Cross Border Tax Consultants

As per the income tax laws and rules in Canada, tax residents of Canada must report their worldwide income. Often, taxpayers miss reporting their income or assets. Such non-compliance can be either intentional or unintentional. Taxpayers who have not reported their income in Canada when they should have, are always on the hook for penalties. If the amounts involved are not substantial, normal penalties apply. However, when the tax omissions cross certain thresholds or are intentional, there are gross negligence penalties and even criminal prosecution.     CRA Voluntary Disclosure Program Luckily, CRA runs a program called the Voluntary Disclosure Program a.k.a. VDP. Under the voluntary disclosure program, taxpayers are granted relief from the penalties and the criminal prosecution. In some cases, interest amounts are reduced as well. VDP Application Requirements For an application to qualify under the CRA VDP program, it must meet the following five conditions. 1. The app...

Know your income tax obligations as an online seller in Canada? Being a Canadian resident, your worldwide earning is subject to Canadian tax. Whether you run your business as a sole proprietor or a partnership, you’ll have to fill out form T2125 for your Amazon e-commerce business earning from all countries. In the event you run more than one business, you’ve to fill separate T2125 forms for each business type. If you run a corporation, you’ve to file a T2 for your company inside 6 months of the financial year-end. If you’re a Canadian having a US e-commerce store, feel free to get in touch with the income tax professionals at Maroof HS CPA Professional Corporation . We would love to explain all your income tax obligations as an online seller in Canada. Become An Online Seller –Start Selling In The US from Canada: The United States is a massive market of over 300 million customers who welcome overseas products. So, with the right business strategies and professional assistance Cana...

Yes, they can open! Earlier, you required to open an individual Amazon seller account for each Amazon marketplace: one account for amazon.co.uk, another for amazon.com, another for amazon.ca, and so forth. Fortunately, today Amazon gives an NAUA (North America Unified Account) with which you are automatically set up to sell in all three North American marketplaces: the US, Canada, and Mexico. By using the same account, you can manage your listings in all these marketplaces. Fees & taxes when importing to the US: If you are fulfilling your orders yourself, you will have to deal with US imports every time you get an order there. In fact, you will likely still have to deal with US importing laws even if you do FBA (Fulfilled by Amazon), as you have to send your merchandise off to one of Amazon’s US warehouses. In one way or another, you may discover yourself needing to reimburse a range of taxes and fees, which can differ widely depending on what you are importing, where it is goi...