What do I need to prepare your Canadian personal personal tax return?
If you are an existing client, ask me for your personalized checklist.
For new clients,
- Please find my standard engagement letter here.
- please complete Tax Return checklist, also available as a PDF
- Please authorize me with CRA as your representative by following the steps on this page. My business number is 132441379.
What do I need to prepare your American personal personal tax return?
For US tax returns, some additional information is required, such as social security numbers, time spent in the USA, and many other items. You may have to file a US tax return if you are considered to be a ‘US person‘, or if you have income from US sources.
If you are what is called a ‘US person’, and you have over $10,000 in aggregate in non-US bank and financial accounts and investments, you need to do ‘FBAR‘ reporting on form 114. As such, I will need a listing with the maximum value in all your bank and financial accounts during the year, including RRSP’s and TFSA’s.
US Return checklist, also available as a PDF
Frequently Asked Questions
How do I authorize you as my accountant for my company?
To authorize me to access your ‘My Business Account’, please follow this procedure.
How do I get access to ‘My Business Account’ with CRA?
To get access to ‘My Business Account’ please follow the procedure found here.
I wish to continue receiving paper mail from CRA for my Business. How do I do that?
If you prefer paper mail, you must submit a formal request to the CRA. Only an individual with signing authority (such as an owner, director, legal representative) can make this request.
You can request paper mail using one of the following methods:
- Online:
- Sign in to your CRA account, select your Business account to go to My Business Account, and submit your request.
- By mail:
- Fill out and sign Form RC681 – Request to Activate Paper Mail for my Business, and mail it to your Tax Centre.
- Keep your mailing address up-to-date. If mail is returned, your account automatically reverts to online mail.
- Renew paper mail requests every two years to continue receiving correspondence by paper mail.
- Submit a new paper mail request for each new program account you register, even if your existing accounts already receive paper mail.
As a ‘US Person’, should I contribute to a Tax Free Savings Account?
It is normally fine for you as a ‘US person’ to contribute to a Tax Free Savings Account. You will be exempt from tax on any earnings in your TFSA, and since, as an expat resident in Canada, most, if not all your income is taxed in Canada, due to the foreign tax credits and foreign earned income exclusion, you will not likely be taxed on any income in your TFSA on your American return.
As a ‘US Person’, should I invest in Canadian Mutual Funds and Exchange Transfer Funds (ETF’S)?
My recommendation is to not invest in what are known as ‘Passive Foreign Investment Companies (PFIC)’. Some popular PFIC’s are Canadian mutual funds and Exchange Transfer Funds, as they are taxed more heavily by the IRS, and have special reporting requirements on form 8621.
Do I need a transcript from the IRS?
If you are a Canadian resident and are paying tax to the IRS, in order to claim a foreign tax credit on your Canadian return, CRA will usually require you to request a ‘Record of Account Transcript’ (Assessment Notice) from the IRS. Please follow the directions here.
What if I spend time in the USA, but are resident of Canada?
If you are not an American citizen or green card holder, but spend a lot of time in the USA, you can be considered a non-resident alien required to file a US tax return. To establish a closer connection to Canada, and as such be exempt from US taxation, you should file form 8840. You can read more about this here.
I have not filed American returns for the last number of years, if any. What do I do to become compliant with the IRS?
If you are an expat and not in compliance with the IRS, you may wish to take advantage of the voluntary disclosure rules by using ‘streamlined filing procedures’, which you can find here. I can prepare those returns for you.
While it is true, as you can find on the CRA website:
“Canada’s tax system is based on self-assessment. This means that individuals voluntarily complete an income tax return to report their annual income and claim all deductions or credits that apply to their situation. In this way, you are able to calculate the amount owing or the refund to be received.” (also, see taxpayer bill of rights below)
It is also true that, under the Canadian tax system, we may so arrange our affairs to pay the least amount of tax legally possible. That means, in a positive sense, that we may use every provision under the Income Tax Act to lower our tax bill.
It is even more true what we find recorded in Luke 20:25, where Christ says: “Render therefore unto Caesar the things which be Caesar’s, and unto God the things which be God’s.”
Which means, that we have to be obedient to the government, and not reduce our tax return by illegal means, such as Tax Evasion. This is CRA’s policy on tax evasion.
As an accountant, I am obliged, under our Code of Ethical Principles and Rules of Conduct, to not associate myself with any false and misleading statements. And even more importantly, it is against God’s law.
Personal Information Protection Policy
Bert Mulder Professional Corporation, Chartered Professional Accountant is committed to safeguarding the personal information entrusted to me by my clients. I manage your personal information in accordance with Alberta’s Personal Information Protection Act and other applicable laws. This policy outlines the principles and practices I follow in protecting your personal information. – See my complete policy here.
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