Monday, 11 July 2016

Finding The Right Cross Border Tax Specialist

Taxation can be one of the most stressful and complicated part of moving to another country. Fortunately, for U.S. and Canada citizens, there is the Canada-United States Tax Convention signed in 1980. The tax treaty between the two neighboring countries is to prevent double taxation of their citizens who live and work to the country next-door. For example, Canadian residents who have income from the United States benefit from this tax treaty. They need to know the rules for filing taxes and how to lessen their withholding taxes in the U.S.

The tax treaty also aims to provide relief from taxation in both the U.S. and Canadian citizens.Canadian and U.S. residents are taxed on their world income. Both report their foreign income no matter where they file a tax return, whether in Canada or in the United States. Because of the treaty, Canadians may pay the U.S. tax on their U.S. income to the Internal Revenue Service (IRS) without having to pay again to the Canada Revenue Agency (CRA).

Those who need to file cross border tax Canada-US may find their predicament complicated. That is the reason why they need cross border tax specialist. A cross-border tax specialist will guide you through the minefield of double taxation. Ensuring you only pay the legal requirements is taken care of by a cross-border tax specialist.
Cross Border Tax Canada-US
Finding the right cross-border tax specialist is important. Here’s a few tips you may want to consider: 
  1. Expert in income tax estate-planning issues faced by individual American and Canadian expatriates living in their neighborhood country.
  2. Offers corporate tax services to businesses opening cross-border branches.
  3. Offers consultation services to those who want to open businesses in the U.S. or Canada.
  4. Gives advice on entity structure for corporations, partnerships and sole proprietorships transitioning from one country to another.
  5. Provides confidential services to lawyers, accounting firms, and other financial professionals who can benefit from their international tax expertise.
  6. Compliant to legal requirements and rules of law.
  7. Helps in assessing the factors that are important in filing your taxes.
  8. Works toward finding a solution that fits your specific needs.
Just because your neighbor or a friend structured their property ownership one way, does not mean
that it can work for you too. Filing of taxes should suit every individual. Getting the services of an experienced cross border tax specialist is worth every cent. It makes life easier for you.


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