Why Choose A US Tax Accounting Service in Mississauga?
The U.S. is one of the few countries where you have to pay taxes even if your income is in another country. The same is true for Canada. So does this mean that you have to pay twice the tax? Not at all. The U.S.-Canada Tax Treaty makes sure that you don’t have to pay double taxes.
The first thing that you must think about is whether you should file U.S. taxes at all. If you have a green card or are a U.S. citizen, you have to file tax returns. It doesn’t matter if you reside in Canada or somewhere else. Whether you have just moved to Canada or have been living here all your life, you still have to file your taxes in the U.S. That’s not all. You also have to file your taxes in Canada. That is a very confusing situation. Where should you file first? Where do you get foreign tax credits? How will you handle all the planning and preparation to file two taxes?
Also, the taxation landscape is constantly changing. If you spend time keeping up with the ever-changing regulations, you miss out on various opportunities running your business. If you run your business, you run the risk of not knowing the latest tax laws and incurring heavy penalties and interests.
This is where GTA Accounting comes to your rescue. We are a renowned and highly experienced accounting firm in Mississauga and beyond. We help our clients make sense of this complex situation and ensure that they get all the benefits from the U.S.-Canada treaty.
We understand how busy you have to be with your business. That is why we handle all your taxation issues and make sure that you are always on top of them. Whether you want to file U.S. tax returns or Canadian tax returns, we know exactly what you need, the documentation you need, the filing time, and more. We help you with all of that and more.
Our CPA answers all your questions and offers you insights and advice on your tax planning and preparation so that you have to pay the least amount of tax.
We Provide U.S. Tax Accounting Services in Mississauga For U.S. Citizen Residing in Canada
Whether you have to file taxes in the U.S. depends on your citizenship and not on your residency. As a U.S. citizen, you have to file taxes no matter where you live. You could live anywhere in the entire world and still have to pay your taxes in the U.S. The same is true for green cardholders. They, too, have to file taxes whether they are in the U.S. or anywhere else in the world.
If you haven’t paid your taxes in the last few years, you can do so without incurring any penalties by filing three years of streamlined tax returns. This will also include Form 114, “Report of Foreign Bank and Financial Accounts” (FBAR), as well as Form 3520, “Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts.”
If you haven’t paid your taxes for more than three years, you can file annual U.S. income tax returns by streamlined filing for five years of income tax returns. This includes the same two forms: Form 114 and Form 3520. Also, when you file for five years of streamlined income tax returns, you also qualify for the Form 8854 “Initial and Annual Expatriation Statement.”
Leverage the United States-Canada Income Tax Treaty to Reduce Double Taxation
We make sure to leverage the tax treaty between Canada and the United States to make sure you don’t pay double taxes. You don’t have to learn all the rules of the treaty. You just have to trust GTA Accounting. This way, you focus on your business while taking care of your US tax accounting in Mississauga.