Tips for Americans Performing Services in Canada Watch Video
Allan Madan, CPA, CA
Are you an American citizens performing services in Canada? Read More…
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CPA, CA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
Hello,
I’m an American on a work permit living in Canada for two years and need to file taxes. Could you give me some help and advice if at all possible? Thanks in advance.
MARK DEN HOLLANDER
Hi Mark, yes, I can help you. What type of work do you do in Canada? What ties do you have to the US? To Canada? Where do your spouse, and children live? Where is your permanent home located?
Hey there,
My question is actually around small corporations in Canada working for US clients only and being paid in USD. I have set up a business bank account in Canada but I have a personal USD account in the US that my clients use to pay me. I have to transfer my USD funds to my business accounts in CAD and I use Transferwise for this. Would that be an issue with the CRA?
Hi Lollie,
Yes, this could be an issue because you are collecting payments from customers in your personal account. The CRA may assess personal income tax on the amounts you collected, even though you later transferred the funds into a corporate bank account. I recommend that you open a corporate bank account with a US bank or a Canadian bank, and have your customers make payment directly to the corporate account.