Monday, January 21, 2013

416-626-2727 , Tax Counseling for seniors and retirees,

Hello, this is
Gary from

Did you know that if you are  eligible you can save thousands of dollars through pension income splitting?  This would  lower your taxes payable and  increase your tax credits which could result in a significant tax  refund.  We  have  saved clients over $8000  in taxes by pension income  splitting..

Any Canadian resident with eligible pension income can allocate up to 50% of eligible  pension income to their spouse.

Many people ask.  What  is  eligible  pension income?  This  is  not a  simple answer  for  example  this  does not  include  CPP or  OAS. It  does include company pensions  plans  and  registered retirement plans.

The calculation to  determine  how  much  to  allocate  to the  spouse is  complex.  We  can assist you in this  area  and  calculate the  most beneficial amount so you pay the  minimum amount of  tax  and  receive  the  biggest  refund  possible.

Not only do  we  specialise in  pension income  splitting but  we  also specialise in all types  of  personal  tax returns so  that  you  pay the  minimum amount  of  tax  according to the  tax  rules.
We  offer  many tax  return  services  all at   very  affordable   rates.

We  can  prepare the   current  year  returns
2.  past year  returns 
3. and  review your prior  returns  to  ensure  that you received  the  maximum refund  allowable.

Please contact us at  416-626-2727 or  email us at Even though we  specialise in seniors  tax  returns we  do  tax  returns  for  everyone. We look forward to hearing from you so that we  can help you  minimize your taxes. 

Gary Booth, Chartered Accountants
555 Burnhamthorpe Road, Suite 406
Toronto, ON
M9C 2Y3
T:  416.626.2727 
Fax: 416.621.7136
E-mail us:

Monday, December 20, 2010

ITIN Agent | USA's Tax Returns | Individual Identification Numbers

We are an Authorized Acceptance Agents by the US Internal Revenue Service( IRS) which allows us to notarize documents filed with the IRS when applying for an "Individual Taxpayer Identification Number" - ITIN

Our team consists of Professional Accountants and who have been assisting clients in preparing their US and Canadian tax returns for many years. We are experienced in th e following areas and keep informed of new developments.

Our non-resident services include;
- Tax ID Application - ITIN
- Prepare all Federal and State tax returns for individuals
- Prepare Tangible property returns
- Selling withholding exemption

We can prepare any or all of the following:
- US personal Federal or State tax returns
- Obtaining Individual Tax Identification Number - ITIN
- Prepare Personal or Corporate Canadian Tax Returns
- Capital Gains/Losses on disposition of Rental Property
- Tax Planning to minimize tax for individuals

We tailor our services to the needs of each individual client. No matter how large or small we will give you that personal service. Did you know that with the right tax planning 1000's of dollars can be saved on taxes?

What is an Individual Taxpayer Identification Number?
- It is a number issued by the Internal Revenue Service to facilitate tax processing. It is a nine-digit number that always begins with the number 9 and has a range between 70 and 88 in the fourth and fifth digit, example 9XX-70-XXXX.

It is a number issued to individuals who are required to have a US taxpayer identification number but who is not eligible to obtain a Social Security Number (SSN) from Social Security Administration (SSA). ITINs are issued regardless of immigration status because both resident and nonresident aliens may have a U.S. filing or reporting requirement under the Internal Revenue Code.

Individuals must have a filing requirement and file a valid federal income tax return to receive an ITIN, unless they meet an exception.

Who needs an ITIN number?
An individual needs an ITIN number if he/she has any of the following circumstances:
- Have income that is reported to the IRS
- You are claimed as a dependent on someone’s Federal
..Income Tax Return
- If you want to open a bank account/stock account
- If you want to obtain a Driving Licence from Department of Motor Vehicles
- If you have rental properties in the US

Advantages of getting an ITIN
- You can qualify for a refund for money that has been taken out of your paycheck for income taxes. This depends on your income, the amount that was withheld from your paycheck and the number of dependents you are claiming.

- Filing your taxes can help you apply for residency in the future. The IRS wants individuals to file their taxes, regardless of their immigration status, so they do not share information about people who have an ITIN with the Bureau of Citizenship and Immigration Services.

- Some financial institutions accept the ITIN to open bank accounts that pay interest and to apply for loans. Many people use an ITIN to establish their credit history and apply for loans to buy a car or house.

- Even if you didn’t file your taxes in the past, you may qualify for a refund for three previous years once you receive your ITIN. Call us for more details in this

Who has to file an US tax return?
- If you are a US citizen, you are required to file a US Income Tax Return regardless of where you live or your income level.

- If you own a US property that is rented at any time during the year, you must report this amount on a US Return.

- If you dispose of a US property, a US return needs to be filed

- If you sell services or products to the US, there may be a requirement to file a US Return.

There may be various other situations in which an individual must file a US tax return. In many cases, besides filing a Federal return, you would need to file State returns. We also help you preparing tax returns for every state. We have been providing services to clients in preparing their US filing requirements for many years. Our team consists of professional accountants with years of experience.

I would like your firm to apply for an ITIN for myself or my family. How do I proceed?
a. Download latest version of Form W7. The form can be obtained by visiting the following internet link

b. Complete form W7 to the best of your ability. Please be sure that the data you enter is as accurate as possible. The form can be completed by hand or it can be typed.

c. Complete personal information form. Click here for PDF of form

d. Payment - please include a cheque or complete the credit card information on the personal information form to cover the fees of the ITIN application. Please make your cheque out to Gary Booth CA Prof. Corp. Post-dated cheques are not acceptable.

e. Once all of your documentation has been gathered - please courier the following at our address:
- Completed Form W7
- Completed Personal Information Form
- Payment information

- ORIGINAL Passport OR ORIGINAL Foreign birth record and one of the following (in ORIGINAL), which must bear a photograph, and has not expired:
· Drivers license
· Identity Card
· Voters Registration Card
· School records
· Medical Records
· Marriage record
· Military registration card; and Copy of the US Tax return (if applicable) or documents to be sent along with the application

- Copy of the US tax return or the supporting authenticated documentation which states why you need an ITIN number, to be sent along.

All original documents will be couriered back to you within a day. Alternatively, you may want to visit our office with these documents.

Why should I file my taxes with an ITIN?
- Filing taxes can help with immigration applications by showing that you have been in the U.S. for a continuous period of time and that you have good moral character.

- It’s required by U.S. tax law.

- You may get a tax refund if extra money was withheld or taken out of your paycheck.

- You may be able to claim the Child Tax Credit.

- You will have a record of your employment and wages earned that could help you when applying for a loan or credit.

What do I have to do differently if I have an ITIN?
If you are reporting wages that you earned, you should include the Social Security number listed on the W-2 or 1099 forms you received when you complete the section on wages in your tax return. The IRS e-file system can now accept returns that include an ITIN and a Social Security Number for wages earned. The person who has the ITIN will receive credit for the income.

Do I need an ITIN?
IRS issues ITINs to foreign nationals and others who have federal tax reporting or filing requirements and do not qualify for SSNs. A non-resident alien individual not eligible for a SSN who is required to file a U.S. tax return only to claim a refund of tax under the provisions of a U.S. tax treaty needs an ITIN.

Other examples of individuals who need ITINs include:
• A nonresident alien required to file a U.S. tax return
• A U.S. resident alien (based on days present in the United States) filing a U.S. tax return
• A dependent or spouse of a U.S. citizen/resident alien
• A dependent or spouse of a nonresident alien visa holder

How do I know if I need an ITIN?
If you do not have a SSN and are not eligible to obtain a SSN, but you have a requirement to furnish a federal tax identification number or file a federal income tax return, you must apply for an ITIN. If you have an application for a SSN pending, do not file Form W-7. Complete Form W-7 only if the Social Security Administration (SSA) notifies you that a SSN cannot be issued.

To obtain a SSN, see Form SS-5, Application for a Social Security Card. To get Form SS-5 or to find out if you are eligible to obtain a SSN, go to Social Security Administration Website or contact a SSA office. By law, an alien individual cannot have both an ITIN and a SSN. IRS processes returns showing SSNs or ITINs in the blanks where tax forms request SSNs. IRS no longer accepts, and will not process, forms showing "SSA205c," "applied for," "NRA," blanks, etc.

When should I apply for an ITIN?
You should complete Form W-7 as soon as you are ready to file your federal income tax return, since you need to attach the return to your application.If you meet one of the exceptions to the tax filing requirement, submit Form W-7, along with the documents that prove your identity and foreign status and the required supplemental documents to substantiate your qualification for the exception, as soon as possible after you determine that you are covered by that exception. You can apply for an ITIN any time during the year; however, if the tax return you attach to Form W-7 is filed after the return's due date, you may owe interest and/or penalties. You should file your current year return by the prescribed due date to avoid this.

Phone us today!

Gary Booth CA Professional Corp.
555 Burnhamthorpe Rd. - Suite 607
Toronto, ON,
M9C 2Y3
Tel: 416-626-2727
Fax: 416-621-7136

Wednesday, November 17, 2010

Bookkeeping Services | Benefits |

BenefitsWe answer the phone. Our average hold time for financial support is below 2 minutes.
We act quickly.Our promise is to be involved with our clients. We make it our guarantee to know your business, to understand it and its possibilities. We offer new ideas to help your business profits grow so you don’t have to worry. It’s that kind of ease of use we want you to come to expect.

We speak your language. Even though we love numbers we do speak plain English (as well as other languages). When you want to know what all the forms are about in a simple straight forward answer we can give it to you. We can also just do it for you and let you get back to golfing.

Innovation. At the Profit Center we are constantly looking for new ways and searching for new and creative ways to maximize your profit potential!
Bottom Line. With our help, your profits will increase!


Bookkeeping Services | System - 5 easy steps |

Our System - 5 easy steps to financial peace of mind

We MeetFirst an initial meeting with one of our professionals, this is to determine the extent of your business requirements and state of financial affairs. We PreparePrepare a plan to ensure your requirements are met. We Supply you with toolsSupply you with a customized way to file all your paperwork so everything is organized.

Courier Pick upsCourier pick up of the paperwork on a weekly, bi-weekly, monthly, quarterly or on a basis to suit your requirements. Data EntryIn a few days the information is entered into our system and then relevant reports will be forwarded to you via email or fax. We are committed to ensure you understand the numbers and we are here to help.


Bookkeeping Services | Personal Taxes, Financials, Consulting |

Personal TaxesPreparing your income tax return can be a daunting task that can leave you with more questions than answers. Our tax return preparation process is designed to ensure accuracy with every step. We give personalized service on a one on one basis to individuals and owner operators of businesses with a view of minimizing your taxes. We handle all areas of personal tax returns including: business, rental properties, tax shelters, past year returns, and deceased returns.

FinancialsAs a long-established firm devoted to strong client relationships, we believe that knowledge of our clients and carefully listening to their needs is crucial to providing them with responsive and timely services. We spend a considerable time with clients to gain a firsthand knowledge of their needs and visions. We have a genuine concern for the success of your business. From emerging new businesses to established enterprises, we have always provided close personal attention and custom financial solutions that differentiates our firm.

ConsultingWe are team of professionals helping small businesses navigate through their growth stages by providing consulting services. We show businesses opportunities available to them, help them plan the direction to take, improve current performance and make new ideas happen. We focus on your goals. Our sole job is to see that you succeed. We deliver results by looking beyond conventional solutions and give more than routine advice. The right advice equals "bottom-line" benefits. (/66)