US Rental Income
There has been a significant increase in the number of Canadian’s purchasing investment properties in U.S. But investors do little to no planning from a tax perspective before investing in U.S properties. What needs to be filed, with whom and by when? Not knowing the answers can be costly and may mean missing deductions or being subject to a 30% withholding tax. Our experts can help you file your Us rental income tax and structure the purchase to minimize your tax liability. Speaking with one of our U.S tax experts before purchasing U.S. investment property is one of the best decisions you can make.
Our experts can:
– Help you understand the tax requirements from both a Canadian and US perspective
– Streamlined Foreign Offshore Procedures
– Canadian Registered Accounts (RRSP/RRIF/etc.)
– Offshore Voluntary Disclosure Program (OVDP)
– Obtaining an Individual Taxpayer Identification Numbers (ITIN) FBAR – Report of foreign bank and financial accounts Canadians living or working in America
Taxes for American Expat
Our experts can help US expat file their taxes. If you are an American citizen living abroad we can help in preparing and filing your US tax returns. We have been providing US and Canadian cross-border tax services since 1999 and have clients in nearly every country of the world. Our tax professionals have experience working for large accounting firms (Ernest and Yong, KPMG, BDO) and employ the same quality approach. Furthermore, our fees are extremely competitive when compared with even lesser credentialed and often understaffed tax services How we can help you with Canada-US Tax Issues:
– U.S. Expatriate Tax Planning & Tax Return Preparation
– Streamlined Foreign Offshore Procedures
– Canadian Registered Accounts (RRSP/RRIF/etc.)
– Offshore Voluntary Disclosure Program (OVDP)
– Obtaining an Individual Taxpayer Identification Numbers (ITIN)
– FBAR – Report of foreign bank and financial accounts Canadians living or working in America
US Corporate Tax
If you are doing business in the U.S. you may be required to file us corporate tax returns and/or information returns even if the activities are limited. Failing to comply could result in large penalties. As a foreign company with US income your income will be taxed up to 30%. This includes income from any trade or business in the US or the receipt of any US dividends, interest or royalties.
If your company is doing business in the US or receiving income from the US you will have unique tax obligations and must file a US tax return in order to declare your income and claim any refunds of US tax you have overpaid.
Our Services:
– International tax reporting and compliance
– International tax dispute resolution
– International asset planning
At Ajax Accounting services we can assist in filing necessary forms and claiming any tax treaty benefits or US tax refunds you may be entitled to.
Recover Casino Withholding Tax
We can help Canadians recover casino withholding tax back from US. The IRS requires that casinos and other gaming establishments withhold 30% of the gambling winnings of International visitors.
However, due to the U.S Canada Tax Treaty, Canadians can recover all or significant portion of their casino withholding tax back. The tax refund is obtained by following two basic steps:
1) Obtain an ITIN Number
2) Preparing a 1040NR Return
You can also claim US gambling losses during the year, in the 1040NR return. This allows you to deduct losses from your winnings, and receive a refund of the tax withheld. In order to claim you must have received 1042-S forms (or W-2G forms) from the gambling establishments showing income and tax withheld, and you must be a U.S. non-resident. It is recommended that you must also have records to substantiate your losses, as required by the IRS. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. It is advised that you keep record of the date, location, and type of your gambling activities, as well as amounts won or lost. These records do not have to be submitted with the tax return, but must be available if requested by the IRS.
We make recovering casino withholding tax simple, easy and risk free! If you don’t get your refund, we don’t charge a fee. Our prices are fixed and comprehensive.