Taxation
Corporate Income Tax
We prepare provincial and federal corporation income tax returns together with any applicable schedules and file them electronically when possible. We also correspond with the Canada Revenue Agency on your behalf in the event of an audit or to clarify tax filings. Our goal is to ensure you take advantage of all available tax savings while filing complete and accurate returns.
Personal Income Tax
We prepare personal income tax returns together with any applicable schedules and file them electronically. We will also correspond with the Canada Revenue Agency as required in order to assist with the proper filing of your tax return. Our goal is to minimize your tax burden while filing complete and accurate returns.
Estate Income Tax
The executor of the estate of a deceased person is responsible for filing tax returns on behalf of the deceased person and also on behalf of the estate.
When a person dies, there is a terminal return that must be filed. This is a final T1 individual income tax return that is filed for the year of death. Along with the income earned to the date of death, it also reports the deemed disposition of all assets of the deceased at the date of death. There are also elective returns that may be able to be filed to reduce the overall tax burden. In addition, a trust return may be required. A trust return reports income earned by the estate from the date of death of the individual until the time that the assets have been distributed. There may be one or more of these returns required depending on how long it takes to wind up the estate.
Tax Physicians can help you by preparing the Final (T1) and Trust (T3) income tax returns together with any applicable schedules and submit it to the Canada Revenue Agency for processing.
US Income Tax
If you are a U.S. citizen living and working in Canada, you remain subject to the same filing requirements that you would be in the U.S. This means, as part of your U.S. tax preparation, you must file Form 1040 every year, reporting your worldwide income. This means that if you are a U.S. citizen resident in Canada, you must file two returns each year: a Canadian return (based on residence), and a U.S. return (based on citizenship). Fortunately, this does not necessarily mean that you'll have to pay taxes to both countries. There are several mechanisms available to help avoid double taxation, and Tax Partners' U.S. tax team is here to help!
Tax Physicians can provide you with:
- U.S. 1040 tax return preparation
- U.S. 1040 NR tax return preparation
- State tax return preparation
- Estate income tax planning and preparation
- FBar reporting
- Other foreign reporting requirements
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