US-Canada Cross Border Personal Tax Services for Toronto & GTA Business Owners
Living in two countries at once or just being an American citizen living in Canada requires you to file with two tax jurisdictions which may not be communicating with each other and which have different time frames and paperwork requirements. At Beta Taxes, our Cross Border US-Canada Personal Tax system will coordinate your two filings into one cohesive process.
- Canadian and US filing considerations coordinated together
- Correct FBAR and FATCA reporting considered
- Use of Treaty provisions to ensure you are not taxed twice
- US citizens living in Canada and Canadians with US connections
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Affordable US Canada Cross-Border Tax Help in Toronto
When dealing with US Canada Cross-Border Tax issues, there are many instances where it becomes more common than expected – the US citizen who moved to Canada many years ago and was unaware of their continuing US filing responsibility, the Canadian who now inherits the US brokerage account, or the individual who earns money on both sides of the border. These are all examples of tax requirements that a non-cross-border professional accountant is likely unable to identify.
Beta Taxes provides affordable cross-border tax help for individuals living throughout Toronto and the Greater Toronto Area, where we treat your Canadian and US filings as one strategy, not two.
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Why the Tax Obligation of US Citizens in Canada Never Ends
Tax obligation does not end just because you have moved. The United States is one of those few nations in the world that taxes people by citizenship and not by residence status. As such, any US citizen or holder of a green card is legally obliged to file a US tax return every year irrespective of the country he or she is currently residing in — even if such a person has been residing in Canada for many years and earning no US-source income whatsoever.
Such an obligation includes reporting foreign bank accounts. A Cross-Border Tax Accountant in Toronto would always be aware of the need for FBAR and FATCA Compliance reporting, which is quite different from your actual tax return filing and requires reporting foreign financial account ownership once the threshold level is crossed. The consequences of neglecting such compliance obligations can turn out to be very harsh compared to your actual income.
Cross-Border Tax Services Services
US Tax Return Preparation
- Tax return preparation for US citizens and green card holders living in Canada
- Calculating the Foreign Earned Income Exclusion if applicable
- Foreign Tax Credit calculation for avoiding double taxation on income
- Coordinating other potential US state tax filing responsibilities
FBAR and FATCA Reporting
- Assessing the status of your foreign accounts to determine if you meet the thresholds for FBAR filing
- Assisting you in FBAR filing in addition to your other tax services
- Helping you file your FATCA requirements in relation to your foreign financial assets
- Catch-up filing if you previously filed incorrectly
Canadian Tax Return Coordination
- Preparing your Canadian T1 along with your US tax responsibilities
- Coordinating the Foreign Tax Credits on both tax returns
- Ensuring consistent income reported between the two returns
- A single team doing both tax return services rather than two different teams
Tax Treaty Guidance
- Use of the Canada-US Tax Treaty for double taxation avoidance
- Instructions on tie-breaker rules for cases of ambiguous residency
- Positions under the treaty for different kinds of income, where relevant
- Documents backing up treaty positions on either return
Renunciation and Streamlined Filing Support
- Advice to US citizens thinking about renouncing citizenship and their tax obligations
- Streamlined filing procedures through the IRS for catching up on US tax returns
- Exit tax liability review for covered expatriates
- Plan regardless of your ultimate intentions
Cross-Border Investments & Retirement Planning
- Guidance on RRSPs and TFSAs from the perspective of US taxes
- Coordinating US retirement savings during residency in Canada
- Inheritance and estate taxes from a cross-border perspective
- Planning that considers both sets of taxes
Why Choose Beta Taxes for Cross-Border US-Canada Personal Tax Services?
Discovery
We know where you stand citizenship-wise, residency-wise, and financially on both sides of the line.
Evaluation
We review your filing history in both countries to see if anything's been overlooked.
Strategy Session
We create a strategy that takes advantage of treaties to avoid double taxation.
Ongoing Support
We file for both returns properly, and we’re there for you as your cross-border tax situation changes.
Why Choose Beta taxes
for Cross-Border US-Canada
Personal Tax
Services
Serving Cross-Border US-Canada Personal Tax Services Across Ontario & Canada
No matter where your business is located, our remote-based process for Cross-Border US-Canada Personal Tax ensures that you have the same structured and CPA reviewed process whether you are a growing start-up, a multi-branch company or even an organisation expanding beyond Ontario.
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Industries We Serve With Cross-Border US-Canada Personal Tax Services
testimonials
Our Clients' Results Speak for Themselves
Real success stories from businesses we’ve helped grow.
Expert Tax Advice for Truckers & Small Businesses
I had a great experience with at Beta Taxes CPA. He explained a complex CRA trucking issue in very simple terms and helped me understand the risks and the right way to move forward. Very knowledgeable, patient, and practical. If you are a trucker or small business owner looking for clear tax advice, I highly recommend Beta Taxes.
Sarang Vaid
Stress-Free Business Tax & CRA Compliance
Beta Taxes CPA provided excellent support for our business tax and CRA compliance needs. Their team is knowledgeable, proactive, and very responsive. They explained CRA requirements clearly, identified tax-saving opportunities, and handled filings accurately and on time. The entire process was smooth and stress-free. We highly recommend Beta Taxes CPA for reliable business tax and CRA support.
Pargat Sandhu
Expert Guidance for Canadian Home Sale Tax Matters
Alex has been so amazing! I sold my home shortly after moving to the UK on a temporary visa and it was so stressful navigating the Canadian tax system. Even from afar – across the world, Alex took his time walking me through what I need to do, advised me on next steps, and how he can help me through calls on Whatsapp and email. I received the letter I needed from him to proceed with the closing of my Canadian home sale. Thank you so much to Alex and the team for your guidance and help! I appreciate it so very much 😊.
Carmen Mach
FAQ’s
Frequently Asked Questions
Do I need to file my taxes to the US even though I have been living in Canada for years?
Yes, if you are a citizen or permanent resident (green card) of the US since the US imposes taxes according to citizenship, not according to residency.
What is the meaning of FBAR and when is the deadline for its submission?
FBAR stands for Report of Foreign Bank and Financial Accounts. You will need to submit FBAR if the aggregate total of your foreign accounts exceeds $10,000 USD at any moment during the year. This form must be submitted separately from the tax return, to the US Treasury.
What is the difference between FBAR and FATCA reporting?
FBAR is submitted to the US Treasury and relates to foreign bank accounts and financial accounts only. FATCA reporting is part of the US tax return form and concerns a wider array of foreign financial assets.
Am I going to be taxed twice on the same money?
No, assuming it’s done right. There are provisions in the Canada-US Tax Treaty as well as foreign tax credit rules that explicitly deal with double taxation, but both systems have to be used correctly.
I haven’t filed any US taxes in many years – can I still file without facing serious problems?
Yes, by using the procedures offered by the IRS to catch up on late filings and using special rules for people who were unaware of their filing obligations in the US.
What should I do with my RRSP or TFSA?
There are special provisions in the tax treaty regarding how RRSP plans are to be treated, but TFSA plans are not tax-efficient from a US perspective and must be reported differently. Your individual plan is reviewed to determine the right way.
Am I better off just giving up my US citizenship being a Canadian resident?
This could be an option, but there are tax considerations in doing so, as well as consequences of giving up US citizenship. You would have to evaluate your specific situation.
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Each business has its own unique financial goals and the best accounting strategy is based on understanding the goals. If you’re in need of continuous support in accounting including bookkeeping, tax planning and payroll management, or business consulting services Our team is ready to assist.
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