Tax Accountant Toronto

A variety of tax related services from FTA accounting.

FTC (Foreign Tax Credits or Deductions)

For all the taxes you paid in Canada, you can ask for foreign tax credit on your United States tax returns. If you are a green card holder or a U.S. citizen, you must file the 1040 form on yearly basis if you meet a certain income requirements. You may be subject to S.E. tax exemption if you live in Canada and you are exempted by the Canadian U.S. social security agreement. You will have to file disclosure to this exemption with the 1040 Form.
Other than filing the 1040 Form every year, you may be subject to additional tax reporting. Additional tax reporting may apply if you are a beneficiary or if you own Canadian Mutual Funds. You are also subject to additional U.S. tax reporting if you own or are a beneficiary of Canadian RPPs, RESPs, RRSPs, and TFSAs.