Tax Tips

Did you know that, if you own American property and are renting it out, you have to file a US Form 1040NR ( and state return where applicable) each year? If you neglect to do so, you risk being liable for 25% of the gross rent. We can help.

Did you know that most US citizens are required to file a United States tax return each year? We have been filing these returns for 14 years, and can help make this an easy and secure process.

Canada Revenue Agency will want 33-1/3% of the gross sale price withheld and remitted to Canada Revenue Agency pending a Clearance Certificate. We can expedite the process.

Did you know that if you are a non-resident of Canada who is a landlord in Canada, you must have 25% of the gross rent withheld and remitted to Canada Customs & Revenue Agency? You can then file a return and claim expenses to recover some of this tax.

We are located across the street from the Vancouver District office of CRA. Being able to walk in and discuss a file with an agent or access their computer enables us to solve problems more quickly. In order for us to act on your behalf, we require a CRA Consent Form signed by you.

Canada taxes all of your income once you have established residence. If you are coming from a country with lower tax rates, you may wish to delay your entry until after some income is received.

Canada calculates capital gain on the value of assets when you enter Canada. A portfolio valuation should be done on the day of entry and kept for future reference.

Have you heard of Departure Tax? It is best to plan before you leave.

Generally all accrued capital gains become taxable to Canada in the year you emigrate. Your new country may again tax these gains when you actually sell the asset.