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US Citizen living in Canada going business in Canada and the US
Posted on 06. Nov, 2010 by Phil Hogan, CA.
Question Mr. Hogan I’m 59 years old and a US Citizen and Canadian Permanent Resident. For the last 10 years, I’ve been an employee of a US Management Consultancy, working entirely in the US for US clients while residing in [Canadian province]. I’d been advised by their cross-border tax advisors that income generated while working [...]
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Not filing for US purposes…in Canada for 48 years.
Posted on 06. Nov, 2010 by Phil Hogan, CA.
Question Just had a call from my father about filing US tax returns. I am a US citizen who has lived in Canada for 48 years. I want to contact the IRS, as I just learned that I should have been filing tax returns in the states for all these years. What do I do? [...]
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Gift to US resident taxpayer (US Citizen) from a Canadian Parent
Posted on 14. Oct, 2010 by Phil Hogan, CA.
Question Hello.. Can you please answer for me: I am Canadian, and my grown son lives in the USA, and recently became a US Citizen. If I “gift” him money (such as for a down payment on a house).. will he be required to report this on his taxes? I searched everywhere on the IRS [...]
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Scientific Research and Experimental Development Program
Posted on 21. Sep, 2010 by Phil Hogan, CA.
Canada’s Scientific Research and Experimental Development program (SR&ED) is a federally-funded program administered by the Canada Revenue Agency which, through tax-incentives like tax credits and cash refunds, rewards businesses of all sizes and in all business sectors for conducting scientific research and development projects. The Scientific Research and Experimental Development program is an effort to [...]
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Tax Consequences of Emigrating (leaving) from Canada
Posted on 20. Sep, 2010 by Phil Hogan, CA.
Can Canadians be subjected to tax consequences even after emigrating from Canada to the United States? According to the law firm Chang and Boos, a US-Canadian immigration law center, the answer is a resounding “yes.” In an article posted recently on the law firm’s website, one author wrote, “there are a number of Canadian income [...]
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Canada Revenue Agency Voluntary Disclosure Program
Posted on 19. Sep, 2010 by Phil Hogan, CA.
The Canada Revenue Agency’s Voluntary Disclosure Program offers a unique opportunity for a “do over” for individuals who want to correct past mistakes or omissions on their tax returns. The following article summarizes the Voluntary Disclosure Program, including information on who is eligible and certain program limitations. It is however always a good idea to [...]
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Summary of the IRS Voluntary Disclosure and Amnesty Program
Posted on 19. Sep, 2010 by Phil Hogan, CA.
The following article is a summary of the IRS Voluntary Disclosure and Amnesty program, specifically the new internal guidance procedure targeting those with foreign and offshore accounts. While the majority of this article’s information has been culled from the IRS webpage entitled, Voluntary Disclosure: Questions and Answers, it has been significantly condensed and summarized for [...]
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How to deal with an IRS audit or review
Posted on 18. Sep, 2010 by Phil Hogan, CA.
If you’ve received notice that the IRS is going to conduct a review or audit of one or more of your tax returns, you may experience several emotions, ranging from fear to guilt to even anger for apparently being singled out, but with a little more information you may find that going through a an [...]
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Victoria BC ITIN Acceptance Agent – Individual Taxpayer Identification Number
Posted on 06. Sep, 2010 by Phil Hogan, CA.
As an IRS acceptance agent we can help you obtain an ITIN (Individual Taxpayer Identification Number) for US tax purposes. This will require the completion of form W-7 and a signature from our acceptance agent. Who needs an ITIN? Non resident aliens required to file a US 1040NR income tax return Deemed US residents required [...]
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How to Incorporate a Business in British Columbia
Posted on 06. Sep, 2010 by Phil Hogan, CA.
Forming a business in British Columbia can be accomplished in one of three ways. The first is to file for a sole proprietorship, the model used by the majority of small business owners, the second is to form a partnership and the third—the model to be discussed here in more detail—is to form a corporation. [...]