US Tax Implications of Canadians Investing US Real Estate
Canadians’s have long been investors in US real estate. They have accomplished this by making acquisitions either directly, or using different forms of business entities including corporations, partnerships and trusts.
If you have U.S. real estate interests, are a Canadian resident and have tax questions on:
If you’ve filed your return and then determine that you need to make a change to your tax return, either because you have received another T-slip, or because you didn’t claim an expense and later learned it was deductible, you can request an adjustment to your tax return.
The time limit for filing most adjustments to your tax returns by mail is ten (10) years. For a late or amended pension splitting election the time limit is three (3) year.
You can request the change for your most recent return, or your returns for the previous 9 tax years, either online or by mail. In 2018, you can request a change for the 2008 or later taxation years.
Due date for Self-employed 2017 tax return for you and your spouse or common-law partner is Friday, June 15, 2018. Any balance owing for 2017 must be paid by April 30, 2018. A late-filing penalty on amounts owing may apply to returns received after the June 15th deadline.
Exception to the due date of your return. When the due date falls on a Saturday, a Sunday, or a public holiday recognized by the CRA, your return is considered on time if we receive it or it is postmarked on the next business day.
If you can’t afford to pay your balance owing by April 30th, file your tax return on time to avoid late-filing penalties!
Due date to file a GST/HST return
If your reporting period is monthly or quarterly, you have to file your GST/HST return and pay the amount you owe no later than one month after the end of your reporting period.
With annual reporting period, there are two possible rules, depending on your situation:
As a individual and you have a December 31 fiscal year-end, you have to file your GST/HST return by June 15 and pay the amount you owe by April 30
in all other cases, you have to file your GST/HST return and pay the amount you owe no later than three months after the end of your fiscal year
Other important facts
Business Records: If you own a business or are engaged in a commercial activity, keep thorough records. Your records have to give enough detail to determine the tax you owe and support any benefits you are claiming. Claims they must be supported by original documents.
Businesses should always get receipts or vouchers when buying anything for business. Receipts should always have the date, name, address, description, and the vendor business number(s) if they are registered for GST/HST or QST/TVQ.
About Expert Fiscaliste
Contact Expert Fiscaliste
Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.
If you want to take advantage of our services for your tax return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.
Your 2018 tax calendar for 2017 returns –There are important dates and deadlines that apply to all Canadian tax returns.
Planning for these dates are very important – in avoiding inquiries from government authorities, and potential interest charges and penalties. We have provided general dates on when tax slips should arrive, when tax payments are normally required, and when tax returns normally are required to be filed. We encourage you to consult with an independent tax professional to confirm the relevant deadlines and the anticipated implications to your particular situation. For more information click here for our PDF version.
Call Expert Fiscaliste at 514-954-9031
Not considering tax planning until the end of the year – or when filing your annual tax return – may limit the opportunities available to help you minimize your overall tax bill. Talk to your Expert Fiscaliste tax professional about the Planning Considerations and TIPS included in this calendar to determine if you’d benefit from incorporating them into your 2018 planning.
Preparing 2017 Tax Return – Let our tax experts help you get every tax refund you deserve because we know how hard you work. This means that we work for you to make sure you get all the deductions and tax credits you are entitled to. As your Authorized Representative offer you year-round tax advice and support with the government authorities.
Call Expert Fiscaliste now at 514-954-9031
It’s that time of the year again-and Expert Fiscalisteoffers convenient, accurate, and affordable preparation of all types of tax returns. We’re equipped to handle any tax situation, including personal returns, rental properties, estate/trust, and foreign income. We’ll make sure that you get the maximum refund possible, and we provide you with tax support after the tax returns are filed. Just follow three simple steps. For more information on how click here for our PDF
Call us 1-514-954-9031 Let us prepare your Tax Returns
Preparing your 2017 Tax Return is part of your responsibilities as a taxpayer. Doing your taxes requires filling out many forms to determine if you owe taxes or if you will get a refund. Even if you had no income in the year, you have to do your taxes to get the benefits and credits you might be entitled to. For example the GST/HST/QST tax credits, Canada child benefit, working income tax benefit, and other benefits and credits. Using a tax professional simplifies the process and can increase the credits and benefits that you may be entitled to.
Let Expert Fiscaliste prepare your 2017 tax returns for you – Most Canadians have to fill out their return, send it, and pay any tax owing it to the governments no later than April 30th, 2018.
2018 Tax Calendar Individuals – There are important dates and deadlines that apply to all Canadian tax returns that are required in the 2018 Tax Calendar for Individuals for the 2017 fiscal taxation year.
Call Expert Fiscaliste now at 877-542-2130
2018 Tax Calendar Individuals – Planning for these dates are very important in avoiding inquiries from government authorities, and potential interest charges and penalties. We have provided general dates on when tax slips should arrive, when tax payments are normally required, and when tax returns normally are required to be filed. We encourage you to consult with an independent tax professional to confirm the relevant deadlines and the anticipated implications to your particular situation.
Call Expert Fiscaliste now at 877-542-2130
Let let us prepare your tax returns for you. Our tax experts help you get every tax refund you deserve because we know how hard you work. Call 877-542-2130. Our tax experts help you get every tax refund you deserve because we know how hard you work. This means that we work for you to make sure you get all the deductions and tax credits you are entitled to and offer you year-round tax advice. For more on Preparing 2017 Tax Return visit this page http://www.expert-fiscaliste.org/2017-tax-return/
About Expert Fiscaliste
Contact Expert Fiscaliste
Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.
If you want to take advantage of our services for your tax return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.
In the wake of renewed media attention concerning offshore financial structures, the Canada Revenue Agency (CRA) has delivered the following statement to inform Canadians on the work and progress being made to combat tax evasion and tax avoidance. The CRA is also taking the opportunity to highlight the important work Canada is doing on the world stage through increased cooperation and collaboration with its international partners to better combat those hiding their assets offshore.
The Government understands that tax evasion and tax avoidance are multi-billion-dollar issues, and it has made a billion-dollar investment to tackle it. Almost two-thirds of the CRA’s audit fiscal impact of $25 billion over the last two years was from audits of international, large business and aggressive tax planning activities. The CRA currently has more than 990 audits and more than 42 criminal investigations related to offshore underway.
This investment has signaled to Canadians that the CRA continues to expand the tools it has to better ensure the integrity of the tax system so that no one avoids paying their part to support the services and quality of life Canadians expect.
The CRA is ensuring that those who choose to break the law face the consequences and are held accountable, starting with tax professionals who facilitate non-compliance – the CRA levied more than $44 million in third-party penalties on tax advisors last year and there are presently a number of criminal cases under way. The Agency has a full-time dedicated unit focused on offshore non-compliance and we are reviewing money transfers over $10,000 between Canada and four offshore jurisdictions such as the Isle of Man. In addition, the CRA is risk-assessing 100% of large multinational corporations, analyzing the tax affairs of risky high-net worth taxpayers, and working with credible paid informants.
Expert Fiscaliste has moved to better serve our clients and we are now located in the Le 1000 building which is directly connected to the Bonaventure metro station (line 2 – Orange). From inside the station, simply follow the indications leading you to Le 1000
The building is served by STM bus routes 36 Monk (on Saint-Jacques St. going East, on Saint-Antoine St. going West) and 107 Verdun (on Peel St.). We are also directly connected to the AMT’s Terminus Centre-ville, the downtown bus terminal for many suburban bus lines serving the Montréal South Shore.
Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.
If you want to take advantage of our services for your tax return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.
