Cross Border Tax Consultants

In Canada, every year many taxpayers go to file their individual income tax returns and are shocked to find that a tax return has already been filed for them! Some innocent Canadians, additionally, get fake calls from cybercriminals who impersonate as tax officials. Sadly, Tax frauds are increasing in number everyday. According to the Canadian Anti-fraud Centre, about 45,000 people became victims of cybercrimes and lost around $96 million in 2019. Even then, a big number of Canadians still take this easy and ignore certain facts about e-filing tax returns. CRA has deactivated 800,000 accounts in order to protect the information of the taxpayers whose credentials are for sale on the dark web. The cybercriminals make all these efforts for taking benefits’ payments and refunds of targeted taxpayers. They are making impersonation scams, malware, and phishing schemes. They are striving to steal the confidential information of many Canadians and Residents. If you don’t want to suffer whil...

  Americans have been moving to Canada like never before, especially in 2020. This is really important that as a U.S. Citizen you familiarize yourself with tax obligations. The U.S. taxes its citizens and permanent residents on world-wide income no matter wherever they reside. Canada taxes its residents (not citizens) on their worldwide income. Therefore, Americans in Canada must file both U.S. and Canadian income tax returns. Filing income tax returns in both countries result in some double taxation issues. Fortunately, the U.S. Canada tax treaty provides relief from the double taxation. As the tax rates are higher in Canada it results in the lower to no taxes owing in the U.S. This is important to know that U.S. citizens are subject to two important foreign assets reporting regime: FATCA and FBAR. If you meet certain thresholds you must file FINCEN 114 and 8938 to ensure compliance. If you fail, penalties are outrageously steep. TFSAs and RESPs are not taxable in Canada however...