How can a professional tax filing service help Canadian expats to file returns easily?
The revenue collection model by the government is initiated through tax filing. It is important to file the returns, mandatorily pay taxes and associated deposits. If you possess citizenship of America but reside in Canada you have to file the tax returns. You need to file the tax in two segregated sets. The process is a bit lengthy and might seem intimidating and exhausting. To settle this issue you can seek the expat tax consultants in Toronto or any other city in the United States. Know how professional tax filing service help Canadian expats to file returns.
With the assistance and consultation from the Canadian tax consulting service, you will be able to sail through the process of filing tax returns. In this article, you will get to discover the various means suggesting the merits of approaching the consultation services.
An Aid by the Professional Tax Filing Service
To understand the tax filing procedure, you can seek advice from a professional tax filing service or tax consultant in Toronto or other cities in the United States.
The following pointers suggest the ways in which a professional tax filing service can help you glide through easily.
1. Help you manage the tax filing while working in the United States on a temporal basis
In case you have to migrate to the United States for work purposes on a temporal basis from Canada, make sure to get all the referrals. Your tax returns might affect in this short duration too. While you are on with the official project, your counselor will help to get through the procedures and pay taxes.
2. Report and list all your Canadian assets and other financial records
Being a Canadian resident you need to list all your assets and associated financial exchanges to the American tax department. It is because if your bank amount is above the threshold of $10,000, then it is subjected to the FBAR filing. Simultaneously, FATCA is filed when the balance is more than $200,000. The consultancy firm will help you in the process of filing these forms, if applicable in a sophisticated manner.
3. Avoid imposition of penalties by the U.S. authorities
You can avoid getting penalised by the U.S. tax department by filing the taxes on time. The expert will guide you through the documentation procedure and the FATCA filing.
4. Deduce the tax bills and pay dual-taxes
The FEIE, Housing Exclusion and Foreign Tax Credits need to be submitted by you to refrain from paying higher dual-taxes. The professional service will facilitate in meeting these requirements successfully.
5. List your name in the Foreign Grantor Trust
Canadian tax-free investments are taxable in the USA and your income is subjected to the taxes. To upkeep to the demands, the firm will help you report your TFSA, RESP AND RDSP accounts in the Foreign Grantor Trust.
6. Report the retirement status and fill form 1040
If you receive your pension in Canada, you need to report this to the U.S. authorities. The process is long so the counselor will aid in the process. You can incur benefits and get paid through CPP, QPP and OAS schemes.
Conclusion
By consulting a professional tax filing you will undergo a smooth deposit of taxes on time. This is a one-stop that is recommended by one and all. The expert will solve all your tax queries and save you from getting penalized.
