GTA Accounting is a highly rated CPA Firm in Toronto
With over 200 5-star reviews on Google, GTA Accounting has also won awards on Clutch 2 years in a row, featured in the Toronto Star and is one of the Best Companies for 2022 on "ThreeBest Rated".
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GTA Accounting: Helping Companies with Cross-Border Tax Issues in Oakville
Whether you have personal tax issues or corporate tax issues, our accounting firm in Oakville offers extensive help and guidance. We assist self-employed people with their own business, LLCs, corporates, and partnerships with areas like individual tax, corporate tax, tax planning and strategies, and more. Not only do we help you prepare and file your taxes, but we also help minimize any tax liabilities and provide accurate and relevant advisory services in Oakville that ensure compliance. We are the topmost taxation, accounting, and payroll services in and around Oakville.
Why Work With GTA Accounting in Oakville?
For starters, we are the tax experts when it comes to U.S. Taxes, Canadian Taxes, and International Taxes in Oakville. We ensure that we simplify the entire process for our clients so they can streamline their operations and ensure growth and success. We offer a wide range of services under one roof, so you don’t have to go anywhere else. We have helped thousands of Canadian citizens living outside Canada or U.S. citizens living in Canada with their taxes in Oakville. We are known for our highly professional work and our affordable fee structures. We work hard to ensure that your business achieves its goals and keeps on growing.
Cross Border Tax Consultation
Whether you want someone to deal with personal income tax or corporate taxes in U.S. or Canada, we are with you till the end. We fulfill all your requirements and stay with you from the initial consultation to the timely submission of your taxes and returns. Our services include, but are not limited to:
- Choices among various business entities and ownership structures.
- Whether using a limited liability company (LLC) is beneficial
- Transfer pricing strategy relating to inter-company sales and service arrangements
- Cross border financing structures
- Analysis of Canada and US federal Treaty benefits and exposures
- Analysis of state nexus exposures to determine the state tax requirements
- Income allocation and apportionment mechanism at the state level.
- On-going consultation support of business operations
Does Canada Tax Foreign Income?
This is common in both the U.S. and Canada. Anyone living in these countries has to pay taxes on their income even if it was generated in some other country. So, for example, if you are a Canadian citizen living in the U.S. or have investments in the U.S., you will have to pay taxes in Canada. The only difference between U.S. and Canada is that if you are a Canadian citizen, but you are not living in Canada, then you will be subjected to different laws than a resident. In the U.S., the rules for permanent citizens are the same no matter where they live. Suppose you are a Canadian citizen living in the U.S. In that case, the income you derive from outside Canada does not calculate your income tax in Canada. When you work with GTA Accounting, we take care of it all for you. We provide stellar US Tax Accounting in Oakville and beyond.
Who Qualifies as a Resident of Canada?
This is one of the most important things when considering US taxes in Canada. If CRA thinks you are a resident, then you will have to pay the taxes. According to CRA, you are a resident if:
- You have a home within Canada
- You have a spouse, partner, or kids in Canada
- You own personal property within Canada
- You have economic and social ties to Canada
Even if you are not a permanent resident, you could be considered a resident if you have stayed in Canada for more than 183 days in a year. This ensures that you are subjected to tax on the income that you made in the U.S.
What does this tell us? It tells us that whether you live in Canada and do business in the U.S. or vice versa, you need to partner with our accounting firm in Oakville to ensure your US taxes are done in Oakville.
The Tax Treaty Between the U.S. and Canada
A treaty exists between Canada and the U.S. regarding taxes. It was first proposed in 1980 and has been in effect ever since. One of the agreements in the treaty is that both governments will share data to help with the tax collection process. Another provision defines the income that is taxable and the income that is exempt from taxes. For people or companies dealing with cross-border commerce, this treat is far too valuable. It also tells us about the foreign tax credits that you can claim.
Why Clients Choose
GTA Accounting
The majority of our clients stay with us long-term due to our availability, transparent pricing and quality of service in addition to our evolving knowledge of tax laws.
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