U.S. Tax Services in Canada – Income Tax Preparation Services

USA Tax Accountant

Due to the complexity and constant change of the United States’ tax system, Canadian businesses and individuals face numerous compliance challenges in order to remain compliant. There are several types of taxes that can be applied to businesses. These include state and local taxes, expatriate taxes, transfer pricing, and legislation such as the Canada-United States Income Tax Treaty, among others.

The US tax practise of Bomcas Canada assists businesses and individuals throughout Canada in reducing their US tax liability. Because we understand the impact of regulations on specific industries, we can collaborate with clients to identify new tax benefits. Through a single point of contact, our practise brings together the knowledge and experience of tax professionals in order to provide a more personalised service to our clients.

U.S. Tax for U.S. Citizens Living in Canada

Although citizens of the United States may reside in another country, the United States is one of the few countries that requires them to report their worldwide income.

We, at Bomcas Canada US Tax Accountants, assist Canadian residents who are also citizens of the United States in the preparation and filing of their annual US tax returns. Whilst all worldwide income must be reported on the United States’ tax return, depending on your personal tax situation, there are earned income exclusions and foreign tax credits that can be claimed to help reduce or eliminate the need to report income both on the United States and on the Canadian tax return.

In spite of the fact that many US citizens living abroad have never filed a US tax return because they were unaware of the requirement, failing to file your US income tax returns may result in the denial of your passport renewal application as well as additional IRS penalties. Americans who have fallen behind on their US filing obligations while living abroad can make up for lost time by filing their most recent three years’ worth of US tax returns, as well as their most recent six years’ worth of Foreign Bank and Financial Accounts Report (FBARs). Bomcas Canada can assist you with this catch-up process in order to avoid unwarranted fines and denial of entry into the United States. Contact us for more information.

In addition to filing annual US tax returns and Foreign Bank and Financial Accounts Reports, if you own registered and non-registered investments, TFSA and RESP investments, or if you own a controlling interest in a Canadian corporation, you have additional tax compliance obligations.

Contact us today and we will gladly assist you with all of your accounting and tax needs.