Cross Border Tax Consultants

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...

Are you incorporated? Great idea! You can access lower tax rates with your corporation and pay less tax. For more than ten years, Maroof HS CPA Professional Corporation has been productively aiding clients with their Canadian small business & corporate tax needs.     Who need to file a corporate tax return? All corporations, tax exempt, non-profit and inactive corporations, needs to file a tax return every year even if there’s no tax payable! It’s a criminal act not to file a corporate tax return. A non-resident corporation need to file a T2 return if, at any time in the year, it performed business in Canada, it had a taxable money gain, or in some scenarios, it disposed of taxable Canadian property. When do you need to file your corporate tax return? File your corporate income tax return inside 6 months of the end of every tax year. The tax year of a corporation is its financial period. When the tax year of the corporation ends on the last day of a month, file the corpor...

    Canadians love the warm weather of Florida and California. This is the reason lot of Canadians do own the properties in the U.S. If they are not living there, they are holding it for investment purposes. There are many income tax issues Canadians should b aware of while selling their U.S. properties. For a detailed information on the tax issues involved with sale of U.S. properties, read here . • Under Foreign Investment in Real Property Tax Act aka FIRTPA, the buyers are required to withhold 15% of the sale price and remit to IRS. There are exception involved, for more details refer to the link mentioned above. • A U.S. ITIN also known as US TIN or individual income tax number is needed whenever a US property is sold to ensure withholding taxes are credited to right account by the IRS. An ITIN is also needed when the seller want a reduced withholding rate. • Seller must file a U.S. federal tax return. For this purpose form 1040NR is used to report gain or loss. FIRTPA...

Should I incorporate my small business in Canada? When should I incorporate? I was told I could save tax if I incorporate – is this statement holds true? What are the advantages & disadvantages of incorporating your business? Benefits of incorporating your small business: Let’s start with a list of the pros of incorporating your small business in Canada. • Limited liability – Running your business through a corporation gives a safety layer against personal liability. It makes it more challenging for someone to go after your personal assets if the business defaults on its debts. • Tax savings & deferral – In some circumstances, corporations have a lower tax rate in comparison to individuals. Running your business via a corporation in place of a proprietorship can aid to defer and save taxes. • Estate planning – A corporation is a detached entity to you, so it persists to live on irrespective of what happens to you. This can be useful when thinking about transferring your...

In this post, we will take you through some of the best legal techniques to save business taxes in Canada. There Are several legal ways that you can make use of to save your corporation’s taxes. So, why be untruthful in the first place? We’re going to talk about the top 5 legitimate ways to decrease business taxes in Canada.     Incorporate your small business: The foremost legitimate way to decrease business taxes in Canada is by incorporating your corporation. Companies pay a pretty low tax rate of just 12.2 percent on the first half-million dollars of profit. In the contrary, individuals can pay as high as 52% percent in taxes if the reach their highest tax bracket (at graduated rates). So, you see, you can save in taxes by just incorporating your small business. Keep in mind that when income is withdrawn from the corporations, it adds back to individual’s income with a credit available for paid. So it’s more of a tax deferral tool! Having a higher income, why not to set u...