When it comes to filing federal taxes, there is pretty much no difference in tax compliance. Even though you may be classified differently for immigration law purposes, US Green Card Holders are considered US tax residents – just like US citizens. So, the rule of US citizens b...

Is your Toronto based business on the brink of financial distress? Are you thinking of officially closing your Toronto business and claiming bankruptcy? Do you owe a lot of debt to your suppliers? Are you in arrears on your tax payments to the Canada Revenue Agency? Is your in...

As of 2016, there were roughly nine million Americans living in foreign countries. These were individuals pursuing professional careers or personal objectives in areas far outside the nation’s borders. And while they were separated from many aspects of life in the U.S., they s...

When taxpayers earn passive income from foreign investments, they often have to file Form 8621. This is the main tool for reporting earnings from PFIC companies where the taxpayer is not actively involved. Unfortunately, due to the extremely complex process surrounding excess...

If you are a U.S. national who is residing outside of the country, you may find yourself facing a tricky situation surrounding the taxes on your earnings. As per the 16th Amendment, the government is within its rights to impose a nationwide tax on residents of any of the 50 st...

Canada is the land of multiculturalism, immigrants, and one of the most inclusive countries in the world. To greener pastures, as they say, welcome to Canada! Therefore, we decided to prepare this article with the intention of providing guidance on newcomer tax returns. Canada...

As one of the most complex tax situations that you could find yourself in, figuring out the way to report earnings as a non-resident alien of the United States can be extremely difficult. Those who fall under this status are people who are not citizens of the U.S. and have not...

FBAR stands for Report of Foreign Bank and Financial Accounts. It is a filing requirement for certain U.S. persons that meet two specific criterions. The first one is that they have an interest or authority over a foreign account/(s). The second one is that the account/(s) hav...

Form 1116 foreign tax credit is a non-refundable credit based on the tax payable to foreign countries. Consider, for instance, a U.S. citizen abroad who never filed a tax return. If they are working in a foreign country, their form 1040 is likely going to contain substantial f...

It is a harsh reality that the impact of COVID-19 on small businesses is devasting. The small business owners due to the shortage of cash flow have been forced to shut down operations and lay off the employees. The backbone of the country is broken and shattered and is in much...

Form 14653 certifies an expat’s non-willfulness in case of under-reported income. It is a primary criterion of eligibility for the streamlined foreign offshore procedure. After the passage of the Foreign Account Tax Compliance Act in 2010, one of the most popular tax evasion s...

Form 5471 is an “Information Return of U.S. Persons with Respect to Certain Foreign Corporations.” In translation, it is a form that some taxpayers use to report the activities of their foreign organizations. Courtesy of its “informational” status, there is no actual tax liabi...

Streamlined filing compliance procedures stand for an IRS streamlined program available to non-willful taxpayers living internationally. These are also commonly referred to as streamlined domestic offshore procedures. The term “non-willful” represents those who did not purpose...

SDG Accountant is your trusted partner to provide your business with digital, virtual and cloud accounting and bookkeeping services. We have a thorough systematic process for onboarding our remote bookkeeping clients and handling their bookkeeping remotely from anywhere in the...

Millions of Canadians were forced to work from home during the 2020 tax year and opted to use their bedrooms, kitchens, and living rooms to work remotely for their employers. This creates an administrative burden on employees to claim their work from home office expenses on th...

The Government of Ontario has introduced new legislation as of October 01, 2020, bypassing Bill 45, Trust in Real Estate Act, 2020 which will bring in a plethora of changes to the old Real Estate and Business Brokers Act, 2002 by permitting the Personal Real Estate Corporation...

Cryptocurrency is a type of digital currency or payment that may be used to buy and sell goods and services on various online platforms. To work, cryptocurrencies rely on a sort of technology known as a blockchain- a form of a highly secure database that records and maintains...

GST/HST is an integral part of running a business, and not understanding the rules surrounding sales tax can be damaging for your business. Self-employed Canadians and businesses should be aware that they might need to register for a GST/HST account and start remitting sales t...

Provincial Sales Tax (PST) is complicated to understand simply because different provinces have their own ways of collecting PST. In this blog post, we will be going through the different rules surrounding PST in regards to the different provinces. What is the Difference Betwe...

Millions of Canadians were forced to work from home during the 2020 tax year and opted to use their bedrooms, kitchens, and living rooms to work remotely for their employers. This creates an administrative burden on employees to claim their work from home office expenses on th...

Form 14653 certifies an expat’s non-willfulness in case of under-reported income. It is a primary criterion of eligibility for the streamlined foreign offshore procedure. After the passage of the Foreign Account Tax Compliance Act in 2010, one of the most popular tax evasion s...

SDG Accountants provides world-class tax and accounting services in Oakville. From cross-border tax concerns to on-site bookkeeping, or even just general corporate filing requirements, we work directly with our clients across the globe to guide them through the complexities of...

SDG Accountants provides world-class tax and accounting services in Toronto. From cross-border tax concerns to on-site bookkeeping, or even just general corporate filing requirements, we work directly with our clients across the globe to guide them through the complexities of...