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Managing Your Business’s Long-Term Interests with Corporate-Owned Life Insurance

Are you the owner-manager of an incorporated business? If so, have you thought about the risks your business faces if you were to unexpectedly pass away? If you were to pass away while you are still running the business, there could be a deemed disposition of the shares that you… Read More

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2018 Canadian and U.S. Income Tax Newsletter

This is a brief summary of some key considerations and due dates for your 2018 personal income tax filings. Please feel free contact our office to schedule a consultation or ask any questions you may have. CANADIAN TAX CONSIDERATIONS• 2018 Individual income tax filing deadline is Monday,… Read More

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2018 U.S. Individual tax – impact to U.S. Citizens living in Canada

This article provides an overview of how the 2018 U.S. individual income tax changes impact U.S. Citizens living in Canada. Preface On December 22, 2017, the U.S. Administration enacted the Tax Cuts and Jobs Act (TCJA), which introduced broad based and sweeping changes to U.S. corporate, and U.S. personal… Read More

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2018 U.S. Individual tax – impact to Canadian individuals with U.S. Rental Properties

This article provides an overview of how the 2018 U.S. individual income tax changes impact Canadians with U.S. Rental Properties. Disclaimer – This article is about the 2018 U.S. individual tax consequences of Canadian individuals with U.S. Rental Properties. Readers are cautioned that information in this article is for general… Read More

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2018 U.S. Corporate tax – impact to Canadian Corporations operating in U.S.

On December 22, 2017, the U.S. Administration enacted the Tax Cuts and Jobs Act (TCJA), which introduced broad based and sweeping changes to U.S. corporate, and U.S. personal tax changes. It is important to keep in mind that these changes pertain to federal income tax, as administered by the Internal… Read More

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2017 Canadian and U.S. Income Tax Newsletter

This is a brief summary of some key considerations and due dates for your 2017 Canadian and U.S. individual income tax filings. Our firm also handles Canadian and U.S. corporate income tax filings and consultations. Please feel free contact our office to schedule a consultation or ask any questions you may… Read More

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IRS Form W-7 and ITIN

This article discusses the situations for Canadians have a U.S. income tax filing obligation, and require a U.S. Individual Tax Identification Number (ITIN) and Form W-7 which is the IRS form required to apply for an ITIN. It also describes the services of a Certified Acceptance Agent to certify Passports,… Read More

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Internal Revenue Service (IRS) Certified Acceptance Agent – Canada

This article is written to assist Canadian individuals who may find themselves in a situation where they need to file United States income tax returns. This could be the result of many reasons including; owning and renting property in the U.S., selling vacation property, or receiving investment income etc. Canadian residents… Read More

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Audit of a Small Organization

This article is written by the Chartered Professional Accounting firm of Edelkoort | Smethurst | Schein as our way of explaining the approach our firm takes in completing a financial statement audit for a small Not For Profit organization, or a small commercial business. Audits are required for all NFP… Read More

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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… Read More