US Income Tax

//US Income Tax

IRS – U.S. Income Tax Streamlined Program

Many U.S. citizens permanently living in Canada were not aware of their requirements to file annual income tax returns and FBAR forms. For instance, a U.S. citizen might have moved to Canada as a child with their family and never returned to the U.S. The person is now an adult and permanently residing in Canada [...]

IRS – U.S. Income Tax Streamlined Program 2017-08-08T15:40:58+00:00

Edelkoort Smethurst Schein Chartered Professional Accountants LLP – Overview of our Firm

Welcome to the Chartered Professional Accounting firm of Edelkoort, Smethurst and Schein. We are a small CPA firm located in Burlington, Ontario and loaded with expertise and experience, and customer care! Please take a moment to read this overview, and if you are interested or need to discuss further, please contact us – we would [...]

Edelkoort Smethurst Schein Chartered Professional Accountants LLP – Overview of our Firm 2017-09-12T16:57:02+00:00

Form 1120-F Filing requirements for Canadian Corporations active in the U.S.

Canadian corporations doing business in the U.S. are viewed by the Internal Revenue Service (IRS) as ‘Foreign Persons’. The U.S. taxes Foreign Persons on income effectively connected with a U.S. trade or business activity as well as certain U.S.-sourced income not effectively connected with a U.S. trade or business activity (commonly known as FDAP or Fixed, [...]

Form 1120-F Filing requirements for Canadian Corporations active in the U.S. 2017-02-10T17:05:07+00:00

2016 Canadian and U.S. income tax planning

This is a brief summary of some key considerations and due dates for your 2016 personal income tax filings. Please feel free contact our office to schedule a consultation or ask any questions you may have. CANADIAN TAX CONSIDERATIONS • 2016 Individual income tax filing deadline is Monday, May 1, 2017 -  Canada Revenue Agency [...]

2016 Canadian and U.S. income tax planning 2017-02-15T15:49:18+00:00

Form 1040NR – U.S. Non-resident alien individual income tax return

  Canadian owners of U.S. rental properties electing to choose the ‘net rental income’ method for reporting their U.S. property income, must file form 1040NR along with related schedules which includes Schedule E - Supplemental Income and Loss from rental properties, along with Form 4562 – Depreciation and Amortization. The filing deadline is [...]

Form 1040NR – U.S. Non-resident alien individual income tax return 2017-01-19T16:32:37+00:00

Canadian individuals purchasing U.S. property

This article examines the individual income tax implications in the U.S. and Canada, for Canadians purchasing U.S. rental properties or personal use properties. For more information pertaining to Canadians selling U.S. rental properties, please refer to the accompanying article on our website. Disclaimer – This article is about the U.S. and Canadian tax consequences of [...]

Canadian individuals purchasing U.S. property 2016-12-15T11:26:15+00:00
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