# Any suggestions for US Tax Accountants in Toronto?



## dann

Has anyone had any good experiences with US accountants (CPAs) here in Toronto or the GTA they could suggest? I have gotten over the initial panic stage finding out I was suppose to file taxes for all these years and am now working on getting all the paper work together to file my back taxes for the past 5 years including 2011. 

I would do it myself, as I only graduated a couple years ago, however, I have been making stock market transactions (stocks, options, warrants etc.) since I was 18 so I want to ensure everything is filled out properly. Alternatively, should I just call up H&R Block or one of the big sister firms and ask them? Any ideas on the costs? I am guessing one of the big firms will charge me $1-2K. 

Thanks for any replies.


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## dann

Also, does anyone know off-hand how stock market capital gains will be treated? In Canada, they are taxed at 50% of your highest tax bracket which will always be lower than the the 35% rate used in the US for stocks sold in less than a year. Does this mean I will have to pay a capital gains tax to the US for all profitable transactions where I bought and sold in under a year?


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## Baird68

I recently found myself in the same situation and hired an IRS approved accountant to file my taxes and FBARs. It's not cheap but, to me it was worth it. I can give you his information if you like, but would prefer you send me a private message through this forum. The forum does not like us to post names of companies or individuals publicly. Yes, I too am in the GTA.


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## Bevdeforges

Baird68 said:


> I recently found myself in the same situation and hired an IRS approved accountant to file my taxes and FBARs. It's not cheap but, to me it was worth it. I can give you his information if you like, but would prefer you send me a private message through this forum. The forum does not like us to post names of companies or individuals publicly. Yes, I too am in the GTA.


By IRS approved accountant, do you mean an Enrolled Agent? Good move - EAs normally charge somewhat less than the big high-powered tax accountants or attorneys.

For dann, if you've already paid taxes on your stock trades in Canada, you shouldn't be taxed twice. There's a tax treaty with Canada and generally, you work out your taxes due and then apply what you've paid already to Canada on a form 1116 as tax credits. 

H&R Block should be able to handle it - but an Enrolled Agent would be a somewhat surer bet.
Cheers,
Bev


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## dann

Baird68 said:


> I recently found myself in the same situation and hired an IRS approved accountant to file my taxes and FBARs. It's not cheap but, to me it was worth it. I can give you his information if you like, but would prefer you send me a private message through this forum. The forum does not like us to post names of companies or individuals publicly. Yes, I too am in the GTA.


Biard86, thanks for the reply. I have been trying to send you a private message for the past half hour but am having no luck. Going through the FAQ, I think it may be because I am a "junior member" and cannot send privates messages yet. Is there anyway I could email you or if you could send me a quick email to dann762 (at) gmail (dot) com and I will reply. Thanks again.


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## dann

Bevdeforges said:


> By IRS approved accountant, do you mean an Enrolled Agent? Good move - EAs normally charge somewhat less than the big high-powered tax accountants or attorneys.
> 
> For dann, if you've already paid taxes on your stock trades in Canada, you shouldn't be taxed twice. There's a tax treaty with Canada and generally, you work out your taxes due and then apply what you've paid already to Canada on a form 1116 as tax credits.
> 
> H&R Block should be able to handle it - but an Enrolled Agent would be a somewhat surer bet.
> Cheers,
> Bev


Bev,

Thanks for the reply. Although I am aware that Canada has a tax treaty with the US that avoids double taxation I am curious what the situation is if your capital gains are significant and much greater than your work income. As a Canadian, you pay the normal Canadian income tax on just 50% of your capital gains but even if you are in the highest tax bracket, the overall effective tax rate will be roughly 25% while in the US, the short-term capital gains tax is 35%. So does the tax treaty prevent one from having to pay this 10%+ spread?


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## Bevdeforges

dann said:


> Bev,
> 
> Thanks for the reply. Although I am aware that Canada has a tax treaty with the US that avoids double taxation I am curious what the situation is if your capital gains are significant and much greater than your work income. As a Canadian, you pay the normal Canadian income tax on just 50% of your capital gains but even if you are in the highest tax bracket, the overall effective tax rate will be roughly 25% while in the US, the short-term capital gains tax is 35%. So does the tax treaty prevent one from having to pay this 10%+ spread?


Probably not. 
Cheers,
Bev


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## keesio

I'm also looking for an accountant in Toronto (downtown is possible) who is very familiar or specializes in complex US returns by Canadian residents with US Citizenship. And if they are familiar with FACTA and other complexities like missed past reporting, even better.


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