When you are moving from Canada to USA or from USA to Canada, you are required to file taxes in both countries and to declare your “worldwide income. This is called "Double Taxation".
Proper tax planning, while coordinating your tax preparation in both countries, is key to reducing your tax liability, and increasing your overall wealth.Tax Planning for “Double Taxation”
Tax planning is a service that helps you optimize your tax situation before reporting. The purpose is to use legitimate ways to optimize your potential tax consequences based on your goals and plans for the future.
Tax planning, gives you the ability to implement strategies to reduce the amount of tax you pay and to increase your net income overall.
Proper tax planning that takes “double taxation” into account before tax time, is critical. Transition Financial will help you take advantage of the tremendous opportunities that are available before exiting one country and moving to the other.
Tax Preparation
Tax preparation is a service that helps you file your tax returns. The main goal is to make sure your tax reporting complies with all applicable laws.
At Transition Financial, If we are involved in your tax planning, we are happy to prepare your taxes. US and Canadian taxes have several differences and of course, each Country has its own laws, tax credits and tax deductions. Our tax preparation experts will ensure that you don’t miss any money-saving deductions or credits and that you receive the highest tax return possible.
When moving from Canada to the USA or from the USA to Canada, there are some tremendous opportunities to take advantage of BEFORE exiting one country and moving to the other.
There is always value in planning and ensuring compliance with the tax authorities, but the most planning opportunities are available in the year before departure.
At Transition Financial, we specialize in co-ordinating both your USA and your Canadian tax returns. We are familiar with the necessary compliance issues and we will ensure that they are fulfilled to your benefit.
Detailed Information
We are happy to answer any questions that you may have about your particular situation. Please contact us and a representative will be in touch soon.