Back in the days when I knew virtually nothing about US tax and information reporting, I timidly called a chartered accountant in Victoria and asked if his firm prepared US tax returns. After a brief pause, he responded “Ahh… yep, I’ve done a couple” I was not reassured.
For US citizens exploring US taxes for the first time, or Canadians doing business south of the border, there are several key differences between our tax regimes to be aware of. Here are the most important 10 for individuals. The US taxes its CITIZENS, no matter where in the world they live. (Canada taxes its … [Read more…]
DIY’ers, use these forms under special circumstances. I do recommend getting help with some of them, at least the first time you do them. Important recommendations: If you are a DIY’er, save yourself a headache, and have someone look over your returns to find any glaring oversights. Let us do it at a fraction of the … [Read more…]
Which Exchange Rates to Use Converting Canadian dollar amounts to US dollars can be a pain in the left heel. Whether you use online software, or complete fillable PDF forms, it has to be done. Here are a few pointers to make the process as carefree as possible: For most values on tax returns (see … [Read more…]