Personal Tax Returns
Comprehensive personal income tax preparation for Canadians with US income, US citizens in Canada, cross-border individuals, and high-net-worth taxpayers with complex financial situations.
What We Do & Why It Matters
Personal income tax is rarely simple for individuals with connections to both Canada and the United States. Whether you're a Canadian resident earning US rental income, a US citizen living in Toronto, or an executive with equity compensation in multiple currencies, the compliance requirements are extensive and the penalties for getting it wrong are significant. TYM's personal tax team specializes in exactly these situations - we prepare both Canadian T1 and US Form 1040 returns, and we coordinate the two to minimize your combined tax burden.
- Canadian T1 personal income tax returns for residents and non-residents
- US Form 1040 and 1040-NR for US citizens, residents, and non-residents
- ITIN (Individual Taxpayer Identification Number) applications - TYM is an IRS Certified Acceptance Agent
- FBAR (FinCEN 114) filing for foreign financial accounts
- FATCA Form 8938 reporting for specified foreign financial assets
- Foreign tax credit planning to eliminate double taxation
- Departure returns and deemed disposition planning for emigrants
Everything Covered in This Service
Canadian T1 Tax Return
Complete preparation of your Canadian personal income tax return, including all schedules, provincial returns, and elections.
US Form 1040 / 1040-NR
Preparation of your US federal income tax return, including all required schedules and foreign income exclusions or credits.
ITIN Application (CAA)
As an IRS Certified Acceptance Agent, TYM can certify your identity documents and submit your ITIN application - no need to mail your passport to the IRS.
FBAR Filing (FinCEN 114)
Annual filing of the Report of Foreign Bank and Financial Accounts for US persons with foreign accounts exceeding $10,000 USD.
FATCA Form 8938
Preparation of Form 8938 (Statement of Specified Foreign Financial Assets) for US taxpayers with significant foreign financial assets.
Foreign Tax Credit Optimization
Strategic coordination of Canadian and US tax filings to maximize foreign tax credits and minimize your combined tax liability.
Rental Income Reporting
Reporting of rental income from properties in Canada or the US, including applicable deductions, depreciation, and treaty considerations.
Stock Option & Equity Compensation
Tax treatment of employer stock options, RSUs, and other equity compensation for cross-border employees.
Departure & Arrival Returns
Preparation of Canadian departure returns and deemed disposition calculations for individuals emigrating from Canada.
How We Work With You
Situation Review
We start with a detailed questionnaire and review of your prior-year returns to understand your residency status, income sources, foreign accounts, and compliance history.
Document Collection
We provide a personalized document checklist covering all your income sources, deductions, and reporting obligations in both countries.
Return Preparation
Our bilingual tax team prepares your Canadian and US returns in a coordinated fashion, ensuring that foreign tax credits are properly claimed and that you're not paying tax twice on the same income.
Review & Approval
You receive a complete review package with a plain-language summary of your tax position, the key numbers, and any planning recommendations before we file.
Filing & Ongoing Support
We file your returns and remain available throughout the year to answer questions, respond to CRA or IRS correspondence, and help with tax planning decisions.
Industry Facts & Context
Everything You Need to Know
Detailed context on how this service works, what it covers, and why it matters for your business.
Personal Tax Returns for Cross-Border Individuals
Filing personal taxes when you live, work, or invest across the US-Canada border requires specialized expertise. TYM's licensed CPAs prepare personal tax returns for Canadian citizens with US income, dual citizens filing in both countries, US expats living in Canada, and Canadian snowbirds with US tax obligations. We handle Form 1040, Form 1040-NR, T1 returns, FBAR filing (FinCEN 114), FATCA compliance, and T1135 foreign income verification - ensuring you meet every deadline and avoid costly penalties.
How to Avoid Double Taxation as a Dual Citizen
One of the most common concerns for dual citizens and cross-border individuals is double taxation. The US-Canada tax treaty provides relief mechanisms, but applying them correctly requires detailed knowledge of treaty provisions, foreign tax credits, and residency rules. TYM's tax advisors explain the US-Canada tax treaty for businesses and individuals, help you claim the foreign tax credit properly, and structure your affairs to minimize your combined US and Canadian tax burden. We also advise on the tax implications of hiring employees in Canada as a US company and vice versa.
ITIN Applications and Certified Acceptance Agent Services
Non-US citizens who need to file a US tax return or claim treaty benefits require an Individual Taxpayer Identification Number (ITIN). TYM is a Certified Acceptance Agent (CAA) - meaning we can verify your identity documents in-office without requiring you to mail your original passport to the IRS. We handle ITIN applications without mailing passport, Form W-7 preparation, and non-resident US tax filing. Our certified acceptance agent services are available to clients in Toronto, Miami, and remotely across North America.
Common Questions
Have a question not answered here? Book a free consultation and we'll walk you through your specific situation.
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