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International Tax

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Canadian persons generally  pay taxes based on their worldwide income, based upon Canadian law and international tax treaties, between Canada and some 100 other countries. The laws of Canada are enforced by CRA, the Canada Revenue Agency.

In an income tax practice such as that of Charles and Peter Russell, the individuals are skilled in a many international tax matters, but we also rely upon  important resources to vet complex matters we meet against case law, quality guidelines and manuals from tax authorities. For example, we are often confronted with complex situations. We have a keen idea of how to resolve matters, but we normally react to a complex challenge with research , before we give our final “take” on  the issues at hand!

Given our neighbour to our south, USA, the preponderance of out international clientele devolves, naturally, from Unites States interests.

CHARLES RUSSELL CPA CA is available to prepare, during 2017-2018, a limited number of US income tax returns, for Canada-based individuals, or for US residents with Canada source income, only. Normally, due to complexity of US tax filings, and an earlier deadline  by the US tax filing deadline, of April 15 each year we request on your behalf,an extension accompanied by the estimated  US tax owing. This enables the US 1040 income tax returns to be filed “on-time” before October 15, 2017.

Frequently, taxpayers are required to file both US/Canada tax returns. We are able to advise on “cross-border”, issues covered by domestic legislation and US-CANADA tax treaty, often as a result of a move from/to US or Canada. FACTA, FBAR, PFIC and several other acronyms are within our experiences.

We prepare paper-based US tax returns only, based upon our licensing. Areas of experience include:

US situs real estate rentals and capital gains;

US1040 NR

Passive Foreign Investment Companies (Pfic’s including non-US mutual funds);

Other foreign trusts, Annual information return 3520/3520A;

FBAR reports, Department of US Treasury, due June 30 annually as well as form 8938, statement of Specified Foreign Investments;

Treaty-based filing Positions;

NOL Loss carry back, Form 1045;

Alternative Minimum Tax, Foreign Tax credits and several others.

Charles maintains a PTIN registration, which is first-level US tax preparer, and,  is required to maintains  continued professional development in this field of endeavour.