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Updated by Sam G on Oct 30, 2023
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Canadian Tax Accounting Services

Find out why small businesses and individuals trust the SDG Accountant for Canadian tax services.

Toronto Tax Accountant

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...

Oakville Tax Accountant

SDG Accountants provides world-class tax and accounting services in Oakville. From cross-border tax concerns to on-site bookkeeping, or even just general corporate filing requirements...

Vaughan Tax Accountant

SDG Accountants provides world-class tax and accounting services in Vaughan. From cross-border tax concerns to on-site bookkeeping, or even just general corporate filing requirements...

Tax Accountant Mississauga

SDG Accountants provides world-class tax and accounting services in Mississauga. 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...

Temporary Residence Filing Tax Return – Accounting Toronto

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 return...

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

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...

GST/HST for Business and Self-employed Individuals 101 – SDG Accountant

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...

How to Calculate Capital Gains on Cryptocurrency?

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 (CRA 2019)...

Information on Personal Real Estate Corporations (“PRECs”) in Ontario

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...

Simplified Method for Home Office Expenses Claimed During Covid-19 (Flat-Rate Method)

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...

How to Prepare for IRS Streamlined Filing Compliance Procedures

Streamlined filing compliance procedures help expats stay in compliance after making non-willful mistakes. Key concepts include timelines and proactiveness. When it comes to taxing people living abroad, the government relies on the so-called Foreign Account Tax Compliance Act (FATCA). The law came to life in 2010 when the 111th United States Congress passed it. It demands that all U.S. citizens or permanent residents living in foreign countries disclose all sources of income...

Form 5471 and Corresponding Schedules – SDG Accountant

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...

Streamlined Foreign Offshore Procedure and Form 14653

Form 14653 certifies an expat’s non-willfulness in case of under-reported income. It is a primary criterion of eligibility for the streamlined foreign offshore procedure. After the passage of the Foreign Account Tax Compliance Act in 2010, one of the most popular tax evasion strategies was finally weakened...

Foreign Tax Credit: Your Guide to the Form 1116

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. Hence why the final tax liability will reflect a reduction based on the tax already deemed payable to the foreign country...

Newcomer Tax Returns in Canada

Canada is the land of multiculturalism, immigrants, and one of the most inclusive countries in the world. To greener pastures, as they say, welcome to Canada! Therefore, we decided to prepare this article with the intention of providing the guidance of the newcomer tax returns...

Everything You Need to Know About the Foreign Earned Income Exclusion

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. As with most other exclusions given by the IRS...

T1135 – Reporting Specified Foreign Assets to the CRA

If you meet all of the criteria and none of the exemptions applies to you, the next step is to file Form T1135. For individuals between $100,000 CAD and $250,000 CAD during the year, you can choose between filing Form T1135 using the simplified method or with the detailed reporting method. Under the Simplified reporting method, you simply need to report what types of Specified Foreign Property you own...

Introduction on Tax Credit | SDG Accountant

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...

Tax Evasion vs. Tax Avoidance and Tax Planning Distinguish?

Due to recent investigations conducted by Canada Revenue Agency on Valentine’s Day, 2018 (by no coincidence) this has resulted in the execution of 3 search warrants in respect to a number of offshore tax evasion relating to a leak of information by a Panama law firm. This has shed light on the extent and measures CRA is taking to crack down on individuals and entities looking to avoid paying tax...

What is the Voluntary Disclosure Program (VDP)?

The CRA Voluntary Disclosure Program grants relief to taxpayers who voluntarily omitted or made an error on their tax returns. In the program, taxpayers can correct or make changes to their previous year returns.

Bitcoin and the Tax Implication for Canadians | Accounting Toronto

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. People use Bitcoins for two major purposes: trading, and paying for goods and services. This article focuses on the tax implications of using Bitcoins for both purposes.

Temporary Residence Filing Tax Return | SDG Accountant

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...

Implications on the U.S Tax Reform for Canadian Business | SDG Accountant

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...

Personal Tax Returns Toronto: What Do I Need to Get Started?

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...

How to Make Your Payment to the CRA

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...