Although an NPO is exempted from tax payments as allowed by the Canadian Revenue Agency, you just have to fill out the T1044 form and submit it with CRA. But you must know about the process of filing the tax returns for a non-profit organization. However, outsourcing with an accounting tax firm Mississauga will help you prepare and file the NPO’s tax returns in the correct time frame. At Filing Taxes, we will guide you through the tax return preparation and filing according to the laws.
The Canadian Non-profit Corporations Act has framed a set of regulations to help you understand the treatment of various financial transactions for NPOs. The financial statements of NPOs are prepared manually and provided to the partners for a complete review. These statements are prepared as per the accounting procedures and policies that are followed in Canada. Filing Taxes has an expert team with the required knowledge and experience that is needed for the preparation of financial statements professionally and make it all according to the regulations framed by CRA.
For filing and payment of taxes in Canada and the collection of the respective credits and deductions in the U.S. tax returns, you must require a bit of expert advice. If you’re a U.S. resident with a green card or self-employed citizen or an immigrant, you must fill your details in the form 1040 on an annual basis while earning a handsome income. Yet it can only be possible if you’re working with a professional accounting tax firm in Canada. You can also benefit yourself with the social security agreement between the U.S. and Canada for more exemptions. But the possibility of availing these advantages will be provided only if you have fully disclosed the exemptions in the 1040 Form.
Other than these exemptions, you can file an additional tax report to claim these deductions if you’re entitled to do so, or you own mutual funds in Canada. These tax deductions and rebates can also be claimed if you’re eligible for any of these Canadian services: