Cross Border Tax Consultants

Want to come clean about your missed income or hidden assets in Canada? Is it possible? How exactly can you do it? In this article, we will be discussing the method to report your missed assets to the CRA. Read on to learn more about the process.     What is CRA's Voluntary Disclosure Program (VDP)? When it comes to taxes, many people make mistakes or intentionally omit or misreport information. If you are one of these people, you may be able to get on the right side of the Canadian tax system. A Canadian taxpayer can apply to the Voluntary Disclosure Program to reduce late filing penalties (VDP). This program allows taxpayers to correct unintentional errors or omissions on their income tax returns a second time. What are the conditions to apply for VDP? You can submit a Voluntary Disclosure Program to: • Correct any missing or incorrect information in your tax returns. • Include information or income that you did not disclose in previous tax returns. • Rectify previousl...

  Are you confused about whether to hire a lawyer or accountant to complete your Voluntary Disclosure Program? What if we tell you that you don't need them? But before getting into that, we need to learn more about the CRA's Voluntary Disclosure Program. Read on to know more. What is the Voluntary Disclosure Program? Many people make errors, intentional omissions, or misreporting regarding taxes. If you happen to be one of those people, there's a way around it. There is a chance that you will be treated fairly by the Canadian tax system. Through the Voluntary Disclosure Program (VDP), run by the CRA, you get a second chance to fix any inaccurate or late tax files. The voluntary disclosure program allows taxpayers to make changes to their tax affairs. VDP lets you correct your mistakes of the ten prior taxation years. Additionally, VDP aids in shielding non-compliant taxpayers from legal action. If you need to file pending tax returns with the CRA or correct prior tax file...

Did you claim the wrong deduction on your taxes? Or, did you forget to state a job income that you had a T4 for? Mistakes can cost you a lot, especially when making mistakes in filing tax returns.   Here are some common mistakes you need to look out for a while filing your personal tax return. 1. Failing to report Principal Residence Exemption The Principal Residence Exemption provides an exemption from tax on any profit gained from the sale of property that is designated as your principal residence. The sale must be reported on your tax return along with the designation on the second page of Schedule 3. You should also fill sections related to the principal residence in Form T2091. 2. Not Reporting Foreign Properties and Income If you owned any foreign property with a total cost exceeding $100,000 at any time of the year, you are required to submit Form T1135 along with your tax return by the due date. Failure to do so will result in a hefty penalty of $25 per day, which is ...

Managers, bankers, and credit debtors all need to prepare financial statements. In fact, when it comes to planning the company's future operations, financial statements have a significant impact on decision-making. Chartered Professional Accountants (CPAs) can prepare three compilation engagements or compilation of financial statements in compliance with professional standards and ethics. Compilation of financial statements or compilation engagement is one of them. It will be a way to make single financial statements or comprehensive financial statements more dependable and credible. A compilation of financial statement notice to readers is the least expensive among various audits. It is preferred by entities whose key stakeholders easily approve such a form of financial statements!   A compilation engagement or compilation of financial statements is a requirement that requires a certified public accountant to gather information from the company's management and provide it in ...

The Voluntary Disclosure Program is intended to encourage conformity with Canada's existing tax regulations. Its goal is to encourage people to come forward voluntarily to resolve their tax issues with the CRA. It's a legitimate way to avoid understatement fines and other administrative penalties for income, sales, property, and other forms of taxes. Many people have been able to resolve their tax issues & obligations through a voluntary disclosure program. Thanks to this convenient program & a very generous way to come clean and have a fresh start! Residents of Canada, as well as non-residents in certain circumstances, are required to file tax returns. They just pay sums owed to the Canada Revenue Agency for each tax year. These tax filing and payment duties are sometimes missed or incorrectly met. It may be purposeful or accidental! When it comes to paying taxes, mistakes happen. If they aren't rectified correctly, then you or your business might face additional ...

The income tax issues and Electronic filing for Individual Income Tax Returns online can be difficult for most people in Canada who wish to file their taxes. You can handle your taxes on your own, but you won't have the benefit of professional eyes to ensure the greatest possible result. However, it does not have to be the case if you hire a professional tax service no matter you are an individual and corporation, residents and non-residents of Canada. Maroof HS CPA Professional Corporation , provides a wide range of tax services to make your income tax filing as simple as possible. A professional accounting firm registered with CPA Ontario and CPA Alberta offers exceptional income tax services in Canada. The following are just a few of the many advantages of using a professional tax services for your taxation & return filing needs. Experts Save You Time Obviously, the most important consideration of tax filing & other tax services is to save money legitimately. Do you want...

A business plan is basically a road map that a brand will utilize to reach its objectives. A well-composed business plan employs imagination and experience and is based on real data to be truly effective. Although it may look like something that anybody can manage, it takes a particularly competent individual to prepare a business plan that gets the point across without being too vague or too wordy. Here are a few reasons why you must hire an expert business plan writing service : Vital to the success of a business: Business plans will address things such as a business’s profitability & growth, alongside many other major concerns. Business plans that are well thought out & written clearly can be employed as a guide for luring new investment & financing. An ideal business plan will accentuate all facets of the way an organization operates – encompassing production, marketing growth, and sales. It’s essential for a business plan to provide a complete approach to the core und...

Investor pitch deck is a critical document used to pitch investors. Remember, you get only one chance to present your idea to investors so make sure you have prepared a killer pitch deck.   A typical pitch deck contains below slides: 1. Brief overview of the company: Start with presenting a brief overview of your company. 2. Mission and Vision of your Company: Carefully drafted mission and vision gives a quick insight into your company’s short term and long term goals and objectives. 3. The Problem: You must state a problem. Without presenting a problem you cannot pitch your idea. 4. The Solution: You must propose a solution to the aforementioned problem 5. Market Validation: Present that there is enough market where your proposed solution can work. Explain about the market opportunity. 6. Competition and differentiation: Present your existing and potential competitors and explain how your proposed solution offers a differentiation. Identify the key competitive advanta...