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Personal and Corporate Solutions

Navigating US and Canadian Tax Landscapes with Ease 

Who Needs to File Personal and Corporate Tax Returns in the US and Canada?

Understanding whether you need to file a tax return in the US or Canada can be complex. Here are some common scenarios where filing is necessary:

For Individuals in the US and Canada:

  • Self-employed individuals or sole proprietors with a certain level of income.

  • Partners in a business partnership.

  • Individuals with significant income from investments, rental properties, or foreign sources.

  • Those who have received specific government grants or support payments.

For Corporations in the US and Canada:

  • All corporations operating within these countries, regardless of size or income level.

  • Businesses involved in cross-border transactions or having foreign income.

Key Deadlines for Filing Tax Returns in the US and Canada

Staying on top of tax return deadlines is crucial for compliance in the US and Canada. Here's what you need to know:

In the United States:

  • For personal tax returns, the standard deadline is April 15th following the end of the tax year. If this date falls on a weekend or holiday, the deadline is the next business day.

  • Corporate tax returns typically must be filed by the 15th day of the fourth month following the end of the company's fiscal year.

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In Canada:

  • Personal tax returns are generally due by April 30th following the end of the tax year. If you or your spouse/common-law partner are self-employed, the deadline extends to June 15th, but any taxes owed are still due by April 30th.

  • The deadline for corporate tax returns is six months after the end of the corporation's fiscal year, with taxes payable within two or three months of the year-end (depending on the corporation's circumstances).

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MyBookly is here to ensure that your tax returns are prepared and filed accurately and on time, adhering to the specific deadlines of the US and Canadian tax systems. Let us take the stress out of tax season for you.

Navigating Typical Tax Scenarios

Capital Gains:

  • In the US and Canada, capital gains tax applies to profits from the sale of assets like stocks, bonds, and real estate. The tax rate depends on the type of asset and the duration it was held.

  • In the US, long-term capital gains (assets held for more than a year) are taxed at a lower rate than short-term gains.

  • In Canada, 50% of the value of the capital gain is taxable. The inclusion rate may vary based on specific circumstances and types of assets.

Other Income:

  • This includes income from sources like rental properties, investments, and foreign income.

  • Both US and Canadian tax systems require individuals and businesses to report and pay taxes on these forms of income, with specific rules governing how they are taxed.

Business Income:

  • Business income for sole proprietors, partnerships, and corporations must be reported in both the US and Canada.

  • Tax rates and deductions vary based on business structure and other factors. Businesses can deduct expenses related to generating income, which can significantly impact taxable income.

Filing Requirements:

  • Taxpayers in the US and Canada with capital gains or other forms of income often need to file additional forms or schedules with their tax returns.

  • It's crucial to understand the specific rules and requirements to accurately report income and avoid penalties.

HOW IT WORKS

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Tailoring Our Tax Services to Your Needs

The end of the tax season marks a new beginning for strategic planning. At MyBookly, we believe in being proactive about your tax affairs. Here’s how we approach it:

Initial Consultation

As the new tax year unfolds, our personal tax specialists are ready to sit down with you. This meeting is all about understanding your unique financial situation and goals.

Customized Action Plan

Based on our discussion, we will craft a tailored action plan. This plan is designed to not only address your current tax situation but also to strategically prepare for the year ahead.

Ongoing Support

Our commitment to you extends beyond this meeting. We offer continuous support and guidance to ensure your tax planning remains on track and adapts to any changes in your financial landscape.

Strategic Planning and Expert Advice for Optimized Tax Solutions

Understanding the complexities of taxes is crucial for making the most of your financial opportunities. At MyBookly, we are committed to providing you with top-tier tax advice and strategic planning:

Expert Consultation

Our team of seasoned accountants and tax advisors brings a wealth of knowledge and expertise. They are well-versed in the intricacies of both US and Canadian tax systems.

Personalized Tax Strategies

We go beyond basic compliance. Our approach involves offering personalized advice and suggestions tailored to your unique financial situation and objectives.

Proactive Updates and Insights

Tax laws and regulations are ever-evolving. We keep you informed with the latest updates, ensuring that your tax strategies remain effective and compliant.

With MyBookly, you gain more than a service; you gain a partnership with experts who are as invested in your financial success as you are. We’re here to guide you through every aspect of your taxes, helping you to make informed and beneficial financial decisions.

WHY MYBOOKLY

Tailored Accounting for Your Unique Business

At MyBookly, Our team of accountants specialize in industry-focused accounting. Our accounting team understands your business landscape, ensuring precise and strategic financial solutions.

Strategic Support for Every Business Phase

At MyBookly, we're more than accountants; we're your growth partners. We craft bespoke strategies tailored to your unique goals, ensuring your business thrives with clarity and purpose.

Unified Solutions for Modern Businesses

At MyBookly, we seamlessly integrate a suite of top-tier software tools tailored to your business needs. From bookkeeping to inventory management, we ensure your operations run smoothly with the best digital solutions.

Complete Care for Your Business

MyBookly offers a comprehensive suite of services tailored to your business. From meticulous bookkeeping to expert legal advice, we're your all-encompassing partner, ensuring your business thrives and endures.

Your Finances, Our Expertise

At MyBookly, we handle your bookkeeping from start to finish. Leave the financial paperwork to us, and focus on what you do best. With our team, you're assured of accurate and hassle-free financial records.

Taxes

GROW YOUR BUSINESS

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Ready to Assist You!

Your Financial Success, Our Ultimate Goal

MyBookly is more than just an accounting firm; we're your dedicated financial partners. Our team of experts is committed to guiding you through every financial challenge and opportunity. From our initial interaction to the final deliverable, our focus is on clear communication, transparency, and providing top-notch solutions tailored to your needs. With MyBookly, you're not just getting an accountant; you're gaining a trusted ally in your journey to financial success.

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