Canada - US Tax Treaty ading Text Here
Our Tax Accountants in Edmonton Provide Cross Border Tax Services
At Gallo LLP, we’ve developed a proven, stress-free approach that ensures our Canada-US tax submissions are filed correctly – and on time – on both sides of the border. Our team of Chartered Professional Accountants provides seamless service for Canada-US accounting and tax services that you can rely on. Years of experience have allowed our team to develop an acute understanding of the United States’ taxation systems, guided by the Canada-US tax treaty. With this experience, we’ve created successful strategies that ensure you pay only the legal minimums in tax and that all costly penalties are avoided.
Have Real Estate in the United States?
Our professional team of Chartered Accountants work with a wide range of clients who own international vacation homes, investment properties in the United States and beyond. From US-based real estate rental income to the sale of US properties and estate tax; we work to ensure your US taxes are filed accurately, and on time.
If you’re a Canadian resident who owns a home in the United States, you’ll need to be aware of the tax implications involved. Property taxes are typically paid to the local jurisdiction, while capital gains tax may apply if you sell the property. Rental income from your US home is generally taxable in both countries, but you can claim deductions for expenses related to the property. To avoid double taxation, Canada allows you to claim a foreign tax credit for US taxes paid on rental income or capital gains. However, it’s important to consult with a tax professional to ensure you understand and comply with all relevant tax regulations.Our team is here to support you with cross-border accounting services, including filing US taxes from Canada.
Our team is well-versed in preparing American taxes, including instances that involve:
» Real Estate Income
» Sale of US Properties
» US Estate Taxes
Whether you need advice on the Canada-US tax treaty or help from a seasoned Canada-US tax advisor, our team of Canada-US tax accountants at Gallo LLP is here to assist. Book a consultation today to ensure your tax strategy is seamless on both sides of the border.
Understanding the Canada-US Tax Treaty
The Canada-US tax treaty is designed to prevent double taxation and provide clarity for individuals and businesses with cross-border financial interests. At Gallo LLP, our Canada-US tax advisors ensure that you’re taking full advantage of the treaty’s benefits. From determining residency status to applying tax credits, we help optimize your tax obligations. Contact us to learn how the treaty affects your specific situation and safeguard your finances.
Get Help Claiming the Canada-US Tax Treaty Benefits
Gallo LLP can help you and your business maximize the benefits of the Canada-US Tax Treaty. Our experienced tax professionals have a deep understanding of the treaty’s provisions and can ensure you claim all the deductions and credits you’re entitled to. We’ll work closely with you to identify areas where you can reduce your tax burden, streamline your filing process, and avoid costly mistakes. By leveraging our expertise, you can focus on growing your business while knowing that your tax affairs are in good hands.
Canada-US Tax Treaty FAQ
Yes! In order to prevent double taxation for residents of either country who make income in both countries, or US citizens living and working in Canada, we have a Canada-US tax treaty. This tax treaty doesn’t negate the need to file taxes in both countries, but it does ensure that no one is being taxed twice for the same income.
The tax treaty is meant for individuals who are residents of Canada or the United States as well as corporations that are incorporated in either country.
A resident is typically considered to be an individual who has a significant presence in a country. A non-resident is someone who doesn’t have a significant presence in a country.
The treaty uses various criteria for ‘tie breakers’, such as the source of the income, where your primary interests are, and the residence of the recipient.
Yes. If you are an American citizen (or citizen of any other country) living and working in Canada, you will be required to pay Canadian income taxes.
Yes. The United States is actually the only country in the world that taxes both on residence and citizenship. If you’re living and working in Canada as a US citizen, you’ll be required to pay different taxes in the states. Work with us at Gallo LLP to ensure you’re not overpaying your taxes!
If you have assets or income coming from the US and you’re a Canadian citizen, or you’re a US citizen living and working in Canada, Gallo LLP has you covered. While the Canada-US tax treaty can be complicated, the best choice you can make is working with a CPA! Contact our team today for your Canada-US tax needs.
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Our team of Chartered Professional Accountants is here to help you with all your US-Canada Tax needs. If you’re unsure where to start with your taxes, Gallo LLP is the place to go! Call us at (780) 417-7530