IMPORTANT POINTS ABOUT TAX RELIEF FOR US-CANADA DUAL CITIZENS
In Canada, it is completely legal to become a citizen of Canada and of any other nation. You can retain your Canadian citizenship, even if you are not staying in that nation. Taxation in Canada is based on your residency status. Canada Revenue Agency or CRA reviews your residency status and fixes the amount of tax which you have to pay.
But, the problem arises, if you are a citizen of another nation and there you are classified as a Canadian citizen. US tax consultants in Toronto face such clients who complain that they are taxed by both tax departments of the US and Canada.
SO WHAT IS THE REMEDY?
Always keep in mind that the US and Canada have a tax treaty between them which has provisions and relief so that US-CANADA dual citizens don’t need to pay two taxes in two different nations. Instead, they can pay taxes in either US or in Canada, and can receive credit in the other nation for the taxes paid.
Our company “The Accounting & Tax” provides an ideal personal tax consultancy service in Toronto so that you can keep yourself well-informed about taxation treaty of US and Canada, and this may help you to save your hard-earned money. We will also file your taxes properly so that you can avail proper provisions and discounts. If you are a Canadian citizen and have just received the citizenship of US, we determine what type of citizenship you have received and then we decide how we can file your taxes without any delay.
Suppose, you have just immigrated to Canada as a permanent resident, but you are not a Canadian citizen. In that case, you will receive most of the social benefits which are received by a Canadian citizen. And you need to pay taxes according to the Canadian laws. Here, if you are a US citizen, then we can help you to save your money so that you don’t need to pay taxes in both US and Canada at the same time, you just need to pay tax in only one nation.
So, just visit us, if you face any tax-related problem due to your US-CANADA Dual Citizenship. We will serve you quickly at an affordable rate.
