US Tax Returns: ITIN Individual Tax Identification Number

We are an authorised acceptance agent with the IRS which will allow us to notarize documents when applying for ITIN number. Phone us for prompt service in obtaining this important number where necessary.

Are you are a U.S. citizen (born in the U.S.), Green Card holder, U.S. resident, or Canadian with U.S. source income, you may have exposure to U.S. tax filings.

Consider the following:
Do you rent out a US condominium?
If you own a U.S. condominium that is rented at any time during the year, you must report this amount on a U.S. return. If you do not file a return, they may assess you the tax and disallow any expenses.

Are you a US citizen?
. If you are a U.S. citizen you are required to file a U.S. Personal Income Tax Return regardless of where you live or your income level;

. If you are a U.S. citizen with a Canadian RRSP, the amount of income earned in the RRSP is not exempt from U.S. tax unless you file an election with your U.S. Personal return. The election is denied if you fail to file a return;

Important: American citizens with Canadian and overseas bank/security accounts are required to report to the United States Treasury Department by June 30 of each year. This is not complicated however, if you do not comply, you may face severe penalties such as . 10% of the maximum amount held in the foreign account up to 50% of the amount in the foreign account

Other US considerations for anyone
. If you dispose of a U.S. property, a U.S. return is required;
. If you sell services or product to the U.S., there may be a requirement to file a U.S. return.
. ITIN Individual tax identification number
. Individual tax identification number ITIN may be required. We are an authorised acceptance agent with the IRS which will allow us to notarize documents when applying for ITIN number.

Contact us now to review your situation and ensure that you comply.

Gary Booth Chartered Accountants
555 Burnhamthorpe Road, Suite 607
Toronto, ON
M9C 2Y3
Phone: 416.626.2727
Fax: 416.621.7136
E-mail us: gary@garybooth.com
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