Maroof HS CPA Professional Corporation, Toronto

How to avoid or reduce departure tax in Canada
Individual Tax - Canada

Departure tax in Canada

What is departure tax in Canada? How to manage it; exemptions, payment and deferral, and some planning options.

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U.S. Canada cross border tax accountant for American citizens in toronto
U.S. Income Tax

10 Things Americans in Canada Should Know!

Immigration from the U.S. to Canada, or Canada to the U.S. is very common due to multiple reasons including personal, economic or political ones.  There is a large number of U.S. citizens and Green Card

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how to record rental income from associated corporation in Canada
Financial Statements

CSRS 4200 Compilation Engagements

Compilation of Financial Statements The Auditing and Assurance Board issued a new standard, ‘CSRS 4200 Compilation Engagements’ for the first time in almost 30 years! CSRS 4200 replaced Notice to reader report under Section 9200

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How to get refund of taxes from IRS from Canada on the sale of U.S. property
Individual Tax - Canada

Canadian Taxpayers Selling U.S. Property

Many of Canadian taxpayers maintain a second home, a vacation property, or hold a U.S. real property interest for investment purposes. In 2020 and 2021, there is an upward trend of dispositions of U.S. real

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income taxes for professional Corporations in Canada
Corporate Tax - Canada

Professional Corporations & Income Taxes

Many professionals can now incorporate their practices as professional corporations as per the provincial legislation. Professional Corporations are now becoming a very common structure since the majority of provinces have relevant professional regulations. Professional Corporations

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GILTI and US citizens shareholders of Canadian corporations
U.S. Income Tax

Understanding GILTI – For US Expats in Canada

Global Intangible Low-Taxed Income – Simplified! The Tax Cuts and Jobs Act of 2017 (TCJA) brought major changes to the U.S. tax system. With these changes come additional complications for U.S. citizens and resident aliens. 

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How to save taxes on selling and flipping properties in Canada?
Corporate Tax - Canada

Flipping Houses – Business Income Vs Capital Gains

Property flipping is an increasingly common practice to buy a property and then reselling it for a quick profit. Property flipping also includes assignment sales a.k.a. shadow flipping. Shadow flipping is the sale of a property

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R&D tax incentives in Canada
Business Plan

Canada: On Road to a New Global R&D Hub!

For a while, Silicon Valley in the United States has been a Research and Development hub in the world. Well, that may change soon. According to the 2019 global technology innovation report, the US and

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immigration business concept for toronto entrepreneur stream Ontario canada
Business Incorporation

10 Reasons to Move your Business to Canada

10 Reasons to Invest in Canada Planning to start a business or looking to expand internationally? Well, Canada is the place for you. Investing in Canada offers plenty of opportunities in terms of everything right

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US taxes for Canadian businesses
Corporate Tax - Canada

How and When U.S. Taxes Canadian Businesses

U.S. Income tax is one of the most complex tax systems in the world. Being a global leader, many times international businesses get their income connected to the U.S. and they even don’t know it.

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Principal residence election, how to file late election for change of use
Individual Tax - Canada

Principal Residence Exemption and Change of Use

Principal residence exemption allows a taxpayer to eliminate capital gains on the disposition (or deemed disposition)  of his/her principal residence in Canada. This post is meant for general information purposes. You can find below a

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Income tax return for actors and artists in canada
Individual Tax - Canada

Income Tax Returns for Actors in Canada

  How can I lower my taxes if I am an actor or a person employed in the entertainment industry? This post outlines income tax returns for actors in Canada who are also residents of

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US Tax return for US amazon store from Canada
Corporate Tax - Canada

Infographic – Income taxes for US Amazon Store

In recent times there is an uptick in E-commerce sales, especially due to COVID-19 Pandemic. With the closures of more and more retail stores, customers are ordering online. Amazon is one of the biggest online

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taxes on foreign rental income and properties in canada
Individual Tax - Canada

How to report foreign rental income in Canada?

In recent days, we have received a couple of inquiries from our blog subscribers and readers about the foreign rental income of Canadian residents. This post is for general information purposes and cannot be relied

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is inherited property taxable in Canada
Individual Tax - Canada

How is foreign inherited property taxed in Canada?

Canada is a country having vast immigrant population. Every year new immigrants come to Canada and gradually achieve their immigration status as permanent residents and ultimately Canadian citizenship. If you are a new permanent resident

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CPA for business income tax planning Canada
Corporate Tax - Canada

Year End Tax Planning Guide for Businesses in Canada

Businesses and their managers can optimize their corporate business taxes using below simple and effective planning strategies in Canada: Caution: Below post explores tax planning strategies for businesses in Canada without getting into depth. You

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income taxes for newcomers to Canada
Individual Tax - Canada

Tax Tips: Newcomers (Immigrants) to Canada

Canada taxes its residents on their worldwide income. You become a resident of Canada when you establish residential ties with Canada. The year in which you become a resident of Canada is considered a part-year

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tax tips if you are leaving canada
Individual Tax - Canada

Tax Tips: If you are leaving Canada

If you have been a resident of Canada and decide to leave Canada, you must review your assets, income, and income tax obligations. Leaving Canada is often referred to as “Emigration”. The year in which

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tax advice for short term or temporary residents of Canada
Individual Tax - Canada

Short-term residents of Canada and Income Tax

Canada is an attractive country consistently ranking as a premium destination for immigrants. Many individuals move to Canada either for employment purpose, or to settle here permanently. As much as we love our welcoming and

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how to write a great business plan
Business Plan

How to Strengthen Your Business Plan

Are you looking forward to new business and sketching up your business plan? Or, are you rethinking your business model? Business plan writing can be tough, especially if you have a time crunch. Not to

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income tax problems for U.S. LLC in Canada
Corporate Tax - Canada

How a US LLC is taxed in Canada?

What is a US LLC? A Limited Liability Company (LLC) is a type of business entity that is created by a state statute in the US. This type of structure does not exist in Canada.

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US taxes for Canadian Snowbirds
Individual Tax - Canada

US Taxes for Canadian Snowbirds

What is a Snowbird? If you are a Canadian and spend winter in the U.S. you may, unknowingly, become a US resident under the tax laws of the United States. So, now you are a

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Toronto CPA to file bare trust return
Individual Tax - Canada

Bare Trust Reporting in Canada

Question asked by Sumit Khanna My son owns a house where he lives. He was having a hard time getting a mortgage. I decided to be on the title of the property to help him

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The best international accountant in Toronto to do American and Canadian taxes
Corporate Tax - Canada

Important Deadlines – 2023 Tax returns

Important Deadlines: 2023 Tax Returns to be filed in 2024 As the 2024 tax season approaches, taxpayers in both Canada and the United States must follow critical deadlines to ensure compliance and avoid penalties. This

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Individual Tax - Canada

2023 Checklist – Sec 216 and Non-Residents Tax Returns

Please use the below checklists to arrange for your information if you are filing Section 216 tax returns and non-resident individual income tax returns in Canada.  Individual Tax Number (ITN) for Non-Residents Non-residents of Canada

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Best Cross border tax accountant who can file US tax returns electronically in Canada
U.S. Income Tax

Checklist: U.S. Individual Tax Returns

Please use the below checklists to arrange the information for the preparation of U.S. personal tax returns. Starting information & Filing Status – All the individuals filing U.S. Tax returns must provide this.  Information required

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The best tax accountant in Canada to file income tax return
Individual Tax - Canada

2023 – Canadian Residents T1 Checklist

2023 – Individual Income Tax Return (T1) Checklist Efiling Status: Canada Revenue Agency systems to allow electronic filing of Individual Income tax returns (T1) for 2023 on February 19, 2024. We have compiled the below

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5471 late filing penalties and how can IRS collect them
U.S. Income Tax

Late filing Penalties for form 5471

Tax Question asked by Aiman Doe (Name changed at their request) I am an American living in Canada since 2011. I own a Canadian Corporation since 2012. I have never filed 5471, mostly due to

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Income tax tips and issues when moving from Canada to the United States
Individual Tax - Canada

Moving from Canada to the U.S.

There are many reasons why Canadian tax residents move to the U.S. including economic opportunities, family reunification, education, and lifestyle preferences. Those who are planning their move to the United States must recognize the key

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