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 or call 604-762-5396 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.