All of the information you need, right here, right now.
Reading Time: 5 minutesSomething we get asked a lot is “What are the IRS tax forms that match the Canadian tax forms I’m used to”. To help, we’ve
Reading Time: 4 minutesA note: the FHSA is a relatively new account, and the IRS has yet to review, issue guidance, or challenge in anyway. So Canadians who
Reading Time: 3 minutesEmbarking on a new chapter in the United States brings a plethora of opportunities, but understanding the intricacies of the US tax system can be
Reading Time: 3 minutesT1161 and T1248 are critical forms for filing your final return (Canadian Departure Tax Return) before moving to the US
Reading Time: 3 minutesA look at how the American IRS views Canadian investments, retirement accounts, and properties, and how they are taxed.
Reading Time: 2 minutesWith Q4 on the horizon, it’s time to start thinking about large-scale, year-end accounting tasks. Depending on your business’s fiscal year structure, you may be
Reading Time: 2 minutesHow your Canadian investments, including RRSPs, TFSAs, RESPs, HBP, LLP, rental properties, and principal residences, are taxed by the Canada Revenue Agency (CRA) when you leave Canada.
Reading Time: 2 minutesThe average US-based or Canada-based CPA is not well-versed in the nuances of cross-border taxation
Reading Time: 5 minutesWithout proper guidance, Canadians moving to the US often encounter several tax pitfalls, like double taxation and taxation on TFSAs
Reading Time: 3 minutesCanadian departure tax—what it is, the types of assets it applies to, exemptions and how to calculate it.
Reading Time: 2 minutesThe case for delaying S Corp Election and When to Make the Switch
Reading Time: 2 minutesForm 1040, Form 114 FBAR, Form 3520, Form 3528, Form 1065, Form 1120, and Form 1120S
Reading Time: < 1 minuteCanadians in the US with a primary home in Canada do not get the same capital gain exemption as in Canada.
Reading Time: < 1 minuteTo all the small business owners out there facing challenges and uncertainties, know that you are not alone. The journey of entrepreneurship can be fraught
Reading Time: 2 minutesThis article delves into the tax implications of owning a Canadian home after moving to the US, focusing on the scenario of converting it into a second home.
Reading Time: 3 minutesThree options: sell your home, rent it out, or make it a second home
Reading Time: 2 minutesan in-depth explanation on whether Canadians living in the United States are eligible to receive the Canadian Pension Plan (CPP) and Old Age Security (OAS) benefits.
Reading Time: 3 minutesThe Roth IRA is equivalent to the Canadian TFSA. However, there are contribution and withdrawal limits that are unlike the Canadian TFSA.
Reading Time: 2 minutesThere are two ways to make contribution to your RRSP as a non-resident of Canada—with room or with new Canada-sourced income. For TFSA, you cannot, and will be charged 1% if you contribute.
Reading Time: 3 minutesThe U.S. equivalent of the Canadian RRSP is the IRA, Solo 401(k), and Group 401(k). Be aware of key differences in contribution limits, withdrawal penalties, and income limits.
Reading Time: 3 minutesIf you don’t have an LLC: You have two options on the U.S. side—a Limited Partnership and a C Corporation.
If you have already set up an LLC – You can convert the LLC to a C Corp, convert the LLC to a Limited Partnership, reorganize in a multi-layer structure, or maintain the LLC if you are close to exit and selling.
Our CPAs build an accounting process that is modern, efficient, and has the reporting capabilities you need.
Regular reports ensure you get the oversight you need to be comfortable, without being involved in the day-to-day.
Easily submit any documents remotely through our secure online portal, and we’ll take it from there.
We believe in building strong, long-term client relationships, holding ourselves to a high standard of accountability when it comes to client work, providing excellent communication, and receiving ongoing feedback from our clients.
With unparalleled guidance, cost-saving entity structures, and forecasting built on experience, you’ll get the benefit of CPAs that know the ins and outs of how your industry works.
Get 360° accounting services that offer full support and coverage of every aspect of your business.
We offer everything from granular, data-entry support to high level accounting strategy. Don’t see the service you need listed? Just ask!
Maintain a complete picture of your transaction history and financial health. Our team adheres to strict accounting standards, ensuring accurate and up-to-date books with a financial trail that is straightforward and easy to follow.
Our bookkeeping and accounting reports offer a detailed and accurate look at the complete financial health of your business. From regular reports to real-time insights, our approach to accounting is always data-driven
Unlock the full power of your accounting software with a fully-integrated software setup. Ensure regular and easy instant-generated reports with unquestionable accuracy in every line item
Regular tracking and management combined with inventory audits, evaluations, and reports help you optimize your inventory levels, track performance, and make critical decisions
Get paid on time and stay up to date with vendor payment with invoicing services focused on accuracy, timeliness, and strategy. Our team implements tools and approaches that ensure accounts payable and accounts receivable are in good health
Payroll services from the top down means your business gets the labor reports it needs while your employees and contractors are paid on time. Our team follows regulations and focuses on accuracy, offering well-rounded payroll services to the highest standard.
Get 360° accounting services that offer full support and coverage of every aspect of your business.
We offer everything from granular, data-entry support to high level accounting strategy. Don’t see the service you need listed? Just ask!
For assistance in planning and transferring your U.S. assets to Canada, please contact our colleague Phil Hogan, CPA, CA, CPA at (250) 661-9417 or phil@philhogan.com
