Millards Senior Tax Manager helps U.S. Companies Leverage Canadian Tax Law

With increasing sales to Canada, U.S. companies now see their northern neighbour as a critical market.

U.S. companies and American CPA firms that have clients operating above the 49th parallel need to know the Canadian accounting rules and tax laws. In addition to maintaining compliance and operating within the requirements, doing business in Canada could offer tax opportunities for U.S. companies that understand the potential advantages.

What are the tax implications for these cross-border transactions?

Millards Chartered Accountants Senior Tax Manager Lynda Sinclair is a specialist on corporate and personal tax withholding and reporting requirements in Canada.

She delivered that critical information to a crowd of over 160 CPAs at the 59th Annual MNCPA Tax 13 Conference in Minneapolis, Minnesota.

http://www.mncpa.org

“There are penalties for not following the tax rules. U.S. companies don’t want to discover these problems after the fact so US companies and CPAs representing these clients need to clearly understand the differences between the US and Canadian tax laws.”

The conference that took place in November drew hundreds of CPAs from across Minneapolis and beyond. The content-rich agenda featured 52 sessions on everything from federal and state taxation to practice management and technology.

Sinclair’s presentation also reinforced the advantages of doing business in Canada.

“I wanted to present the challenges of the Canadian tax law and requirements but at the same time there is real opportunity in Canada for corporations that understand and leverage the tax rules to their advantage.”

Sinclair discussed corporate and personal tax withholding and reporting requirements in Canada, a company’s responsibilities with respect to GST/HST and sales tax and offered practical guidance on how U.S. companies could maximizing after-tax dollars.