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If U.S. citizens or residents own Canadian Registered Retirement Savings Plans (‘RRSPs’) or Registered Retirement Income Fund (‘RRIFs’), the accrued earnings in the accounts are taxable in the U.S. unless a Form 8891 is filed. This form allows for an election pursuant to the Canada-US Income Tax Treaty to defer U.S. income tax on income...
Over the last few years, the tax specialists at AGT LLP have engaged with many U.S. Citizens who are living in Canada that are considering renouncing their citizenship. While the renunciation process was already complex, recent developments in the U.S. Congress hint that the process of renouncing ones U.S. citizenship will be even more difficult...
Here at AGTax LLP we receive numerous calls on a daily basis regarding the Foreign Bank Account reporting form (FBAR), also known as the FinCEN Form 114. Due to recent changes in the acceptable filing methods for the FBAR, we thought it would be a good time to go over those changes in detail, as...
Many Canadians have been investing in the U.S. real estate market or starting work in the U.S. Similar to Canada, you will need to have a tax ID with the Internal Revenue Service (IRS). This ID number is referred to as a U.S. Individual Taxpayer Identification Number (ITIN). We would like to take some time...
Continuing low real estate prices in the United States have provided the opportunity for large numbers of Canadians to purchase U.S. property. Many investment savvy Canadian’s will search out US tax and legal advice before committing to investing in US real estate, but often times the advice they are provided with does not take into...
The Construction or Installation Projects Exception To The Permanent Establishment Article of the Canada-U.S. Tax Treaty Generally maintaining a fixed place of business in Canada is one thing that creates an income taxable connection to Canada. However, there is an exception contained in Article V of the Canada –U.S. Tax Treaty. In Paragraph 3, the...
Many U.S. taxpayers are not fully aware of the foreign account and asset reporting required by the IRS. Two most commonly discussed are the Foreign Bank Account Reporting (FBAR) and Foreign Account Tax Compliance Act (FATCA). We would like to take some time to go over several of the specifics regarding these requirements. The Foreign...
This new streamlined filing program is designed specifically for low compliance risk taxpayers. All submission will be reviewed by the IRS. Should your returns present a low compliance risk, the IRS will expedite the review and will not assess penalties. Who can file under the ‘Streamlined Filing’ program? You are eligible if you meet the...
The following information is intended to assist our clients to understand the documents and information that are required by Aylett Grant Tax LLP to prepare your U.S. income tax returns, such as: 1040NR and other information filings required by the IRS. The sooner and more complete we receive this information, the more efficiently our cross...
The penalties applied by the IRS for filing infractions can be severe and punitive nor is the IRS reticent to apply them. Penalties are not limited to income tax forms but are also applied to information forms. We have listed a few of the most common forms that you may have to complete below and...
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ABOUTAylett Grant Tax, LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.OFFICEVancouver
+1 (888) 502-1810New South Surrey office coming January 2025ABOUTAG Tax LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.OFFICEVancouver
12752 28th Ave, Surrey, BC, V4A 2P4OFFICEEdmonton
104–4220 98 St NW Edmonton AB, T6E 6A1