Are you an American Citizen living in Canada? Are you a Canadian citizen having income from the U.S.? Do you own investments in the U.S.? Did you win money in a Casino or a lottery in the U.S.? If yes, then you are required to file U.S. taxes.
If you are an American citizen residing in Canada, you must file two returns each year, declaring your worldwide income on each: a Canadian return because you live in Canada, and a U.S. return because you are an American citizen.
We take the worry out of tax compliance.
There are certain deductions and credits available due to tax treaties between Canada and the U.S. which will save you from double taxation. We can help you in preparing both the returns so that you will pay the least amount of taxes.
And if you’re getting notices from the IRS, we can help you resolve those as well.
The government of Canada requires tax residents of Canada to file income taxes by April 30th if there are any taxes owing on that date (June 15th if the taxpayer or their spouse is self-employed). Even if you are not owing taxes, it is still highly recommended to file your taxes on time to make sure you do not lose any tax benefits or credits.
At BG Accounting and Business Solutions, our Tax Professionals help thousands of individuals annually with their personal tax filings. At the beginning of the tax season, we provide our clients with a comprehensive income tax checklist so as to ensure all information required in the tax filing is done so, and that any available deductions are fully utilized.
Never wait for your tax refund.
Sit down with one of our tax experts to see if you qualify. The only fees you’ll pay are capped by the Federal Government of Canada. You will pay 15% on the first $300 of your refund and then 5% on the rest. Minimum refund amount may apply. So why wait for your refund? Get your Instant Refund on the spot.
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Are you a new immigrant? You may be eligible for quarter GST/HST credit payments and monthly Ontario Trillium Benefit payments.
If you have dependent children, you will also need to apply for the Canada Child Benefit.
In addition, Canadian taxation is based on Worldwide Income which means each Canadian resident must pay taxes on income earned anywhere in the world after they become residents of Canada.
Individual income tax is also referred to as personal income tax. This type of income tax is levied on an individual’s wages, salaries, and other types of income.
Every resident of Canada is required to file a Canadian income tax return annually. Before filing your tax return, you must determine whether you are a resident, a “deemed” resident or a non-resident of Canada for tax purposes.
Failing to pay your taxes is not a crime, but failing to file your tax returns is because it’s considered tax evasion. And the penalties for tax evasion are harsh. According to Section 238 of the Income Tax Act, failing to file your tax return can result in a fine of $1,000 – $25,000 and up to one year in prison
The minimum personal amounts ($12,719 for 2022, $12,421 for 2021) are indexed. The maximum personal amounts are stated in the Income Tax Act, but will be indexed after 2023