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DNTW Toronto LLP | 45 Sheppard Avenue East, Suite 703 Toronto, Ontario M2N 5W9
+ 416.924.4900
info@dntwtoronto.com

Canadian & US Taxation

TAXATION SERVICES

As you know tax impacts almost every major business decision you will make. While there are many traps and pitfalls in our current taxation environment, there are often opportunities present as well.

At DNTW , the approach is to provide integrated tax advice to clients with an emphasis on tax planning and services customized to meet your needs. You are kept up to date with the latest tax changes that affect you and your business as well as being up to date on important developments and policy changes ensuring that the advice you receive is cutting edge. The approach is one that provides value, is forward looking and above all, tailored to you and your specific needs.

COMPLIANCE

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Preparation of federal and provincial corporate income tax returns.

  • Preparation of Canadian and US personal income tax returns
  • Preparation of Goods and Services Tax Returns
  • Preparation of annual T4 Returns.
  • Preparation of annual T5 returns.
  • Preparation of other documents required by regulatory bodies.

TAX PLANNING

The Service:

Tax services are comprised of both compliance and planning. A forward-looking tax strategy is required to minimize taxes and maximize value. Staying up to date on the latest tax legislation is likely one of the farthest things from your mind. You should be aware that effective tax planning will help you avoid traps and pitfalls, and will enable you to capture deductions and credits and maximize the benefits of the provisions of the Income Tax Act.

For Individuals:

Regardless of what individual goals you have set for yourself, efficient tax planning is essential in order to build, preserve and maximize wealth.

For Businesses:

The tax function can contribute significantly to a corporation’s strategic financial goals. It is essential for successful companies to manage the tax implications of every aspect of doing business- whether expanding or contracting, in managing your resources, whether human, physical or intangible. This is applicable whether you are dealing with old economy or e-business.

In the area of our primary focus, the world of the owner-managed business, the prime objective is to minimize and defer the tax for a corporation and its shareholders. In the owner-managed company, our approach to the shareholder and the company is to view them as one economic unit.

The focus of tax planning is to maximize the after-tax retention of income, cash and increasing wealth.

Your tax strategy needs to be both innovative and demonstrably effective in creating value, while at the same time allowing you to think ahead in a fast changing environment.

HELP WITH YOUR US TAX ISSUES

US Personal Tax

You are a US citizen or a US “Green Card” holder. You live and work in Canada and you’re current with all your tax filings with the CRA. But you’ve never filed a US tax return, or it’s been several years since you did. The IRS is looking for you. You are required to file a US personal income tax return every year, even if you don’t owe any taxes. The penalty for failing to do so can be quite severe.

In addition to the tax return, you need to tell Uncle Sam about all your foreign bank accounts. Yes, all your Canadian accounts, including your RRSPs, life insurance and investment accounts are foreign accounts because they are not in the US – why would they be, you live in Canada. The penalty for not disclosing these accounts is also severe, and Canadian banks are required to assist the IRS in locating Americans who have not complied with these filing obligations.

US Corporate Tax

You’re doing business in the US. You’ve only got a few sales. Did you know you are required to file a US income tax return? Did you know there may be state returns? Some cities and other local governments also require income tax returns. Have you considered state or local sales tax? Have you considered that your transactions may be taxed differently in the US than in Canada?

If you’re doing business in the US, even on a limited scale, you have an obligation to file a US corporate tax return. You may, depending on the state, have state income or sales tax returns to file. Some states require each company doing business in the state to register in that state and they may want an annual information return.

US Tax Planning

You may be considering a move to the US. Perhaps you’d like to buy some property. Perhaps your business is considering expanding into the US or perhaps you’ve got a proposed transaction that involves US persons. You want to be sure what the tax implications are before you take that next step.

Other US Tax Concerns

Perhaps the IRS has already found you and you’re in the midst of an audit. Maybe the IRS or the CRA are asking about the prices you charge on cross border transactions.