Rental Property

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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 purposes only and does not [...]

2018 U.S. Individual tax – impact to Canadian individuals with U.S. Rental Properties2018-11-16T16:07:49-05:00

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 have. CANADIAN TAX CONSIDERATIONS 2017 [...]

2017 Canadian and U.S. Income Tax Newsletter2018-02-14T18:06:40-05:00

Accounting and Tax considerations for Sole Proprietors, CCPC and Partnerships

This article is written by the Chartered Professional Accounting firm of Edelkoort | Smethurst | Schein as our way of explaining in simplistic terms, the tax implications of operating sole proprietorships, partnerships, and corporations in Canada. Starting with setting up shop as a sole proprietor, and then progressing to establishing a corporation. In between, you [...]

Accounting and Tax considerations for Sole Proprietors, CCPC and Partnerships2017-08-17T16:13:36-05:00

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.2017-02-10T17:05:07-05:00

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 return2017-01-19T16:32:37-05:00

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. This article has been updated to include the 2018 Tax Cuts and Jobs Act [...]

Canadian individuals purchasing U.S. property2018-11-13T14:32:58-05:00
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