U.S. Tax Accounting in Downtown Toronto

GTA Accounting is a reliable and renowned accounting firm in downtown Toronto and beyond that has been helping Canadians and U.S. citizens with US tax accounting in downtown Toronto for more than a decade. We assist people and business owners with all their cross-border tax issues. If you are a Canadian temporarily residing in the U.S. or if you are a U.S. citizen living in Canada, we can help you with your taxation and taxation reporting. This could be related to employment income as well as forms of compensation, reporting of investment income which includes capital gains, property, rent, and more.

That’s not all. We address all cross-border tax issues between Canada and the U.S., and we deal with other tax issues that you might face in Canadian provinces. Our expert CPA is ready and willing to help you if you are:

• Canadian citizen residing in the U.S. temporarily or permanently
• U.S. citizen living in Canada
• Persons from a country other than the U.S. working or residing temporarily or permanently in Canada.

Suppose you fall in any of these categories. In that case, we are more than willing and more than capable of handling your tax preparations, tax planning, and tax consulting (opinions). We are also adept at representing you in front of the tax authorities.

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Tax laws in the US as well as in Canada are constantly evolving. Changes are occurring all the time. This makes it difficult for a business owner or any individual to stay on top of the game and make sure that they do not incur penalties and interests. There are numerous compliance issues like federal, state, and local taxes, transfer pricing, and more. You also have to keep an eye on the Canada-U.S. Income Tax treaty. Not everybody can handle that. At GTA Accounting, we make sure that you don’t have to handle any of these things. We provide you with an efficient and reliable service of handling all your US tax accounting while offering you peace of mind. Let us worry about your finances while you take care of your business as you should.

At GTA Accounting, we help you access foreign tax credits in Canada for taxes you have already paid in the U.S.

What are foreign tax credits?

If you are a Canadian resident living in the U.S. either temporarily or permanently, you have to pay taxes on the income you have earned there. This income could come from a business, rental income, employment, investment, or pension in the U.S. You have already paid your taxes in the U.S. where you originally made your income. As a Canadian citizen, you also have to pay taxes in Canada. But the CRA allows you to claim foreign tax credits so you won’t have to pay double taxes on the single income that you made. Canada has a tax treaty with the U.S., and it helps offset the taxes that you have already paid. These foreign tax credits apply in various areas of the treaty. This applies to self-employment income, income based on pension, and earned from U.S. annuities.

If you have been a resident of Canada at any time during the tax year, you can avail foreign tax credits. All you have to do is disclose where you earned your income, profits, losses, and gains. The best part is that you don’t have to do it yourself. GTA Accounting is here to do it all for you. We will help you with preparation, planning, and reporting your taxes.