a strategic and proactive manner, in order to mitigate the risk of double taxation and excessive tax liabilities, as well as avoid significant penalty fees.
In Canada, income tax obligations are determined by residency status. If you are a non-resident of Canada, you are therefore required only to pay tax on income earned within Canada. This encompasses the Part XIII tax (including dividends, rental payments, pension payments, CPP/QPP benefits, and annuity payments) and Part I tax (employment income or income from a business).
If you are a US citizen living in Canada or if you hold dual citizenship, it is important for you to submit an annual tax return that depicts your worldwide income, whether or not you have set foot in the United States. We will assist you with filing your worldwide income return together with your Canadian returns and ensure that we use every possible tax-efficient strategy to help you gain maximum benefits.
If you are a Canadian citizen temporarily working in the fashion, entertainment or any other industry within the United States, our cross-border tax specialists can assist you in filing your tax returns within the jurisdiction of your employment. Additionally, we can provide guidance on the tax consequences of obtaining US residency status, such as becoming a US green card holder or a citizen, as well as any estate tax issues that may arise.
The IRS and Canada Revenue Agency are constantly changing the rules related to certain accounts. We have experience dealing with all accounts such as TFSAs, RESPs, RDSPs, RRSPs, Roth IRAs, U.S. retirement accounts, and U.S. brokerage accounts. We record keeping for these accounts and file the necessary FBAR and T1135 reports for each country. We are experienced with the Offshore Streamlined Procedures for U.S. individuals who have not been tax compliant and need to file multiple tax years. We provide advice to those wishing to renounce their U.S. citizenship.
Yes. At SmarTaxPro, we have dealt quite a bit with many of the challenges for those employees who’ve received stock-based compensation between Canada and the United States. We’ve noticed that this is something that is so often done incorrectly. Come see us; we have answers.