ITIN - Individual Taxpayer Identification Number

ITIN is for US federal tax reporting only. It is for people who need to file US tax but don't have and are not eligible to apply for SSN. Examples of individuals who need ITINs include:

• Non-resident alien filing a U.S. tax return and not eligible for a SSN
• U.S. resident alien (based on days present in the United States) filing a U.S. tax return and not eligible for a SSN
• Dependent or spouse of a U.S. citizen/resident alien
• Dependent or spouse of a non-resident alien visa holder

You can get the application Form from IRS. If you need help, please email us at tax@yyconsulting.com for appointment.

Tax Freedom Day - Canada & USA

Fraiser Institute just released June 9 is Canadian's Tax Freedom Day this year!  We are three days ealier than year 2008.   The main reason is that the economic slowdown has reduced tax collections even faster than it has reduced income.  

So what is Tax Freedom Day?   This is the first day that we have paid off all our taxes on federal, provincial and local levels, and we start to really earn money for ourselves.  Fraiser Institute also has a handy online calculator to calculate your own TFD.

In 2009, Canadian family earned $88,432 in average and paid $37,699 in tax.  

For US, Tax Freedom Day for 2009 is April 13,  for a total average effective tax rate of 28.2 percent of the nation's income.  This is eight days earlier than last year due to two major reasons: recession and stimulus.   

You've Earned it, Claim it! Get Your Tax Refund Today!

For average Canadians, we are getting a tax refund averaging more than $1400.  For the fellow Americans, we are getting an average of more than $2700 back this year.  

It is your money, claim it!  

If you need help on your late tax preparation, please email us at tax@yyconsulting.com or call 604-762-5396 for appointment.

 

Earth Day Today! Save Our Planet, Save on Tax!

Earth day tips from YYC accountant:

1. Scan your tax slips and relevant documents
2. Email them to us at tax@yyconsulting.com
3. We will send your tax return in PDF format or efile.

No paper, no transportation, and best of all, we are offering a 10% discount off our standard rate for your tax return services.

please email us at tax@yyconsulting.com or call 604-762-5396 for appointment.

Personal Income Tax Deadline: Canada & USA

Spring is right at the corner, just a friendly reminder of the coming deadlines to file your tax:

April 30, 2009 (Canada)
CRA 2008 personal income tax filing deadline.

April 15, 2009 (USA) *
IRS 2008 income tax return is due, unless you file for an extension until Oct. 15. 

* If you reside overseas, or are in the military on duty outside the U.S., you are allowed an automatic 2-month extension to file your return until June 15. However, any tax due must be paid by the original return due date (April 15) to avoid interest charges.

If you need help on your tax preparation, please email us at tax@yyconsulting.com or call 604-762-5396 for appointment.

$1400 average refund for 2007 tax season

Canadians are getting $200 more refund from last year.

With the filing season now complete for most Canadians, the CRA would like to remind self-employed individuals, and their spouses or common-law partners, that they have until midnight on Monday, June 16, 2008, to file their income tax returns. If they had an outstanding balance for 2007, it had to be paid on or before April 30, 2008, to avoid interest. A late-filing penalty on amounts owing will apply to returns received or postmarked after June 16, 2008.

2008 Tax Filing Season Statistics as of May 28, 2008

	2008	2007	Change
Total received	23,687,417	23,099,964	+2.5%
NETFILE	4,150,737	3,957,938	+4.9%
TELEFILE	478,023	505,966	-5.5%
EFILE	9,014,295	8,259,416	+9.1%
Paper	10,044,362	10,376,644	-3.2%