Reasons Why You Need A Cross Border Tax Accountant in Toronto

Do you have a US business and are interested in conducting business transactions in Canada? Are you a Canadian resident who works and earns income in the US? If yes, are you curious how you are going to pay your cross border tax?

Unfortunately, some taxpayers make mistakes because they are not aware of whether they only need to pay their taxes where they are earning the income or in their homeland as well. But the good news is, a cross border tax accountant in Toronto will help you solve the mistakes you usually commit when paying your taxes.

Not Reporting the Funds in the Foreign Bank Accounts

One of the common mistakes between US-Canada taxes is a failure to report your funds in foreign bank accounts. Keep in mind that a foreign bank account, as well as other combinations of accounts that are more than $10,000, are necessary to be reported in the US taxes.

Preparing Cross Border Taxes in a Vacuum

Do you always prepare or file your taxes in taxes? If yes, then it is important for you not to do it again because the information in one of your tax returns is necessary to finish the other one.

Failure to Declare the Non-residency When Leaving Canada

Some taxpayers fail to declare their non-residency when leaving Canada. By declaring that you are non-resident, chances are you can lower your futures taxes and save on your taxes.

Being Unaware of the Foreign Tax Credits

If you want to save on your taxes, you can take advantage of foreign tax credits. Take note that all sorts of tax credits can be leveraged in the new country. You also need to be aware of the credits available for you as foreigner.

Have you encountered any of the cross border tax mistakes above? The best thing you can do is to hire a cross border tax account.

While you are having trouble handling your tax border taxes, try to find a specialist whom you can ask for the best solutions. Personal accountants in Toronto with expertise and experience for resolving cross border tax issues will listen to you and analyze your situation. After that, they will provide you real solutions as well as great opportunities on how you can save on your taxes.

Every time you are in the middle of cross border tax problems, always have a tax specialist by your side. Make sure to look for a small business accountant in Toronto that you feel comfortable working with. Thus, find a tax specialist you feel can help you with your situation, and you can trust.

Not Reporting the Funds in the Foreign Bank Accounts

One of the common mistakes between US-Canada taxes is a failure to report your funds in foreign bank accounts. Keep in mind that a foreign bank account, as well as other combinations of accounts that are more than $10,000, are necessary to be reported in the US taxes.

Preparing Cross Border Taxes in a Vacuum

Do you always prepare or file your taxes in taxes? If yes, then it is important for you not to do it again because the information in one of your tax returns is necessary to finish the other one.

Failure to Declare the Non-residency When Leaving Canada

Some taxpayers fail to declare their non-residency when leaving Canada. By declaring that you are non-resident, chances are you can lower your futures taxes and save on your taxes.

Epc is a Toronto Accounting Firm offering Personal, Small Business, Corporate tax returns and accounting. To hire expert small business accountant Toronto and personal accountants Toronto call us at 416-931-5077 now.