There are a myriad of choices when choosing a qualified US and Canadian cross-border tax professional.  The choices range in price, expertise, quality, timeliness and professionalism which makes searching for the right fit overwhelming.  Often times individuals are not even sure where to begin in their search, the questions to ask, the needs they require assistance with and the value they will be receiving. 

To make the decision easier, we have answered the most common questions individuals have when engaging a qualified US and Canadian cross-border tax professional:

1.) How much will it cost to file my US tax returns?

This is the question we get asked the most so it’s only fitting we address it first.  Every client situation is different and often times individuals with US citizenship or greencards have complex needs.  Not only do they have to file and pay taxes in Canada but they also have the same requirements in the US.  

The price you pay will depend on the level of complexities associated with your income and investments and the number of disclosure reporting forms required to be filed in both the US and Canada. 

We provide you with a free estimate before we begin the entire process.  We do this because we stand by the value of our services.

2.) Do I need a consultation before engaging a US tax professional?

It is recommended to have a consultation before you engage a professional to assist you with filing US and Canadian taxes.  The consultation ensures your entire financial situation is evaluated to determine the most efficient manner to structure your affairs and it also ensures your tax preparer is knowledgeable and personable.

After a consultation with us you will:

• Have professional tax advice tailored to your situation including tax efficient holdings for your investments and other questions you may have
• The tax returns and forms you are required to file in both Canada and the US.  This ensures you are not exposed to harsh penalties in the US and Canada, which often times are $10,000 or more for failing to file tax forms and disclosures
• How much it will cost to file your US tax return

3.) What information should I have before consulting with a tax professional?

• Copy of your current and prior year US or Canadian tax returns
• A summary of your worldwide assets
• A summary of investments such as:
  • Retirement assets in Canada or the US
  • Canadian Tax-Free Savings Accounts (“TFSA”) and the investments held within the account
  • Canadian mutual fund holdings
  • Ownership of Canadian private corporations, partnerships or trusts

4.) How can I become current in my tax filings if I have never filed US tax returns?

US citizens and green card holders are required to file and pay taxes to the US regardless of where they physically reside.  We can assist you with getting caught up with delinquent tax returns and forms.  We can also assist with avoiding costly and harsh US penalties for failing to file tax returns and disclosure forms.

5.) When are my tax returns due?

• US tax returns are due by June 15 for US citizens and greencard holders residing in Canada or April 15 for individuals residing in the US.  US tax payable is due by April 15 regardless of your filing due date
• Canadian tax returns are due by April 30 for most individuals or June 15 for self-employed individuals.  Canadian tax payable is due by April 30 regardless of your filing due date
• Most disclosure forms are due on the same date as your US or Canadian tax filing due date.  There are certain tax forms with differing due dates.  Therefore, it is important all of your tax filing requirements are identified in advance of when the tax returns are prepared in order to avoid costly penalties which often times start at $10,000 per missed form