US / Canada Income Tax Returns what forms needed
Hi David,
>
> I was reading your e-mails and saw this one. Could you tell me which forms that we could fill out to possibly some some money and time? We have a small business in Canada ,husband is a dual US/Can. citizen, I am canadian. We live together in the US where Rodger works full time and I do not work. We have Canadian and US investment income. Would forwarding last year's tax returns help? How do we go about applying for a US extension as we will not get everything to you in time?
>
> Thanks,
>
>
>
>
> _______________________________________
david ingram replies:
The CRA asks for the information you will find on Form T2124 for the business - print out
http://www.cra-arc.gc.ca/E/pbg/tf/t2124/t2124-06e.pdf
and try and fit as many numbers as you have into the lines on that form. The closer you come to those categories, the better. The less numbers I have to sort or add together, the smaller the preparation charge.
You will note that this form also has specific breakout spots for a claim for an office in the home and motor vehicle expenses.
These same numbers will them be converted and go onto US form Schedule C.
For the US, I need the year end figures for Dec 31 2005 and Dec 31 2006 for any Canadian RRSP accounts you have. These go on Form 8891 which you will find at
http://www.irs.gov/pub/irs-pdf/f8891.pdf
Assuming the total of all your financial accounts in Canada is over $10,000 US, you also need to fill in forms T D F 90-22.1
which you can see at
http://www.irs.gov/pub/irs-pdf/f90221.pdf
If your accounts total over $10,000, I need the
Name of the Financial Institution,
Holder of the account - You , Rodger or joint
Account number
Highest balance in 2006 (not necessarily or likely to be December 31st)
For the rest I need any:
* bank information slips from Canada. T3, T5, NR4, 5013 slips.
* bank information slips from the US. 1099 Misc, 1099-Div, K-1, 1042S
* Rodger's W2 slip or 1099-Misc
anything else that you think might be relevant.
A copy of the 2005 US and the 2005 Canadian and 2005 State return if in a tax filing state.
For an Extension 'You' or us will need to file the simple US form 4868 which you will find at:
http://www.irs.gov/pub/irs-pdf/f4868.pdf
>
> From: US / Canada Income Tax Help - CEN-TAPEDE <[email protected]>
> Reply-To: [email protected], [email protected]
> To: CENTAPEDE <[email protected]>, jurock <[email protected]>
> Subject: US USA / CANADA Income Tax Help - Here is a price list - sort of - Quote during the busy season- David Ingram gives expert income tax & immigration help to non-resident Americans & Canadians from New York to California to Mexico family, estate, income trust trusts Cross border, dual c
> Date: Wed, 28 Mar 2007 19:46:31 -0700
> >[email protected]: Please see bottom of message if you wish to unsubscribe.
> >------------------------------------------
>
>
>
> Hi David
>
> First question is whether you will be taking additional clients during this hectic season.
>
> I am interested in your services and would love to get a quote for your services
>
> The situation:
>
> I am a unmarried US-Canada dual citizen living in Canada (Vancouver) with my parents (no rent).
> I graduated from university last spring and I now run a Sole proprietorship in Computer Consulting full time from home.
> I have both a GST and PST number though none of my clients have been from Canada.
>
> My main client is from the United States and are paying me as a consultant.
> I have also helped several individuals from around the world (none in Canada) with smaller jobs.
> If you require more information to make your assessment please let me know.
> Please let me know if you can take this task and send me a quote for tax preparation.
> Please also let me know which documents are required.
>
> Thanks!
> Even if you are unable to help me this year I would still love to receive a quote if it is for the following year.
>
> _______________________________________________________
> david ingram replies:
>
> You were rejected by the system as just one of too many emails today.
>
> However, baring a major catastrophe with our staff and associates, I see no reason that we could not look after you this year.
>
> As a US citizen, you have to file a US return whether you work in the US or not. All we have to sell is our a time. The better prepared you are, the less the charge for preparation. It would help if you had the totals asked for on Form T2032 (available at CRA website). http://www.cra-arc.gc.ca/E/pbg/tf/t2032/t2032-06e.pdf The Instructions for the form and self-employment in general are at: http://www.cra-arc.gc.ca/E/pub/tg/t4002/t4002-06e.pdf I have asked for this form because you are based in Canada.
>
> If you were based in the USA, I would suggest that you have the figures asked for on Schedule C http://www.irs.gov/pub/irs-pdf/f1040sc.pdf - Read the instructions at http://www.irs.gov/pub/irs-pdf/i1040sc.pdf
>
> In either case, we have to convert the currencies and fill in both forms to do the dual country returns.
>
>
> I was reading your e-mails and saw this one. Could you tell me which forms that we could fill out to possibly some some money and time? We have a small business in Canada ,husband is a dual US/Can. citizen, I am canadian. We live together in the US where Rodger works full time and I do not work. We have Canadian and US investment income. Would forwarding last year's tax returns help? How do we go about applying for a US extension as we will not get everything to you in time?
>
> Thanks,
>
>
>
>
> _______________________________________
david ingram replies:
The CRA asks for the information you will find on Form T2124 for the business - print out
http://www.cra-arc.gc.ca/E/pbg/tf/t2124/t2124-06e.pdf
and try and fit as many numbers as you have into the lines on that form. The closer you come to those categories, the better. The less numbers I have to sort or add together, the smaller the preparation charge.
You will note that this form also has specific breakout spots for a claim for an office in the home and motor vehicle expenses.
These same numbers will them be converted and go onto US form Schedule C.
For the US, I need the year end figures for Dec 31 2005 and Dec 31 2006 for any Canadian RRSP accounts you have. These go on Form 8891 which you will find at
http://www.irs.gov/pub/irs-pdf/f8891.pdf
Assuming the total of all your financial accounts in Canada is over $10,000 US, you also need to fill in forms T D F 90-22.1
which you can see at
http://www.irs.gov/pub/irs-pdf/f90221.pdf
If your accounts total over $10,000, I need the
Name of the Financial Institution,
Holder of the account - You , Rodger or joint
Account number
Highest balance in 2006 (not necessarily or likely to be December 31st)
For the rest I need any:
* bank information slips from Canada. T3, T5, NR4, 5013 slips.
* bank information slips from the US. 1099 Misc, 1099-Div, K-1, 1042S
* Rodger's W2 slip or 1099-Misc
anything else that you think might be relevant.
A copy of the 2005 US and the 2005 Canadian and 2005 State return if in a tax filing state.
For an Extension 'You' or us will need to file the simple US form 4868 which you will find at:
http://www.irs.gov/pub/irs-pdf/f4868.pdf
>
> From: US / Canada Income Tax Help - CEN-TAPEDE <[email protected]>
> Reply-To: [email protected], [email protected]
> To: CENTAPEDE <[email protected]>, jurock <[email protected]>
> Subject: US USA / CANADA Income Tax Help - Here is a price list - sort of - Quote during the busy season- David Ingram gives expert income tax & immigration help to non-resident Americans & Canadians from New York to California to Mexico family, estate, income trust trusts Cross border, dual c
> Date: Wed, 28 Mar 2007 19:46:31 -0700
> >[email protected]: Please see bottom of message if you wish to unsubscribe.
> >------------------------------------------
>
>
>
> Hi David
>
> First question is whether you will be taking additional clients during this hectic season.
>
> I am interested in your services and would love to get a quote for your services
>
> The situation:
>
> I am a unmarried US-Canada dual citizen living in Canada (Vancouver) with my parents (no rent).
> I graduated from university last spring and I now run a Sole proprietorship in Computer Consulting full time from home.
> I have both a GST and PST number though none of my clients have been from Canada.
>
> My main client is from the United States and are paying me as a consultant.
> I have also helped several individuals from around the world (none in Canada) with smaller jobs.
> If you require more information to make your assessment please let me know.
> Please let me know if you can take this task and send me a quote for tax preparation.
> Please also let me know which documents are required.
>
> Thanks!
> Even if you are unable to help me this year I would still love to receive a quote if it is for the following year.
>
> _______________________________________________________
> david ingram replies:
>
> You were rejected by the system as just one of too many emails today.
>
> However, baring a major catastrophe with our staff and associates, I see no reason that we could not look after you this year.
>
> As a US citizen, you have to file a US return whether you work in the US or not. All we have to sell is our a time. The better prepared you are, the less the charge for preparation. It would help if you had the totals asked for on Form T2032 (available at CRA website). http://www.cra-arc.gc.ca/E/pbg/tf/t2032/t2032-06e.pdf The Instructions for the form and self-employment in general are at: http://www.cra-arc.gc.ca/E/pub/tg/t4002/t4002-06e.pdf I have asked for this form because you are based in Canada.
>
> If you were based in the USA, I would suggest that you have the figures asked for on Schedule C http://www.irs.gov/pub/irs-pdf/f1040sc.pdf - Read the instructions at http://www.irs.gov/pub/irs-pdf/i1040sc.pdf
>
> In either case, we have to convert the currencies and fill in both forms to do the dual country returns.
>
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