We’ve noticed Bay Area residents have various responses to the annual tax season. Some of the worst approaches tend to put it off one way or another. An individual might treat a tax filing like a red-headed stepchild, refusing to acknowledge its existence until the deadline.
Others manage it on their own, unaware of several pricey mistakes. While the rest are completely confused and unsure where to begin. The more complicated the tax obligations the easier it is to make mistakes, too.
Data shows the error rate of individual tax returns is around 21%. Mistakes include miscalculations, claim errors, failure to report all income, and incorrect filing status. When you consider the extra details surrounding dual citizenship and expat tax return preparation, the projects is even more perplexing. Citizens from all over the globe live and work in our lovely Bay Area, including our beloved Canadian citizens. Canadians enjoy the opportunities and lifestyle our city by the bay offers. And we certainly enjoy having Canadians here, too! Migration Policy.org posted the data on the increase in Canadian immigrants coming to the United States, noting that many prefer to live in our West Coast region. As tax season approaches, Canadian immigrants may be struggling to manage their dual-country tax returns. Our CPA firm is known as one of the top accounting firms for international tax return prep, including expat tax returns.
Let Us Keep Your Expat Tax Return Preparation Simple
As mentioned Canadian expats and dual citizens cannot get away from their tax filing obligations in two countries. That’s two sets of tax law. And possibly, two sets of penalties if done improperly. The good news is they don’t need to do it alone; our CPA team is very well-versed in multi-country tax requirements. The nice thing about Canadian tax filings is they share some similarities with American taxes. In both countries, the more you earn, the more you pay in taxes. But there are significant differences in Canadian vs. American tax structures. When a Canadian expat has property, income, and assets in both countries, paying attention to the differences in filing can make one’s head spin. But not us, we love the challenge of handling expat tax return preparation!
Our CPA team digs into the nuances to create a strategy for a clean, easy and swift 2025 tax filing. And if a Canadian has been in the Bay Area for several years, their finances and personal life may have evolved too. For instance, getting married or having a child can change their status and dependents. If a house or assets are sold, capital gains for both countries must be addressed. Dealing with expat tax return preparation can be mind-spinning for an individual. Our team will review all the details and ensure annual filings are simple and accurate for both countries.
