Our Services

Most Canadian-resident individuals are required to file an annual tax return reporting their world income. We prepare personal tax returns for a wide spectrum of individuals, including wealthy individuals and clients with very complex affairs.

In addition to competently preparing tax returns, we strive to foster trusting relationships with our clients, and our intimate knowledge of their affairs allows us to deliver extra value. We are proud to have been serving many individuals and families for decades.

We also represent our clients in dealings with the Canada Revenue Agency (CRA). This includes handling simple issues such as responding to CRA requests and more complex issues such as assisting with formal CRA appeal procedures and filing voluntary disclosure submissions where appropriate.

Any client of our firm can be assured that we take our responsibility to protect privacy and confidentiality very seriously.

Canadian-resident corporations need to file an annual tax return. The actual tax balance is due either two or three months after the corporation’s year-end.

As part of our standard year-end accounting service for corporate clients, we carefully prepare corporate income tax returns and other required tax returns or tax elections. Our comprehensive knowledge of our clients’ accounting affairs often allows us to recognize opportunities to minimize tax, and our standard service includes appropriate tax planning for owner-manager compensation, as well as assistance with any commodity tax issues.

For clients with more complex affairs, we assist in a number of valueadded tax services including:

• structuring corporations and corporate groups to ensure maximum tax-efficiency;
• planning tax-deferred transfers of assets (including section 85 rollover transfers and butterfly transactions); and
• planning to minimize tax leakage after an owner's death.

Canadian-resident trusts (including estates) are generally required to file an annual tax return, due 90 days after the end of the trust’s year.

In addition to preparing these returns and advising on how the trust or its beneficiaries should be taxed, we also offer comprehensive advice on implementing and appropriately structuring trusts. Trusts can be a powerful and flexible tool in certain situations.

Estate planning covers a variety of matters that we undertake with our clients, including:

• Gaining an understanding of your values, personal situation and intentions;
• Reviewing the overall financial picture of your affairs including corporate and personal matters;
• Outlining a specific estate plan appropriate for your needs. This plan may be changed over the years but will form the basis for your overall estate plan;
• Gathering a team of professionals including, lawyers, insurance advisors, investment advisors and bankers to structure your affairs on an efficient basis to meet your and your intended beneficiaries' needs;
• Acting as a trusted power of attorney or executor or trustee of your will, when appropriate;
• Constant review and monitoring of this plan to adjust for any changes specific to your circumstances.

Wealth planning is a process that enables individuals and families to develop a blueprint for achieving their personal financial goals. We recognize that everyone has unique goals and dreams, and that each client deserves thoughtful and practical advice customized to their unique situation.

Independent financial planning can include cash management, retirement planning, investment planning and review, insurance consulting, income tax planning and other areas such as estate planning and education planning.

We do not sell any products and are compensated solely based on our time spent assisting you. As a result, we can help you develop an unbiased plan towards meeting your unique goals. Our financial planning clients have comfort that they are receiving objective solid advice.

We are happy to work with your existing advisors, and act as a quarterback to ensure that your comprehensive plan is being orchestrated with care if needed.

We also provide advice to divorce attorneys and those going through marital breakdowns on how to separate assets and structure alimony on a tax-effective basis.

Non-Canadians owning real estate in Canada have special Canadian tax and filing obligations requiring the services of an experienced professional. In addition to offering experienced advice in this area, we help our non-resident clients file elections to minimize their Canadian tax burdens, and assist them with appropriately filing required income tax returns.

We also assist non-residents wishing to sell Canadian real estate, by reducing their tax burdens by applying for clearance certificates.

Whether you are a Canadian resident doing business or investing outside of Canada or a non-resident doing business or investing within Canada, the domestic tax rules of each country often combine to create unfair “double tax” situations. Canada has international tax treaties with many countries. These treaties alleviate many unfair situations.

We can assist you in the interpretation of international tax treaty rules, which often require international tax expertise.

(Including US Personal and Corporate Income Taxes, and Estate Taxes for US Citizens Living in Canada)

American citizens who reside in Canada still need to file US tax returns annually. The penalties for non-compliance can be severe. We assist US citizens with their US filing requirements, helping provide them with peace of mind that their reporting is compliant with IRS rules.

Because we practice in the area of US and cross-border tax, we are often able to identify opportunities to minimize a client’s overall tax burden.

Non-residents of the US may be required to obtain an Individual Taxpayer Identification Number (ITIN) before filing a US income tax return. As a registered IRS Acceptance Agent, we can assist clients with obtaining an ITIN.

Canadian residents owning rental property in the US are subject to US income taxes. Filing proper elections allows tax to be paid on net rental income, rather than on gross rental income. State income tax returns may also be required.

Non-residents who sell US real estate may be subject to significant withholding tax on the proceeds, and we can often assist in reducing or recovering this withholding tax.

Gifts of tangible properties located in the U.S. are subject to gift tax. Assets located in the U.S. may be subject to Estate taxes.

Under the Canadian tax system, all residents are taxed on their worldwide income including capital gains. However, there is a unique opportunity for immigrants to Canada who have accumulated significant investment assets. An immigrant can often establish an offshore trust before coming to Canada, with no Canadian tax on the trust assets for up to five years after becoming a Canadian resident. Our experienced advisors are well-versed in structuring immigration trusts.

We also can act as a valuable resource with other financial matters related to your move to Canada.

Where a non-resident of Canada owns shares of Canadian companies, is a beneficiary of a Canadian trust, or receives passive income from Canada, that non-resident or the payer may have an obligation to pay or withhold Canadian tax.

Where non-Canadians carry on business in Canada, they will be subject to tax in Canada on their Canadian income. In many cases, the Canadian payer is required to withhold a certain percentage of the payment to the non-resident to be applied to the ultimate Canadian tax payable. In some cases, it may be possible to have the ‘up front’ withholding tax reduced.

Where non-residents of Canada work in Canada as employees, they will be subject to tax on a similar basis that Canadian resident employees are taxed.

We can assist you in determining the tax cost in becoming a Canadian resident, navigating the tax rules and filing the appropriate tax returns.

Canada levies tax based on an individual’s residency rather than on an individual’s citizenship. As a result, when a Canadian resident departs from Canada and ceases to be resident in Canada for tax purposes, income tax on many unrealized gains is triggered.

In cases where an emigrant has fairly complex financial affairs, this can create problems including cash flow problems if the individual has non-liquid assets. In some cases, we can assist in deferring this tax liability.

There are a number of complex factors someone contemplating leaving Canada must consider carefully, and taxes on such a move are often significant. We can provide insight in this area. Further, those leaving Canada are required to file special income tax returns in the year of departure, and we can competently prepare these departure returns.

Canadian residents are required to report world income in their Canadian returns. Canadian residents therefore have to report income from sources outside of Canada.

Canadian residents owning shares of certain companies situated outside of Canada may be required to report the passive income of these companies. This is an area where specialized expertise is required.

Similar rules also tax Canadian residents on the income and capital gains earned by certain offshore investment vehicles. Our tax specialists have the appropriate international tax expertise to assist you in your planning and filing obligations, as well as a wide network of contacts with further international tax expertise where warranted.

Green Horwood & Co has earned a respected reputation in connection with our work with many charities and not-for-profit organizations. As long-term members of the Greater Victoria community, our partners and staff have had significant involvement with non-profit organizations including voluntary participation on their boards, advising on financial matters and providing audit and review services.

We understand the special needs of registered charities, foundations and other not-for-profit organizations.

Accounting for Charities and Not-for-profits can be complex. We take pride in eliminating the confusion from financial reporting. We ensure that directors and management are aware of the financial issues facing their respective organizations.

We also advise on charitable giving and philanthropy, including assisting with setting up charitable private foundations for our clients considering making substantial charitable gifts, and consulting with clients to identify appropriate charities when warranted.

Our firm is also a proud financial supporter of the United Way of Greater Victoria, with full staff participation for over a decade.

Green Horwood & Co has provided special financial and other services to senior citizens (and other clients) for almost fifty years. We are flexible and tailor our services to meet each client’s unique needs. We act in an independent capacity but maintain a one-on-one relationship.

We can provide the following services for elderly clients:

Financial Services

• Banking including paying bills and collecting income
• Monitoring all investments
• Delivering cash when required
• Preparing all income tax returns

Estate Planning

• Preparing and monitoring an estate plan
• Advising and arranging for a will
• Acting as executor and trustees of wills