sdgaccountant


sdgaccountant
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Residency - Coming and Going from Canada: Tax Implications

Posted by 2 days ago (https://accountingtoronto.ca/residency-coming-going-canada-tax-implications/)

Description: We are a Toronto accounting firm specializing in personal and corporate taxation. We help small businesses and individuals all over the Greater Toronto Area deal with complex situations regarding residency and tax filing obligations. The following are a few important issues regarding the taxation regarding residency...

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Tag: accounting, bookkeeping, tax accountant toronto, cra, accountant toronto, tax implications, corporate taxation, personal taxation

How to Make Your Payment to the CRA?

Posted by 8 days ago (https://accountingtoronto.ca/make-payment-cra/)

Description: Day in and day out thousands of hardworking individuals around Canada are working to make a living. Whether it be through employment, self-employment, or business activities many people find themselves owing money to the CRA for one reason or another. Whether this is the first time you had extra time owing at the end of the year or you’re looking to change the way you make your payment, the following payment options will let you pay your taxes...

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Tag: accounting, bookkeeping, tax accountant toronto, accountant toronto, pay your taxes, cra tax payment, cra payment method, canada revenue agency

Personal Tax: What Do I Need to Get Started?

Posted by 17 days ago (https://accountingtoronto.ca/personal-tax-need-get-started/)

Description: It’s important to realize that tax returns are personalized and depending on your individual circumstances you will be able to claim different things on your tax return. The following are some important items to keep in mind when you go to your accountant to prepare your tax return...

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Tag: accounting, bookkeeping, tax accountant toronto, accountant toronto, tax returns, personal tax return, personal tax accountant

Implications on the U.S Tax Reform for Canadian Business

Posted by 22 days ago (https://accountingtoronto.ca/implications-u-s-tax-reform-canadian-business/)

Description: SDG Accountant prepares this article with the intention of providing a brief summary with implications on the impacts for Canadian Business Owners regarding the U.S tax reform. If you would like to know more details about this tax reform or how the tax reform will affect your business, you can reach out to us at 1-416-755-3000 or email at admin@sdgaccountant.com...

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Tag: accounting, accountant toronto, u.s. tax reform, unified framework, foreign tax credit, income tax liability, canadian small businesses

Sole Proprietorship or Incorporation?

Posted by 24 days ago (https://accountingtoronto.ca/sole-proprietorship-incorporation/)

Description: We have recently experienced an increasing demand with regards to the consultation service on their scenario of shifting from employee to contractor for a higher hourly rate. One of the tough questions for them to answer is whether they should start their business as a sole proprietorship or incorporation. We prepare this article with the intention to provide some brief introduction on the differences and considerations between...

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Tag: sole proprietorship, incorporation, accounting, bookkeeping, accountant toronto, income tax implications, income tax credit, tax planning

Temporary Residence Filing Tax Return

Posted by 28 days ago (https://accountingtoronto.ca/temporary-residence-filing-tax-return/)

Description: Are you a Temporary Residence such as Student/Working Permit Holder and looking to file your personal tax return? We have provided individual tax return service to people with different residential/citizenship statuses including International Students, Foreign workers, Foreign Residences, Refugees etc. Therefore, we decided to prepare this article with the intention of providing Temporary Residence with the guidance of individual tax returns...

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Tag: accounting, bookkeeping, tax accountant toronto, accountant toronto, tax returns, canadian tax return, non-residence tax filing

IRS Streamlined Compliance Procedure (SCP)

Posted by 7 days ago (https://accountingtoronto.ca/irs-streamlined-compliance-procedure-scp/)

Description: Are you an American living in Canada who has never filed U.S. tax returns? How about F-bars? You may be in trouble as the IRS may take extreme measures to penalize these taxpayers. Luckily, SDG Accountant specializes in assisting Americans living in Canada in compliance with the IRS. We will assist in not only back filing your U.S. tax returns and F-bars...

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Tag: accounting, bookkeeping, tax accountant toronto, accountant toronto, irs streamlined procedure, tax compliance, u.s. tax returns, ovdp

Bitcoin and the Tax Implication for Canadians

Posted by 14 days ago (https://accountingtoronto.ca/bitcoin-and-the-tax-implication-for-canadians/)

Description: Bitcoin is currently the most notable digital currency. Although Bitcoins only exists in a digital form, it still provides the normal functions of other types of currency. However, unlike other common currencies such as the US Dollar, Bitcoin is not come from a Central Bank or Government and also does not face regulation from such an agency...

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Tag: accounting, bookkeeping, tax implication bitcoin, cryptocurrency taxes, capital gains, crypto accountant toronto, capital gains tax calculator

What is the Voluntary Disclosure Program (VDP)?

Posted by 22 days ago (https://accountingtoronto.ca/voluntary-disclosure-program/)

Description: SDG Accountant can ensure you have thoroughly and accurately complied with all the conditions that must be met to submit an authentic disclosure. Our offices in Toronto can provide all the steps to submit a successful VDP, including tax owing estimates, unfiled income tax returns, back taxes, unfiled HST, sales tax returns, any unreported income and unreported foreign assets on the T1135 form...

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Tag: accounting, bookkeeping, toronto accountant, voluntary disclosure program, income tax stream, gst/hst stream, income tax returns, sales tax returns

Tax Evasion vs Tax Avoidance and Tax Planning Distinguish

Posted by 25 days ago (https://accountingtoronto.ca/tax-evasion-vs-tax-avoidance-tax-planning-distinguish/)

Description: SDG Accountant has represented hundreds of clients with tax issues in the Greater Toronto Area and even international clients who have Canadian Tax interests. We represent them in dealing with the Canada Revenue Agency to assist in getting them the best possible result. This requires complying with Canadian Tax Law in order to avoid criminal and civil penalties. A voluntary disclosure program is a great tool in coming forward with unreported income...

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Tag: accounting, bookkeeping, foreign tax credits, expat tax filing, toronto tax accountant, tax evasion, tax avoidance, tax planning

Introduction on Tax Credit

Posted by 30 days ago (https://accountingtoronto.ca/introduction-on-tax-credit/)

Description: SDG Accountant team provides an introduction on tax credit and various issues. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation. It is written by the author solely in their personal capacity and cannot be attributed to the accounting firm with which they are affiliated...

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Tag: accounting services, tax credit, refundable tax credit,

Small Business Payroll Services & Software Toronto

Posted by 3 days ago (https://accountingtoronto.ca/payroll-services/)

Description: Whether you are choosing to use Wagepoint, Quickbooks Online (QBO), Simple Pay, Wave, or Payment Evolution we are here to help guide and select the right payroll provider software for your small business...

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Tag: accounting services, accountant toronto, payroll services, tax accountant toronto, payroll taxes, payroll software, toronto cpa firm

T1135 – Reporting Specified Foreign Assets to the CRA

Posted by 6 days ago (https://accountingtoronto.ca/t1135-reporting-specified-foreign-assets-cra/)

Description: When it comes to taxes many individuals have the tendency just to report their income and a few other expenses that they have become accustomed to collecting, such as medical expenses or property taxes. However, if you have assets outside of Canada you could have additional reporting obligations that you may be unaware of. The CRA’s Form T1135 requires certain taxpayers to provide information about their foreign property...

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Tag: accounting, bookkeeping, tax accountant toronto, specified foreign property, property taxes, filing form t1135, toronto accountant

Strengthen Your Firm with Top of the Line Small Business Accounting Services in Toronto

Posted by 20 days ago (https://accountingtoronto.ca/strengthen-firm-top-line-small-business-accounting-services-toronto/)

Description: Every business needs proper record keeping and accounting because, without proper record keeping, your business will not hit the heights you want to achieve. To make it possible, one must hire the services of reliable and trustworthy small business accounting services in Toronto. It is the best and most appropriate way to benefit your business. When you hire a professional accountant, you will not only save your time but also get rid of a headache...

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Tag: accounting services, accountant toronto, small businesses taxation, small business accountant, toronto tax accountant, payroll services

How to Share Banking Information using Hubdoc or Google Drive

Posted by 22 days ago (https://accountingtoronto.ca/share-banking-information-using-hubdoc-google-drive/)

Description: SDG Accountant‘s tutorial for clients on sharing their banking information with our firm or their accountant. These methods will allow their accountant to not lose track of any of their shared information that generally is lost in the e-mail or junk mail folders. This ensures that both the client and accountant are aware of any financial information relevant to the company i.e. supporting documents...

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Tag: accounting, bookkeeping, toronto accountant, accounting tools, financial accounting system, payroll services

Difference Between US Citizens and Green Card Holders When it Comes to Taxes

Posted by 25 days ago (https://accountingtoronto.ca/us-green-card-holders-in-canada/)

Description: When it comes to filing federal taxes, there is pretty much no difference in tax compliance. Even though you may be classified differently for immigration law purposes, US Green Card Holders are considered US tax residents – just like US citizens. So, the rule of US citizens being taxed on their global income applies to Green Card Holders. But you shouldn’t worry about unequal tax differences because you may be able to take advantage of tax breaks such as the Foreign Earned Income Exclusion and the Foreign Tax Credits...

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Tag: accounting, bookkeeping, green card holder taxes, foreign tax credits, filing federal taxes, toronto tax accountant, fbar filing

Expat Filing Requirements | SDG Accountant

Posted by 30 days ago (https://accountingtoronto.ca/expat-filing-requirements/)

Description: Expats, which is a term derived from “expatriate,” are people whose legal status is that of U.S. citizens or permanent residents while their current location of living is outside of the country. So, even though you have full rights under U.S. laws, you are residing elsewhere for the vast majority of the year...

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Tag: accounting, bookkeeping, u.s. expatriate taxes, foreign tax credits, expat tax filing, toronto tax accountant, fbar filing

PFIC Test and Form 8621

Posted by 8 days ago (https://accountingtoronto.ca/all-about-form-8621/)

Description: As with all international holdings, U.S. citizens and permanent residents have to report them to the IRS. For PFIC income, reporting happens through Form 8621. The four-page form is an “informational” return that has six parts. While there are quite a few boxes where dollar figures go, taxpayers also need to make appropriate selections. There is also a highly convoluted set of rules that give rise to excess distributions...

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Tag: accounting services, bookkeeping, canadian taxes, u.s. taxes, payroll services, pfic test, form 8621, foreign income taxes

Tax Filing for Immigrants & Newcomers

Posted by 11 days ago (https://accountingtoronto.ca/newcomer-tax-returns-in-canada/)

Description: Canada with its world-class education system, free healthcare, safety, and beauty attracts people from all over the world. New opportunities bring in new challenges and as a newcomer to Canada, the first year is supposedly the hardest as you are trying to adjust to new surroundings, new systems, and a new way of life. Filing your taxes in Canada for the first year is surely a new challenge and we at SDG Accountants can take a part of that worry away with our simple approach to handling your taxes...

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Tag: accounting services, bookkeeping, canadian tax, u.s. tax, tax filing, payroll services, newcomer tax returns,

Everything You Need to Know About Form 1040NR

Posted by 15 days ago (https://accountingtoronto.ca/everything-you-need-to-know-about-form-1040nr/)

Description: As one of the most complex tax situations that you could find yourself in, figuring out the way to report earnings as a non-resident alien of the United States can be extremely difficult. Those who fall under this status are people who are not citizens of the U.S. and have not established permanent residence yet. Anyone outside of those two classes, with certain exceptions, will have to file a so-called Form 1040NR...

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Tag: accounting, bookkeeping, tax services, federal tax filing, form 1040NR, income tax filing, non-resident alien form

Everything You Need to Know About the Foreign Earned Income Exclusion

Posted by 17 days ago (https://accountingtoronto.ca/everything-you-need-to-know-about-the-foreign-earned-income-exclusion/)

Description: Foreign Earned Income Exclusion (FEIE) is explained in section 911 of the 26th title of the official United States Code. Although some legalese and specialized accounting terms may be tough to get through, this is the law allowing you to sidestep paying both domestic and foreign income tax. In order to do so, it offers a full exclusion to a portion of annual earnings generated overseas...

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Tag: accounting, bookkeeping, tax services, foreign income taxes, u.s. tax guide, foreign earned income exclusion

FBAR Filing: Foreign Bank Account Report Form Explained

Posted by 19 days ago (https://accountingtoronto.ca/fbar-filing-foreign-bank-account-report-form-explained/)

Description: FBAR stands for Report of Foreign Bank and Financial Accounts. It is a filing requirement for certain U.S. persons that meet two specific criterions. The first one is that they have an interest or authority over a foreign account/(s). The second one is that the account/(s) have an aggregate value of more than $10,000. There is a fairly long list of exception that applies to certain situations where FBAR filing is unnecessary...

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Tag: accounting, bookkeeping, tax services, federal tax filing, fbar filing, tax guide, u.s. tax guide

Foreign Tax Credit: Your Guide to the Form 1116

Posted by 24 days ago (https://accountingtoronto.ca/foreign-tax-credit-your-guide-to-the-form-1116/)

Description: Form 1116 foreign tax credit is a non-refundable credit based on the tax payable to foreign countries. Consider, for instance, a U.S. citizen abroad who never filed a tax return. If they are working in a foreign country, their form 1040 is likely going to contain substantial foreign income. Well, paying both the U.S. and foreign tax on the same money is counter-intuitive...

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Tag: accounting, bookkeeping, canadian tax, u.s. tax, tax filing, payroll services, foreign tax credit, tax returns

Covid-19: Canada Emergency Commercial Rent Assistance (CECRA)

Posted by 28 days ago (https://accountingtoronto.ca/covid-19-canada-emergency-commercial-rent-assistance-cecra/)

Description: The Prime Minister, Justin Trudeau, announced that the federal government has reached an agreement in principle with all provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. This program is meant to lower rent costs by 75 percent for small businesses that have been affected by COVID-19...

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Tag: accounting services, bookkeeping services, cloud accountants, federal tax filing, payroll services

Form 14653: Streamlined Foreign Offshore Procedure

Posted by 30 days ago (https://accountingtoronto.ca/streamlined-foreign-offshore-procedure/)

Description: As forward-thinking and beneficial as FATCA is, there are certainly some downsides to it. The first one is the fact that the IRS streamlined filing compliance procedures that it carries are quite complex. Besides the FBARs, taxpayers must also deal with added paperwork in every instance of a property sale, passive income gain, and similar transactions. To combat the increased complexity, the IRS developed something known as the IRS streamlined procedure...

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Tag: accounting services, irs streamlined procedures, federal tax filing, tax returns, streamlined program

Form 5471 and Corresponding Schedules

Posted by 4 days ago (https://accountingtoronto.ca/form-5471-and-corresponding-schedules/)

Description: Form 5471 is an “Information Return of U.S. Persons with Respect to Certain Foreign Corporations.” In translation, it is a form that some taxpayers use to report the activities of their foreign organizations. Courtesy of its “informational” status, there is no actual tax liability associated with the filing. Instead, the IRS utilizes it to determine what companies they should audit under laws such as Subchapter F, per se. Although the shortened version only spreads over six pages, this form is known for its numerous schedules...

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Tag: accounting, bookkeeping, canadian tax, u.s. tax, tax filing, payroll services, gst, hst

How to Prepare for IRS Streamlined Filing Compliance Procedures

Posted by 8 days ago (https://accountingtoronto.ca/irs-streamlined-filing-compliance-procedures/)

Description: Streamlined filing compliance procedures stand for an IRS streamlined program available to non-willful taxpayers living internationally. These are also commonly referred to as streamlined domestic offshore procedures. The term “non-willful” represents those who did not purposely fail to disclose income. Instead, their lack of compliance has to be a byproduct of extenuating circumstances, not reckless disregard. The IRS streamlined program is going to offer a full penalty waiver when the taxpayers provide adequate current and amended tax returns...

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Tag: accounting services, streamlined procedures, federal tax filing, tax returns, streamlined program

Digital-Virtual Bookkeeping Services and Remote Cloud Accountants

Posted by 12 days ago (https://accountingtoronto.ca/digital-virtual-bookkeeping-services-and-remote-cloud-accountants/)

Description: SDG Accountant is your trusted partner to provide your business with digital, virtual and cloud accounting and bookkeeping services. We have a thorough systematic process for onboarding our remote bookkeeping clients and handling their bookkeeping remotely from anywhere in the world. With years of experience working with all industries, we can cater to you no matter what your business line is...

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Tag: accounting services, bookkeeping services, cloud accountants, federal tax filing, payroll services

Simplified Method for Home Office Expenses Claimed During Covid-19

Posted by 14 days ago (https://accountingtoronto.ca/simplified-method-for-home-office-expenses-claimed-during-covid-19-flat-rate-method/)

Description: Millions of Canadians were forced to work from home during the 2020 tax year and opted to use their bedrooms, kitchens, and living rooms to work remotely for their employers. This creates an administrative burden on employees to claim their work from home office expenses on their personal tax returns...

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Tag: accounting, bookkeeping, tax services, federal tax filing, payroll services, tax audit, individual tax

Information on Personal Real Estate Corporations in Ontario

Posted by 18 days ago (https://accountingtoronto.ca/information-on-personal-real-estate-corporations-precs-in-ontario/)

Description: The Government of Ontario has introduced new legislation as of October 01, 2020, bypassing Bill 45, Trust in Real Estate Act, 2020 which will bring in a plethora of changes to the old Real Estate and Business Brokers Act, 2002 by permitting the Personal Real Estate Corporations (PRECs). PREC allows self-employed realtors in Ontario to have access to the advantages of operating their business through a corporation. These advantages include tax planning and estate planning options...

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Tag: accounting, bookkeeping, tax services, federal tax filing, payroll services, tax audit, individual tax

How to Calculate Capital Gains on Cryptocurrency?

Posted by 22 days ago (https://accountingtoronto.ca/how-to-calculate-capital-gains-on-cryptocurrency/)

Description: Cryptocurrency is a type of digital currency or payment that may be used to buy and sell goods and services on various online platforms. To work, cryptocurrencies rely on a sort of technology known as a blockchain- a form of a highly secure database that records and maintains transactions. For income tax purposes, cryptocurrency is considered a capital asset, which means it is treated the same as any other gain on the sale of a capital asset (Canada Revenue Agency, 2019). To calculate capital gain on cryptocurrency, simply subtract the selling price of your cryptocurrency...

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Tag: accounting, bookkeeping, tax services, federal tax filing, crypto tax, tax guide, capital gains

GST/HST for Business and Self-employed Individuals 101

Posted by 26 days ago (https://accountingtoronto.ca/gst-hst-for-business-and-self-employed-individuals-101/)

Description: GST/HST is an integral part of running a business, and not understanding the rules surrounding sales tax can be damaging for your business. Self-employed Canadians and businesses should be aware that they might need to register for a GST/HST account and start remitting sales tax to the CRA...

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Tag: accounting, bookkeeping, canadian tax, u.s. tax, tax filing, payroll services, gst/hst

Provincial Sales Tax (PST) for Business and Self-Employed Individuals 101

Posted by 29 days ago (https://accountingtoronto.ca/provincial-sales-tax-pst-for-business-and-self-employed-individuals-101/)

Description: Provincial Sales Tax (PST) is complicated to understand simply because different provinces have their own ways of collecting PST. In this blog post, we will be going through the different rules surrounding PST in regards to the different provinces...

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Tag: gst/hst, good and services tax, provincial sales tax, harmonized sales tax, filing gst/hst return

Toronto Accountant – SDG Accountant

Posted by 3 days ago (https://accountingtoronto.ca/toronto-accountant/)

Description: SDG Accountants provides world-class tax and accounting services in Toronto. From cross-border tax concerns to on-site bookkeeping, or even just general corporate filing requirements, we work directly with our clients across the globe to guide them through the complexities of their Canadian accounting requirements...

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Tag: accounting, bookkeeping, tax services, federal tax filing, payroll services, tax audit