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...

When paying your taxes annually, you need to include all of your foreign income on your return – including details of your foreign properties. And this goes to any taxpayer who is required to pay taxes in Canada - whether you reside in the country or are a Canadian resident who lives abroad. But how exactly does the Canada Revenue Agency (CRA) know about your foreign properties? Let us find out. T1135 Form and its Significance If you live in Canada, your income from all sources is subject to tax. There are severe penalties for failing to disclose your worldwide income in Canada accurately. The country's voluntary tax system depends on individuals accurately and honestly declaring their income and paying their income taxes. It's why criminal sanctions may occasionally be part of the penalties. If you own foreign property with a value of more than $100,000, you are required to submit a Form T1135 Form once a year. This is done to ensure that all Canadian residents accurately ...

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...

Creating a solid business plan takes time, energy, and it is a much brainstorming activity! You may be asking why I need a business plan writer. or Why should I go to the trouble of documenting the business idea that I know will work appropriately? The answer is that you significantly increase your chance of success if you keep your business ideas and concepts with a business plan writing. Are you planning to write your business ideas, concepts, or business plans? If yes, you should never miss out on taking the assistance of a professional business plan writer. They help you script what your business plan is all about and highlight the main aspects of any business. Every business planning is crucial and supposed to be backed by strategic planning. It contains the main stages of business, and it differs from the common academic assignment. The essential principles and stages of your company's development should be included in this type of business plan writing. A well-written busin...

  An LLC (limited liability company) is created under the state laws in the United States. Limited liability companies (LLC) offer its members liability protection while offering the benefits of being fiscally transparent. Fiscally transparent entity means that income is not taxes at LLC level, but it flows to its members and taxed at the personal level. The LLCs are America’s favorite business structure, so much so that, local accountants in the US tend to recommend to everyone. Sometimes, they recommend it to residents of other countries without knowing the income tax consequences on those taxpayers in their countries. Many Canadian taxpayers often go ahead an set up an LLC in the U.S. without knowing the serious income tax issues. An LLC is treated as a corporation in Canada whereas a flow through entity in the U.S. Since Canada does not see an LLC as a fiscally transparent entity and consider it a corporation, the income of LLC is not included in the personal income of its...

    There are many ways small business owners can optimize their corporate income taxes for 2020. Check out here Source: https://www.maroofhs.com/post/2020-end-of-year-tax-planning-for-small-corporations-in-canada/