Should USC make any special requests to CDN T1 Preparer?

Alex · Post by **Alex** » Fri Mar 01, 2013 3:37 pm

My family (USC married to NRA, both CDN residents) has a Canadian account that we have been using for several years and feel loyal to, but he does not prepare U.S. taxes.

Are there any special requests we should make to our Canadian accountant when filing T1 to help reconcile our CDN and US tax filing (to be done later) or to make US tax filing easier?

Related to my other post, should I ask my Canadian accountant to use a different (non-CRA) exchange rate when converting US dollar income into Canadian dollars?

Thanks again!
Alex

JGCA · Post by **JGCA** » Sat Mar 02, 2013 11:42 am

NO, ask you US CPA what he requires from the CND CA it could be verry little or a lot depending on you situation. As for exchange rates CRA allows you to use teh average rate for income oe expense accounts but for trading you must use the actual rate.

Alex · Post by **Alex** » Sun Mar 03, 2013 9:50 am

Thanks very much. I see your point that it depends a lot on the specific situation.

I am almost prepped for CDN accountant now, but need a little more time for U.S. I don't want to bother my US. accountant until I have everything in place for him. So would the following plan make sense?

step 1. My CND accountant prepares T1, but I don't file it yet.
step 2. Give all info including T1 to my U.S. accountant and ask him to provide instructions to CND accountant if any changes to T1 are needed.
step 3. File both US and CDN taxes at the same time.

JGCA · Post by **JGCA** » Sun Mar 03, 2013 10:52 am

Sounds about right, make sure you file on time each jurisdiction has its own deadline T1 is usually April 30th 1040 is April 15 or could vary .