Commonly Used Terms
Cross-Border:
This term is used by professionals in Canada as a way of describing consulting and compliance services which require knowledge of both Canada and U.S. tax law and procedures.
Compliance Services:
Term is used to describe the preparation and compilation of the necessary tax forms.
Limited Liability Company (LLC):
U.S. entity which is treated as a partnership for U.S. tax purposes but which can provide limited liability for its members. Generally speaking, Canada does not treat an LLC as a partnership.
S-Corporation:
U.S. corporation that makes a timely filed election to be treated as a flow through entity for U.S. tax purposes. Generally speaking, Canada does not accept this treatment as a flow through entity for Canadian tax purposes.
U.S.TAXFAX:
This is a newsletter distributed by our firm to other professional accounting and legal firms throughout Canada and the United States. This newsletters purpose is to raise awareness of U.S. and cross-border issues and is not meant as a comprehensive source of information.