On every engagement we are always looking for potential tax optimization strategies and tax planning opportunities. Our objective is to minimize your corporates taxes payable and assess the impact of decisions made today on any future tax years while adhering to the guidelines in the Income Tax Act.
When owning a business in Canada, you have reporting responsibilities. The government requires different types of reporting such as sales tax and payroll tax. The reports must be filed on time to avoid penalties and interest charges. At ConsultOE, we can assist you with different forms of compliance filing all while keeping excellent records.
Every year corporations have to file corporate taxes with CRA. Our team will prepare and file the corporate tax return on your behalf. In addition, we will perform an analysis of the financial statements and corporate tax return to ensure any tax planning and tax optimization strategies are addressed.
Losing a family member or friend is a very difficult time. One of the duties of the executor is to handle the financial affairs of the deceased tax payor and file a tax return. If the death of the tax payor occurred between January 1 and October 31, the due date for the final return is April 30 of the following year. If the death of the tax payor occurred between November 1 and December 31, the due date for the final return is 6 months after the date of death. We can help you to determine what documents need to be collected to complete the final return.
CRA requires that estate return for the deceased tax payor be filed from the day after the date of death up to the approximate date the assets are distributed from the trust. Our team will assist you every step of the way from the final return up to the date the assets are distributed. From start to finish we are always analyzing and looking for any possible tax saving opportunities.
Every year income tax returns must be filed with CRA by April 30th for individuals and June 15th for individuals that are self-employed and have unincorporated businesses. Taxes for both individuals and individuals with unincorporated business are due April 30th. Many people miss valuable deductions, or structure their finances in such a way that they are missing great opportunities to save on taxes. Our years of experience with personal tax preparation and planning will help you optimize your financial position.
Do you own rental property in the United States or spend extended periods of time there studying, vacationing or working? If yes, you may be subject to various US tax filing requirements even though you are not a US citizen and pay no taxes to the IRS. We can help Canadians comply with US tax laws from applying for an ITIN (Individual Taxpayer Identification Number) to filing 1040NR with IRS. We also assist US citizens and green card holders with their 1040 filing requirements when they live outside of the US.
Any US citizen who has a financial interest in (or signatory authority over) any financial account in a foreign country may be required to file Fin CEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) with the U.S. Department of Treasury.
If the sum total of all your offshore accounts exceeds $10,000 USD at any time of the year, as an American you are required to file an FBAR. Failure to comply may result in Civil penalties of up to $10,000 USD per violation. ConsultOE can help you to return to compliance.
This service is offered to US citizens living abroad who may not have known they are subject to the United States tax filing requirements and wish to return to compliance. The US wants all their citizens to file a tax return regardless of residency. We can help you with Amnesty Filing and get you back in compliance. Given the complexity of US tax laws, it's easy for US taxpayers living outside of the United States to lose track of filing their US taxes. The IRS has a program called ‘Streamlined Filing Procedures (previously called amnesty program) to offer relief to US taxpayers who have not complied with their various obligations under US tax laws. This program allows US taxpayers to voluntarily report their failure without criminal charges or reduce the penalty for late filing.