Concerned about the stability of your farming income?
At Price & Comin LLP, we can help guide you through the AgriStability program provided by the Alberta government to aid farmers in the event of a disaster.
At Price & Comin LLP, we can provide the assurance and accounting services you need, whether it be preparation of financial statements, review or audit engagements. Our goal is to help you use your financial information to make better, more informed decisions for your organization.
Getting bogged down with bookkeeping details?
Let Price & Comin LLP help keep you organized with our bookkeeping services – enabling you to focus your time and resources on the big picture.
At Price & Comin LLP our focus is on accuracy and tax savings strategies to minimize your corporate tax bill.
With our estate planning experience at Price & Comin LLP, we can give you peace of mind. Let us help you plan ahead for tax implications of investment activities, develop strategies to reduce future tax bills, expedite wealth transfer, and enable you to fulfill your charitable and philanthropic wishes.
Let Price & Comin LLP prepare your Canadian GST return using CRA-approved income tax software with e-file so you can get your refund quickly.
Are you spending too much time and worry on payroll?
Price & Comin LLP have experience in providing payroll services, including providing direct deposit of payroll cheques for your employees, for businesses of all sizes. We can process your payroll efficiently and accurately, allowing you to spend your time on other critical aspects of your business.
With our extensive experience in tax preparation, our goal at Price & Comin LLP is for you to receive the largest refund or pay the least tax possible. If we file your tax return with an error that costs you any interest or penalties on additional taxes due we will reimburse you for the interest and penalties assessed.
When it comes to taxes, planning ahead can save you money. Price & Comin LLP can help you year-round to plan for the future. Our goal is to maximize your refund or minimize your tax payable.
Our accountants have the knowledge and experience needed for your U.S. income tax preparation and are available year-round to answer all of your U.S. tax questions.
It is our goal to maximize your refund or minimize your tax payable to the extent available under current U.S. tax laws.
Here is some information on U.S. filing requirements for citizens living abroad; it is not extensive but covers most of the situations for U.S. citizens living in Canada:
• U.S. tax is based on citizenship and requires all U.S. citizens to file a tax return declaring worldwide income regardless of where they live. (Form 1040)
• U.S. citizens with a financial interest in non-U.S. financial accounts, with an aggregate value exceeding $10,000 at anytime during the year, must report specific financial account information to the U.S. Department of Treasury. (Report of Foreign Bank and Financial Accounts Form FinCEN 114)
• U.S. citizens holding non-U.S. investments with an aggregate value exceeding $200,000 at the end of a year or $300,000 at any time during the year, are **required to report information** about those assets as part of their tax return. (Form 8938)
• Canadian mutual funds and similar investments are considered to be passive foreign investment corporations for U.S. tax purposes. U.S. citizens are subject to complex tax rules on these investments if they are held outside of an RRSP or RRIF. You want to be sure your investment advisor is familiar with these rules to avoid adverse tax consequences. (Form 8621)
• The U.S. considers an RESP to be a foreign trust; therefore U.S. citizens are subject to reporting requirements for foreign trusts (Form 3520).
• Unlike in Canada, where income or capital gains realized on investments held in a Tax-Free Savings Account are tax-free, any income or capital gains realized within a Tax-Free Savings Account held by a U.S. citizen is taxable in the U.S. Tax-Free Savings Accounts may also be deemed as foreign trusts and subject to reporting requirements for foreign trusts.
• U.S. citizens who are officers, directors or shareholders with more than 10% ownership in non-U.S. corporations have additional reporting requirements regarding the corporation that has to be reported with their personal tax return. (Form 5471)
• The penalties for failure to file vary by form. They are based on a percentage of assets for some forms, a minimum of $10,000 for others, and up to $10,000 for others. Depending on the form, the penalty may be applicable for each outstanding year.
Please note being a Canadian citizen or filing Canadian income tax returns does not eliminate the requirement to meet U.S. tax reporting and disclosure obligations for a U.S. citizen. It is recommended that U.S. citizens who have not kept current, or who have not filed previously, file tax returns under a Voluntary Disclosure Program. Please contact our office to discuss the appropriate program for your needs.
Following are links to additional information:
At Price & Comin LLP we have staff with many years of experience in preparing US Corporate Tax Returns.
Our goal is to use all the information you provide to maximize your refund or minimize your tax payable to the extent available under current U.S. tax laws.