Recover FIRPTA Tax on Selling Florida Rental Property: Case Study
SDG Accountant Blog
by SDG Team
1M ago
SDG Accountant Firm Helps Client Recover Foreign Investment in Real Property Tax Act (FIRPTA) Tax on Selling his Florida Rental Property Client Information Client Name: John Smith Location: Toronto, Canada Situation: Sold Rental Property in Florida Client Background: John Smith, a Canadian resident, owned a rental property in Florida for several years. Upon selling the property, he encountered FIRPTA tax implications, which required withholding a portion of the proceeds to satisfy potential U.S. tax liabilities. Client's Needs: John approached SDG Accountant seeking assistance with ..read more
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The Canadian Digital Services Tax (DST)
SDG Accountant Blog
by SDG Team
4M ago
LIEKLY APPLICABLE TO LARGE PUBLIC CORPORATIONS 2024! Canada is ushering in a new era of taxation with the introduction of the Canadian Digital Services Tax (DST), set to take effect from January 1, 2024, with retroactive implications to tax years commencing January 1, 2022. This groundbreaking tax legislation is poised to impact large Canadian and non-Canadian businesses engaged in the digital services sector, marking a significant shift in how digital revenues are taxed within the country. We at SDG Accountant decided to summarize some key information regarding this new tax below. Canadi ..read more
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Navigating the Underused Housing Tax (UHT) Deadline with SDG
SDG Accountant Blog
by SDG Team
5M ago
What is the Underused Housing Tax (UHT)? At SDG Accountant, we recognize the importance of keeping up with local tax regulations that affect our community. The Underused Housing Tax (UHT) is a federal tax that has been a topic of discussion, and we’re here to help you understand the ins and outs of this tax, its filing deadline, penalties for non-compliance, and the recent updates provided by the Canada Revenue Agency (CRA). Understanding the Underused Housing Tax (UHT) The UHT, introduced under the Underused Housing Tax Act, is an annual 1% tax on certain vacant or underused housing in ..read more
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CRA Voluntary Disclosure Program (VDP) Case Study
SDG Accountant Blog
by SDG Team
5M ago
Resolving Tax Compliance Issues with SDG Accountants In the intricate world of tax compliance, individuals can often find themselves unknowingly entangled in complex regulations. This case study presents a detailed account of how SDG Accountants assisted one of our clients, an individual taxpayer, in leveraging the CRA Voluntary Disclosure Program (VDP) to address critical tax compliance issues. The Problem (May 2021): Our client’s story begins in May 2021, with an inadvertent omission that spanned several years. For the tax years ranging from 2014 to 2019, the client was unaware of the ..read more
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Conquering the HST Audit Challenge
SDG Accountant Blog
by SDG Team
5M ago
Introduction: In the realm of Canadian tax compliance, businesses often face the intricate landscape of the Harmonized Sales Tax (HST). The Canada Revenue Agency (CRA) conducts audits to ensure businesses follow the rules and guidelines. This case study illuminates how SDG Accountants expertly navigated a demanding HST audit on behalf of XYZ Transport Inc., skillfully resolving substantial Input Tax Credit (ITC) challenges. The narrative delves into the nuances of the audit process, highlighting a strategic and methodical approach that led to noteworthy financial savings. The Challenge ..read more
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When Should Medical Professionals Incorporate?
SDG Accountant Blog
by sdg team
1y ago
Were Your Tuition Credits Completely Used Up from Your School Years? Healthcare professionals in Canada can incorporate their practice to take benefit of certain tax advantages and liability protections. Medical professionals incorporate can limit their personal liability and potentially reduce their overall tax burden. As a Medical Professional, you have many years of tuition. If you have yet to use them, they are tracked by Canada Revenue Agency and are available to see on your CRA account. If you still have these credits, they can help you pay off your taxes, delaying the ..read more
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Claiming Back Withholding Taxes for Canadians Selling US Real Estate
SDG Accountant Blog
by sdg team
1y ago
If you’re a Canadian citizen selling real estate in the United States, you may be subject to withholding taxes. These taxes can be as high as 15% of the gross proceeds from the sale, which can add up to a significant amount of money. However, there is good news: you may be able to claim back some or all of these withholding taxes. Here’s what you need to know about claiming back withholding taxes when selling real estate in the USA as a Canadian citizen: What are Withholding Taxes? Withholding taxes are taxes that are automatically withheld by the buyer when purchasing real estate from a ..read more
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Filing US Taxes in Toronto
SDG Accountant Blog
by sdg team
1y ago
As an American living in Toronto, you may be required to file taxes in both the United States and Canada. This is because the US taxes are based on citizenship, not residency, which means that all US citizens, regardless of where they live in the world, are required to file U.S. taxes. Here’s what you need to know about filing US taxes as an American living in Toronto. Determine Your Filing Requirements The first step in filing US taxes as an American living in Toronto is to determine your filing requirements. If you meet the IRS filing threshold, you will need to file a US tax return, r ..read more
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Business Investment Loss Recovery
SDG Accountant Blog
by sdg team
1y ago
CASE STUDY Business Investment Loss Recovery Let’s Talk About Your Needs Introduction: In this case study, we will look at a recent dispute with the CRA that our client won. Our accountants in Toronto are knowledgeable and trustworthy when it comes to defending our clients’ rights and assisting them in dealing with the CRA. We provide support for a range of tax-related issues, such as filing, audits, and CRA disputes. This problem relates to business investment losses and the CRA’s ability to reimburse them. A buyer, our client, invested funds to purchase a daycare business from a s ..read more
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Obtaining an ITIN for Canadians
SDG Accountant Blog
by sdg team
1y ago
Are you a foreign person who needs to file taxes in the United States? If so, you may need to apply for an individual taxpayer identification number (ITIN) by filing a Form W-7 with the Internal Revenue Service (IRS). In this article, SDG describes ITIN for Canadians, and here’s what you need to know about preparing and filing a Form W-7. Step 1: Determine Your Eligibility for an ITIN An ITIN is a nine-digit number that the IRS assigns to individuals who are not eligible for a Social Security number but have a requirement to file a U.S. tax return. To be eligible for an ITIN, you must mee ..read more
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