In the April 19, 2021 budget, the Federal government announced it will finally move forward with the 1% tax applicable on under-used properties owned by non-residents of Canada, starting in 2022.
We’re not only here to fill out tax return forms. Every stage of the growth of an enterprise, and ultimately planning for the succession of management/ownership in transitioning to retirement or for the sale of a business requires tax efficient strategies and tactics.
Filing personal income tax returns for business owners and self-employed individuals can be more complex than for the average person. You need to determine the most appropriate tax strategies for your corporate and personal tax situation, review possible deductions that may be taken advantage of, and how to maximize tax credits where applicable.
During the stressful period of a government audit, you will need to organize your documents in preparation for the audit, and then clearly explain your business and structure in order to help the government auditors to efficiently review your files. The right trusted advisor will help you reduce anxiety and increase understanding of all parties involved.
Do your goals include asset protection, growth and transition of your family wealth? Trusts are effective tax planning vehicles to achieve these objectives, and wills are also critical in ensuring optimal results. Whether your dreams include charitable giving strategies or a corporate reorganization to transfer future business growth to the next generation, you need the tools to make the right decisions. View our Estates & Trusts page.
Undertaking a corporate reorganization, be it for business growth, succession planning, shareholder agreements, retirement planning, creditor proofing, mergers and acquisitions, or share capital restructuring, requires careful attention to details, a clear understanding of the corporation’s and shareholders’ needs, and in-depth knowledge of tax laws and regulations in various jurisdictions. Do you have an effective corporate and personal tax plan to help you, as a business owner, achieve tax optimization?
Regardless of your industry, you need to comply with various federal and provincial sales tax laws. Whether you are a for profit or not-for-profit entity, do you have the proper understanding of sales tax nuances to allow you to minimize your sales tax burden while still staying in compliance with the laws?
Tax laws regulating non-resident property sales and reporting of rental income are not easy to navigate, as you have a unique financial picture, needs, and history to consider. To ensure a smooth process, it is best to prepare BEFORE the purchase transaction of a Canadian property, whether you plan to move in, rent it to a family member or to a third-party. Review our non-resident real estate experience.
Preparing your Canadian and US or other international tax return? Need to address significant cross-border issues? While FL is most familiar with United States tax laws as it relates to Canadian matters, our international network, the Leading Edge Alliance (LEA), provides a group of tax specialist resources which you can tap into for tax planning and compliance services in most countries around the world. Read about our global network.
As a business owner looking to expand across the US or another international border, do you know how to structure your organization in a manner that minimizes both your domestic and international tax burden? As active members of the Leading Edge Alliance, a global network of mid-size firms around the world, FL Fuller Landau can provide you with both inbound and outbound tax consulting services for international businesses. Through this association, we can assist you, if you are looking to expand your business across borders to structure your organization in a manner that minimizes both your domestic and international tax burden. Read about our global network.
Immigrating or emigrating to and from Canada creates extensive complexities and potential tax ramifications. As well, owning property in a foreign jurisdiction has tax implications that most do not think of when purchasing a residential or commercial property in another country. Our cross-border tax accountants not only consult in these areas, but assist in the annual filings of Canadian and US personal income tax returns, where applicable.
“A tremendous asset to our practice”
As a US accounting firm, with numerous clients looking to expand and currently doing business in Canada, having a trusted, local, and talented tax team in Canada has been a tremendous asset to our practice. Knowing the team is only a phone call away to provide our clients with top-notch Canadian service and advice has helped our practice continue to grow with our clients.
Stacy Watson, Lutz
“Explanations that are easily understandable”
As a co-owner and operator of a family owned business for all related financial matters, we are extremely happy with FL’s handling of all our personal and corporate tax planning matters…They are efficient, communicate very well and in a timely manner with explanations that are easily understandable. Family owned businesses can be messy, cumbersome and complex when it comes to taxation. We are so confident in their abilities that we use them for both corporate and personal tax planning.
Paul Mahoney, President and Founder, FPD Fruit
“A complete understanding”
Peter Moraitis has been a pleasure to work with. He offers sound advice as if he was managing his own account, and does so in a very easy to understand, articulate and efficient manner. He has always shown a complete understanding of my family’s situation and is always “on top” of things, ready to provide guidance, a clarification or simply a status update, at a moment’s notice. Thanks to Peter and the FL tax department for all their planning and support!
Mark Golfman, Family Estate Trustee, Real Estate Operations and Holdco’s
TAX DEPARTMENT OVERVIEW
Our Tax Specialists:
5 partners and 7 specialists covering a full range of specialties.
Experts on Tax Issues:
FL Tax Partners are often called upon by major Montreal media to act as experts on tax issues.
Our client base is made up of local clients as well as select clients from our international affiliate, the LEA. We offer seamless services for international clients doing business in Canada.