Canada - US Tax Consultant


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parth1970   
Member since: Jan 06
Posts: 174
Location: Brampton

Post ID: #PID Posted on: 29-12-06 00:46:36

I would have to file duel (USA and Canada), could someone suggest me any Desi Tax Accountant/consultant who is dealing with H1B and Canadian PR.

Thank you,

Note: I have search at “charcha” but didn’t find any name or number


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"First they ignore you, then they laugh at you, then they fight you, then you win" - Mahatma Gandhi


Smiley   
Member since: Mar 03
Posts: 1185
Location: USA

Post ID: #PID Posted on: 29-12-06 02:42:02

http://www.centa.com" rel="nofollow">LINK


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zCool   
Member since: Mar 05
Posts: 92
Location:

Post ID: #PID Posted on: 29-12-06 12:46:29

Use turbotax or something similar to file your US taxes..
Then take those returns and go to any tax consultant in Canada..



dimple2001   
Member since: Apr 04
Posts: 2873
Location: Western Hemisphere

Post ID: #PID Posted on: 30-12-06 11:49:00

Few H&R block offices do US/Canada taxes. Call them up and find out the nearest office.

The following may be confusing for few. But here it is. There are several legal ways to do the US Canada taxes to maximize benefits for you.

The "optimal" way to maximize benefits in the US taxes is to maximize the refunds by using all available deductions/exemptions/credits. The "optimal" way to maximize benefits in the Cdn tax portion is to minimize the amount of RSP deductions so those deductions could be used in the following years when they might be most needed. In other words, instead of RSP deductions, charitable deductions could be taken (example).

With the above in mind, the taxes can be prepared. However, when maximizing US refunds, the amount of foreign tax credit decreases. This in turn might increase the tax amount in Canada (especially the ON taxes).

To offset the increased tax amount, you may have to now use deductions in Canada (RSPs if not anything else) to bring down the Cdn taxes.

Bottomline, the numbers can be played with to obtain the best situation for you.

For example, US charitable deductions can be included either in the US taxes or Cdn taxes. You might be able to avail the benefits of non-working spouse (deduction - base amount, exemptions, etc) on either US or Cdn taxes. And so on.


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Dimple2001


parth1970   
Member since: Jan 06
Posts: 174
Location: Brampton

Post ID: #PID Posted on: 01-01-07 00:14:14

Thank Dimple,


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"First they ignore you, then they laugh at you, then they fight you, then you win" - Mahatma Gandhi


navin2004   
Member since: Jan 04
Posts: 102
Location: Toronto

Post ID: #PID Posted on: 01-01-07 13:00:27

parth1970,

I am in same boat as yours. Let me know if you find any tax consultants.
The link posted by someone here, charges hefty fees.
I though have lived in Canada, went to US and then back, so for one year I did file both country taxes and used H&R Block services. They charged something like $300 bucks for both countries I think.
The office I used was near Warden and Eglinton and the lady I worked with was Vic Moncado. She seemed knowledgeable, but did not give any good tax savings advice.
I just used her after reading through the rules of both countries and pulling my hair trying to interpret what each country says and found that they contradict each other. It is just very confusing, though now I have better understanding.
The problem stems from the determination of residency rules. US looks only at current year days that you stayed in US, but also a portion of previous 3 years.
When I file this year I would have lived half and half in both countries, so it will be interesting to find out what my status ends up being after applying both countries laws.
You can call the International Tax Office number in Ottawa which is part of CRA, but they are not going to give you lot of details. They will ask you to fill out a form and send to determine the residency.

Let me know how things proceed with you though.





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