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Florida Vacation Rental Properties – U.S. and Canadian income tax

Congratulations on the purchase of your Florida property rental! The following information is not an exhaustive list, but are the key concepts and points that you should consider. Please bear in mind that tax laws are subject to change, so you are cautioned that these rules may be different in… Read More

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Canadian Income Tax 2013 and 2014 Tax Planning

Plan ahead and have a strategy for tax planning. Here are some general tax tips for 2013/2014. Please contact U.S. for further details and to discuss whether these may apply to your personal tax situation. 2013 INCOME TAX TIPS include: 1) Certain expenditures made by individuals by December 31, 2013 will be eligible for… Read More

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Canadians with U.S. Rental Properties – Taxation of U.S. Rental Property Income

If you are a Canadian citizen and resident and own residential rental property in the US, you are subject to U.S. income tax on any property income you receive from your U.S. real estate property. To comply with this Internal Revenue Service (IRS) tax reporting requirement, you may choose one… Read More

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Residential Property Rentals – Tax Implications

There are many income tax regulations which individual taxpayers in Canada, who own and rent residential property (homes, condominiums) which are leased or rented to tenants for the purpose of earning income for the taxpayer (property owner) should be aware of. This article does not comment on whether or not… Read More

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U.S. Citizens living in Canada – IRS “Streamlined” Program – U.S. Income Tax filing

U.S. Citizens living in Canada – IRS “Streamlined” Program – U.S. Income Tax filing 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… Read More

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Small Business Administration and Taxation Services

Introduction: Edelkoort Smethurst Schein CPA’s LLP is a Chartered Professional Accountant firm with many years of experience in accounting, financial reporting and taxation, with a practice that is rapidly expanding. We are registered in public practice with the Chartered Professional Accountants of Ontario to provide personal and corporate income tax services, accounting, audit and assurance services. We are… Read More

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U.S. Income Tax: U.S. Citizens living in Canada

Personal income tax laws differ greatly between Canada and the United States of America. One of the primary differences is that Canadian income tax laws are based on residency, while U.S. tax laws are based on citizenship. Read More

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Income Tax Preparation Services

Introduction Edelkoort Smethurst Schein CPA's LLP MBA, CGA, CMC  is a Certified General Accountant and Tax Professional with over 30 years of experience in accounting, financial reporting and taxation. Edelkoort Smethurst Schein CPA's LLP is Fully Registered in Public Practice with the Certified General Accountants of Ontario to provide Corporate and Personal Taxation, and Financial Statement Compilation services to the public, Gary is also an authorized Canada Revenue Agency (CRA) e-filer, and Internal Revenue Service (IRS) Registered U.S. Paid income Tax Preparer. Read More

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Edelkoort Smethurst Schein CPA’s LLP – October 2010 e-Newsletter

Newsletter Content • Business Process Improvement • Bill 198 C-SOX - SyncBASE CERTRACK • IFRS - SyncBASE IFRSTRACK Read More

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IFRS + C-SOX Certifications – Regulatory

International Financial Reporting Standards (IFRS) will replace Canadian generally accepted accounting principles (GAAP) for fiscal years beginning on or after January 1, 2011. Read More