People working abroad face the risk of double taxation. That would be a nightmare, especially during this pandemic period. Taxes take a huge chunk of people’s income. If two countries demand taxes from your income, you will barely survive. Unfortunately, that is the fate many people living in Canada and working in the US or vice-versa face. In one year, both countries can deduct their taxes.
Canada and the United States share the northern border. Both countries are long-term trading partners. Canada, United States, and Mexico are signatories of the North American Free Trade Agreement popularly known as NAFTA. Due to these close trading ties, citizens of Canada and the United States can move to either country to live, work or invest. To make their citizens comfortable in both countries, Canada and United States developed a unique taxation system. They have signed a tax treaty to avoid double taxing their clients and hinder fiscal evasion to taxes on capital and income. According to the treaty, both countries cannot tax the same income in one year.
Due to ignorance regarding this treaty, many people still pay those taxes twice. Without the assistance of professional accountants, you will pay more on taxes when it is legally possible to save that money. PPATAX is a renowned accounting firm that provides tax solutions to individuals and businesses. The firm is well-versed with the Canadian Corporate Tax laws and American tax code. Part of its expertise is using legal ways to avoid overpaying and to cut taxes. It has served many Canadian and United States citizens, living or working in both countries. They can all attest to the quality of auditing carried out by the PPATAX experts.
When it comes to enforcing the Canadian and USA treaty, you will need accountants. Taxation systems between both countries are different. The United States taxes people based on their citizenship. Canada taxes people based on residency. The immigrants permanently living in Canada do not file the non-resident tax return. They are recognized as residents too. The tricky part is the Canadians living in another country must file an income tax return in Canada annually. They are mandated to report their income earned. What if such Canadians work and reside in the USA? It is in such cases, that PPATAX will enforce the treaty laws to hinder its clientele from filing taxes in both countries. That will be a huge relief for the clients.
About the Company
PPATAX is an Ontario based company that provides accounting services for small businesses. The firm specializes in reducing taxes for businesses using legal means. It comprises a team of the best accountants in the region.
Contact Details:
Company Name: PPA Tax
Address: 1243 Grand Marais Rd W, Windsor ON N9E 1E1
Contact Number: 519-551-9299
Email ID: [email protected]
Website: https://www.ppatax.com/