The TST offers tax services and help to businesses in Toronto, Ontario, Canada. Tax Services Toronto 2015

Our professionals specialize in ensuring all your deductions are utilised so you pay the minimum tax allowable. Whether your information is current or in arrears we can help. 

 

 
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U.S Taxes & ITIN

U.S Taxes & ITIN

Who has to file an US tax return?
- If you are a US citizen, you are required to file a US Income Tax Return regardless of where you live or your income level.

- If you own a US property that is rented at any time during the year, you must report this amount on a US Return.

- If you dispose of a US property, a US return needs to be filed

- If you sell services or products to the US, there may be a requirement to file a US Return.

There may be various other situations in which an individual must file a US tax return.

In many cases, besides filing a Federal return, you would need to file State returns. We also help you preparing tax returns for every state.

Do I need to file Form 5471?

If you own 10% or more shares of a foreign corporation, you are required to file form 5471 every year with your income tax return. This applies to an individual who has not taken any income out of the corporation as well. The individual may have deemed dividends for US reporting purposes. If US citizens own over 50% of a foreign corporation and you are at least a 10% shareholder, you should include your pro-rata share of the foreign corporation's income in your US tax return.


We can prepare any or all of the following:
- US personal Federal or State tax returns
- Obtaining Individual Tax Identification Number - ITIN
- Prepare Personal or Corporate Canadian Tax Returns
- Capital Gains/Losses on disposition of Rental Property
- Tax Planning to minimize tax for individuals


 

 
Tax Services Toronto
555 Burnhamthorpe Road, Suite 406
Toronto, ON
M9C 2Y3
Phone: 416.626.2727
Fax: 416.621.7136
E-mail us: taxes@garybooth.com
Web: taxservicestoronto.com
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Tax Services Toronto | U.S Taxes | Do I need to file Form 5471? If you own 10% or more shares of a foreign corporation, you are required to file form 5471 every year with your income tax return. This applies to an individual who has not taken any income out of the corporation as well.