I just moved to Canada last year and was looking for a CPA to help me file both Canada and US taxes. Is there someone you can recommend?
AJ Tax Consultant in Michigan.
+1 (234) 444-4440
Mercury tax eglington. Dur to covid they are filing tax online.
I used Turbotax US and Turbotax Canada, filed the US tax return first and then Canadian. For the US, I used live support so I could screen share and talk when I had a question. For TurboTax Canada, I used their “full service” where they did the whole thing, it was mostly hands off. It was C$130/per person. This was way cheaper than any CPAs I could find but I also did have to learn a bit more about how things are taxed in both countries. But I thought the service was pretty good and well organized. I had US income after moving to Canada for couple months and also still have a house there that is currently rented out, so the taxes were not that straight forward. This may not be the best option for everyone but if you are willing/can/want to learn about taxation, then this is a very economical way to do it.
Thinking of going the same route as you. Did you have to file 2 returns for the US? 1040 and 1040NR(For the part of the year during which you were not a US resident) or just the 1040?
Any pros and cons of filing Canda first vs US return first?
@sk987 1040 for the year I moved since I was still considered resident for tax purposes by IRS based on the physical presence test.
Yes, filing US taxes first makes it possible to claim credits for foreign tax payments based on US Canada tax treaty. Also, if you have any income from the US after moving to Canada, you may have to pay some amount of tax in Canada depending on individual circumstances; TurboTax took care of all of that on the Canadian side. Also there is no real deadline to file taxes in Canada if you don’t owe CRA any money, but the US has a hard deadline and so another reason to file it first.