Canada-US Cross-border Tax

Whether its employment income, capital gains, real estate rentals, or other compensation, if you’re a US citizen living in Canada or a Canadian citizen living in the US, you’re required to file taxes. If you’re in that situation and wondering about your tax obligations and how recent changes in tax laws may affect you, get in touch with a cross-border tax specialist at Cross-Border Financial in Toronto and Oakville. We provide online and virtual tax services to help you with your tax obligations. Your income tax returns are reviewed by a Canadian Chartered Accountant, a US Certified Public Accountant and an IRS Enrolled Agent. So, if you’re looking for a personal income tax accountant near you, get in touch with Cross-Border Financial in Ontario today!

Our Five-Step Process

1. Schedule an introductory call

2. Review and e-sign proposal

3. Submit documents securely

4. Relax while we work

5. Review draft and pay

US Tax Compliance

Are you an individual required to file both US and Canadian Returns? We can help! We simplify the process for those needing to comply with the requirements of both the IRS and CRA. Some US states require US expatriates to file taxes as well. This requirement varies by state, but your CPA or Enrolled Agent at Cross-Border Financial Professional Corporation can give you the authoritative information regarding your particular circumstance.

US Streamlined Compliance

The IRS Streamlined Procedure allows expats to catch up with their US tax filing and become fully tax compliant. It requires that expats file 3 years of back taxes and up to 6 years of Foreign Bank Account Reports (FBARs), if foreign bank account balances exceed certain thresholds. Our Streamlined Compliance Package includes 3 years of delinquent Federal tax returns and 6 years of FBARs.

US Foreign Bank Account Reporting

FBAR, or the Foreign Bank Account Report (FinCEN Form 114), is required for individuals with foreign account balances that exceeded US$10,000 at any time during the tax year. FATCA, or the Foreign Account Tax Compliance Act (Form 8938), is required for individuals with total assets, in aggregate, exceeding $50,000. The rules vary depending on your location and/or marital status.