I am a US citizen working in Canada on a NAFTA professional work visa in Calgary. I have work related income from Canada, my wife has none from either country. We both have small amounts of interest income from US bank accounts. Do you prepare both country's tax returns? If so, do you have a rate schedule that you can send. M xxxxxxxxxxxxx ======================= david ingram replies: We do both returns. Generally, I quote between $750 and $1,500 Canadian The following schedule is a bit of a guideline. Forgive the formatting please ================ US PRICES ================== The CEN-TA Group's MINIMUM PRICE LIST (as of Oct 3, 2001) Consultations with David Ingram - $375 / per hour min $550.00 United States Corporate Tax Returns with Completed Trial Balances Supplied by Taxpayer 1118 Foreign Tax Credit - Corporations $ 150 1120 US Corporate Income Tax Return 650 1120D US Corporate Capital Gains 350 1120F Foreign Corporation operating in US 650 1120H US Homeowners' Association (Strata - Trailer court) 825 1120PH US Personal Holding Company 875 1120S US Income Tax Return S Corporations 575 1120X US Corporate Amendment 675 State Corporate Return when done at same time 350 Schedule K-1 1120 S Shareholders Share of Income, Credits, Deductions, etc. 200 4562 Depreciation & Amortization 200 4626 Alternative Minimum Tax for Corporations 200 Other Forms or Schedules Required- Each (min 200 and up) 200 5471 - Information Return of US persons with Respect to Certain Foreign Corporations * No Depreciable Assets, No Sub-part F Income 675 * With Depreciable Assets and No Sub-part F Income 775 * No Depreciable Assets and Sub-part F Income 875 * With Depreciable Assets and Sub-part F income 975 Schedule J, 5471 Accumulated Earnings and Profits 200 * Schedule M, 5471 - Transactions Between Controlled Foreign Corporation and Shareholders or Related Persons 250 * Schedule N, 5471 - Return of Officers, Directors and 10% or more Shareholders of Foreign Personal Holding Company 250 * Schedule O, 5471 Organization or Reorganization of Foreign Corporation, and Acquisitions and Dispositions of its Stock 250>300 5472 Information Return of a 25% Foreign-Owned US Corporation or a Foreign Corporation Engaged in US Trade or Business * One to Two Reportable Transaction Types 375 * Three Reportable Transaction Types or More 575 MULTIPLE RETURNS at same time Corporate Returns-1120, 1120F, 1120S, 5471 & 5472 - when preparing more than one tax year return for the same corporation at the same time, the additional returns will be prepared at a discount of $100 per tax year from the above prices. Accounting will be billed at $150.00 (Canadian) to $250.00 (US/Canada) per hour. Personal 1040 / 1040NR Returns tend to range from $300 to $950 per year with $700 a high figure. At the same time, $300 is rare. A "usual" charge would be closer to $400 per year. (one salary, one interest = $300). (Usually 2 1040NR returns with a U.S. Rental about $550 – i.e. husband and wife own a US rental property). With the Canadian returns added in, you are likely looking at $750 to $1,500 per year G S T Returns prepared in Canada and delivered in Canada are subject to 7% Canadian federal GST (Goods and Services Tax). Returns prepared in the US and delivered to Canada are subject to 7% GST. BUT, US returns prepared in Canada and exported to the US by our office, are not subject to 7% GST. Canadian returns exported to the US for return to Canada (where else?) “are” subject to 7% GST on the bill. david ingram’s US / Canada CEN-TA Income Tax Group 4466 Prospect Road North Vancouver, British Columbia Canada, V7N 3L7 (604) 980-0321 Fax (604) 980-0325 taxman at centa.com www.centa.com david ingram =================================================================== the CEN-TA Group - PRICE LIST - March 13, 2001 We do NOT give prices out over the phone. We will be happy to give you a copy of this or mail it to you. PLEASE NOTE. WE ONLY HAVE OUR TIME TO SELL. THE LONGER WE SPEND DISCUSSING AN ITEM IN FEBRUARY, MARCH AND APRIL, THE HIGHER WILL BE THE PRICE. THE BEST AND CHEAPEST TIME TO DISCUSS TAX MATTERS "ECONOMICALLY" IS IN JUNE, JULY, AUGUST, SEPTEMBER, OCTOBER. (An hour is 50 min) GENERAL Financial Counselling Per Hour $ 175 Accounting Per Hour 150 Bookkeeping Per Hour 90 Personal Appointments with David Ingram - Per Hour 375 Minimum First Time Charge 550 U S Tax Returns - simple (one W2 - one 1099) 200 complex (multiple slips) minimum 400 U S Gambling Returns minimum 250 refund - over $1,000 minimum 400 U S Corporate - See Separate Price List CANADIAN INCOME TAX RETURNS T1 Income Tax Return Child or GST Tax Credit only 65 T1 Income Tax Return with T4 only 65 Child’s prepared with a Tuition and T4 slip 50 T1 Income Tax Return with 1 T4's & 1 interest T5 75 T1 income Tax Return with business or rental or Cap Gains or Dividends or AMT plus schedules 100 Outside Home Province $50 surcharge to above price. 50 Schedules done in isolation minimum charge. (i.e. – no tax return) 50 - i.e. just wants help with schedule 5 or Transferable Spousal Deduction (Schedule 2) - With Tax return i.e we charge for return - 25 - No Tax return prepared - 50 Capital Gains - per slip or per trade 10 or per hour (whichever less) 100 Medical - Tape Schedule 10 to 35 - Fiscal year sorted - 50 cents each Minimum 30 Schedule 4/5 - Investment/partnership/interest/dividend slips $10 each - min 30 - Limited Liability Partnerships min each 60 Schedule 5 – Equivalent to spouse 15 Schedule 6 - Infirm dependents 18 or over - no income 20 - With income - $25.00 per dependent 25 Schedule 7 - (86 to 92) Child and Fed Tax Credit 10 Schedule 7 - (1994 up) RRSP Pension Rollovers & unclaimed contributions 35 Schedule 8 - CPP on self employed income 10 Schedule 9 - Donations and gifts (straight receipts min) 15 Schedule 10 - Refundable Medical Expense Supplement (typically because of time) 50 Schedule 11 - Tuition and Education Amounts - (min per school) 25 T1C - Renter's Tax Reduction 10 T1C - Provincial Political Tax Credit 10 T1C - Venture Capital Credit per VCC 35 GST - by hand on green form with copy 15 NR6 Undertaking to file a tax return by a NON RESIDENT of Canada minimum (no talk) 125 - (Discussions about) - Large penalties for failure to file this NR6 150 to 300 T1-ADJ Adjustment Request, plus forms 100 T1A Request for Loss Carry Back 50 T1E-NR Support of Non-Resident Spouse/Children 25 T1M Moving Expense - time - plus 50 - (Discussions about) 70 to 125 TD2 Tax Deduction Waiver. 25 - (Discussions about) 75 to 100 TD4 Employment at Special Work Site 35 - (Discussions about [even if not used] 35 to 75 TL2 Board and Lodging $50 - (Discussions about) 25 to 50 T400A Notice of Objection - plus schedules 250 - (Discussion about [even if no go-ahead] 75 to 200 T626 Overseas Employment Tax Credit 100 -(Explain/discuss even not used by taxpayer in favour of foreign tax 75 to 100 T664 CAPITAL GAINS ELECTION (not after Dec 31 1997) 125 (plus time charge if discussion and other fees for appraisal, etc.) T657 Calculation of Capital Gains Deduction - 25 to 75 per year carry back - minimum 45 - Discussions about - 60 to 100 T691 Alternative Minimum Tax - with MURB, LLP, Movie, T626, etc 45 - (With explanations - an additional ) 50 to 100 T746 Refund of Excess Contributions to RRSP (T3012) 75 T776 Statement of Real Estate Rentals 65 First Year Rentals are surcharged setup of 75 Last Year rentals are surcharged close out of 75 T777 Statement of Employment Expense Auto only 60 Auto and Office together 75 Office Only 60 Sales Expense only 60 Auto, Sales and Office together (plus time if?) 125 (commission sales return with auto, sales and office in home expenses would be min of) 200 T778 Calc'n of Child Care Expense Deduction 15 to 35 - ($15.00 would be one child, one or two sitters) T936 Cumulative Net Investment Loss 50 to 100 AVERAGE 75 ($20.00 go back one year one item - $75.00 go back 3 years 2 items, etc. - really by ear this is extremely difficult concept) (Discussion to explain) 75 to 125 T2017 Summary of Reserves of Capital Property 50 to 75 T2019 Refund of Premiums Designation Spouse 35 T2029 Waiver in Respect of Three Year Time Limit 50 - (plus $50 to $200 `explain and discuss situation') T2030 Record of Direct Transfer (Section 60I) 50 T2033 Record of Direct Transfer (Section 146) 50 T2041 Capital Cost Allowance Schedule Farmers and Fishermen (complexity ?) 50 to 95 T2042 Statement of Farming Income and Expenses 95 T2061 Election to defer by Immigrant 125 - (plus time to discuss - $100.00 to $350.00) T2062 Sale by Non Resident 200 - (plus time to discuss - 100 to 350 US-8288-B U.S. Sale by Non Resident 150 - (plus time to discuss) - 150 to 400 T2091 Designation of a Principal Residence 175 - (plus time to discuss) 50 to 300 - (all residential houses should be reported - see Finacial Post article) 50 T2097 Designation of Transfers to an RRSP 50 T2121 Statement of Fishing Income 150 T2200 Declaration of Employment Conditions - Expenses 50 - (with T777 - $15) (plus discussion time) 50 to 100 T2201 Disability Deduction Certificate 15 T2202 Education Deduction Certificate 15 (if chased after) - 25 to 50 T2205 Income Out of Spouse RRSP 75 T2220 Transfer of RRSP on Marriage Breakdown 150 T2222 Northern Resident Deduction - 50 - (if chased after for receipts and amounts) up to 75 T3012 Application for Refund of Excess - Contributions to an RRSP 75 david ingram’s CEN-TA Group US/Canada Income Tax Services 4466 Prospect Road North Vancouver, British Columbia Canada, V7N 3L7 (604) 980-0321 or (604) 980-0499 - David Ingram personal cell number 657-8451 - FAX to (604) 980-0325 taxman at centa.com - www.centa.com As with a restaurant menu, the consultant is expected to charge the prices "on the menu", or as with a car repair, more spark plugs (i.e. forms) cost more money. Some forms like Cumulative Investment Loss (T936) have gone up 50%. This is because of the problems they cause in the summer. "Sometimes", the forms will just fall together. If that is the case, the consultant should limit the charge to no more than $200 an hour in March, April. May and June and $125 an hour in other months. If that seems excessive, please remember, the office takes in 90% of its money in three months of the year, but provides expensive service 12 months of the year. real estate immigration income tax expert david ingram RRSP IRA RESP 401K mutual funds experts consultant CKBD 600AM Sundays at 9:00 AM www.600am.com international preparer preparers consultants Answers to this and other similar questions can be obtained free on Air every Sunday morning. Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee Wealth Management and I, David Ingram host a LIVE talk show called "ITS YOUR MONEY" Those outside of the Lower Mainland will be able to listen on the internet at www.600AM.com Local calls are taken at (604) 280-0600 and Long Distance calls (BC only) are taken at 1( 866) 778-0600 Callers to the show are invited to attend free seminars on financial planning with such specialities as deductible mortgage interest. They are held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604) 731-8900 for more information. ========================================= David Ingram's US/Canada Services US / Canada / Mexico tax, Immigration and working Visa Specialists US / Canada Real Estate Specialists 4466 Prospect Road North Vancouver, BC, CANADA, V7N 3L7 Res (604) 980-3578 Cell (604) 657-8451 (604) 980-0321 Fax (604) 980-0325 Email to taxman at centa.com www.centa.com www.david-ingram.com Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included." Be ALERT, the world needs more "lerts" ============================== This from "ask an income tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a daily basis with expatriate tax returns with: multi jurisdictional cross and trans border expatriate problems for the United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, and any of the 43 states with state tax returns, etc. Rockwall, Dallas, San Antonio and Houston Texas Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and Immigration Tips, Income Tax and ImmigrationWizard Income Tax and Immigration Guru Income Tax and Immigration Consultant Income Tax and Immigration Specialist Section 216(4) 216(1) NR6 NR-6 NR 6 Non-Resident Real Estate tax specialist expert preparer consultant expatriate anti money laundering money seasoning FINTRAC E677 E667 4789 4790 TDF-90 Reporting $10,000 cross border transactions ========================= Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Garland, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon. 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