Cross Border Tax Consultants

  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...

Worried about filing your income tax returns? Did you forget to consider your foreign rental income? Now you are worried about the penalties. What if we tell you that there is a way around it? So, can you really avoid penalties on T1135 late filing? Read on to learn more. What is the T1135 Form? The CRA, short for the Canada Revenue Agency uses the T1135 form to obtain information on the number and income generated through foreign assets that are held by the residents of Canada. Form T1135 is also known as Foreign Income Verification Statement. Who should Fill it? You must file the T1135 form, also known as the Foreign Income Verification Statement if you own foreign property worth more than 100,000 Canadian Dollars at any time during the year. This is applicable to all individuals, trusts, and partnerships. When completing the foreign income verification statement, you must consider the property's cost rather than its current value. An individual need not complete the T1135 f...

If you have intentionally misreported, consider the Voluntary Disclosure Program (VDP). You will still have to pay the taxes owing and the interest generated due to the corrections but if your application is accepted by the CRA you could receive penalty relief or prosecution relief and some of your interest generated could also be waived off.   To apply for VDP, certain criteria need to be met: i) The disclosure must be made before the CRA finds out about it and contacts you. ii) You should provide complete information. iii) The information must be older than a year iv) You must be facing penalties or tax charges. It is always advisable to seek professional advice from a qualified accountant as it is difficult to keep track of all the rules and changes made in tax filing. You are also more prone to making mistakes that could cost you a lot if you do not have the proper knowledge. If you are looking for expert advice and assistance regarding your individual income tax return,...

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 ...

Do you require the services of a business plan writer in Canada? You’ve come to the right place at Maroof HS CPA Professional Corporation ! They provide business plan writing services for thousands of clients including startups, small business owners, investors, bankers, non-profit organizations and mid to large-sized companies since their inception. So, regardless of your sector or market, they have real-world expertise and experience to help you create a winning business plan. For many entrepreneurs, writing a business strategy is a time-consuming process. Many business owners lack the necessary business writing skills to persuade their target audience. Business owners should hire a business plan writer for these reasons. Hiring a professional business plan writing service will allow you to quickly and expertly create a custom business plan. Professional business plan writing services in Canada understand that better than others. They are the professionals with years of experience o...

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 ...