Cross-Border & Foreign Income Tax Accountant in Calgary

Earn rent from a flat in India, interest on a fixed deposit back home, a pension from another country, or income from a business abroad? If you live in Canada, you generally report your worldwide income on your Canadian return, and getting it wrong can mean double tax, penalties or a CRA review.

Garg Accounting is led by Sahil Garg, a CPA (CPA Canada) and a Chartered Accountant (ICAI) who has been in accounting since 2007. We prepare personal (T1) and corporate (T2) returns for clients with income from anywhere in the world, with special depth in India.

What we help with

• Worldwide income on your T1 return: rental income, interest, dividends, pensions, salary and business income earned outside Canada, converted to Canadian dollars correctly.
• Foreign tax credits: claiming credit for tax already paid in India or another country, so the same income isn’t taxed twice.
• Form T1135 (foreign property): reporting foreign bank accounts, fixed deposits, shares and rental property when the total cost is over $100,000 at any time in the year.
• Selling property abroad: working out the Canadian capital gain on a house, flat or land sold in India or elsewhere, and the credit for tax paid there.
• Corporations with foreign activity (T2): Canadian companies with foreign customers, suppliers, subsidiaries or income.
• Newcomers and people leaving Canada: your first Canadian return, residency questions, and departure returns.
• Catching up on past years: if foreign income or a T1135 was missed in earlier years, we help you correct it with the CRA.

India income? We cover both sides

Indian income often needs attention in two places. The Indian financial year runs April to March, while Canada uses the calendar year, so amounts have to be split and converted properly. Through our sister firm in India, Sahil Garg & Company, Chartered Accountants (practising since 2012), we can also handle Indian income tax filings for NRIs, so your Canadian and Indian returns tell the same story. See our India & NRI tax services.

Why clients choose Garg Accounting

• CPA (Canada) and Chartered Accountant (India) in one firm
• Almost two decades of accounting experience
• Fees quoted up front and every return explained in plain language
• Rated 5.0 on Google by 150+ clients
• In person in NE Calgary, or online anywhere in Canada (except Quebec)

Need bookkeeping too? We also keep books for businesses across North America, including the US. See our bookkeeping services, or our help for newcomers to Canada and rental property owners.

Frequently asked questions

Do I have to report my income from India on my Canadian tax return?

If you are a resident of Canada for tax purposes, you generally report your worldwide income, including rent, interest and capital gains from India. A foreign tax credit can reduce Canadian tax for tax already paid in India.

What is Form T1135?

T1135 is the CRA form for reporting specified foreign property, such as foreign bank accounts, fixed deposits, shares and rental property, when the total cost was more than $100,000 at any time in the year. Late or missing forms can bring penalties.

Will I pay tax twice on the same income?

Usually not. Canada and India have a tax treaty, and foreign tax credits are designed to prevent double taxation. The key is reporting the income and the foreign tax correctly.

Can you also file my Indian tax return?

Yes. Our sister firm, Sahil Garg & Company, Chartered Accountants, handles Indian personal and corporate tax for NRIs, so both returns are prepared by one team.

Garg Accounting · 4310 104 Avenue NE, Unit 3230, Calgary, AB T3J 1W5 · +1 368-995-6000 · info@gargaccounting.ca · Mon–Fri 9:00 AM–5:30 PM
Areas we serve: NW Calgary · NE Calgary · SW Calgary & Downtown · SE Calgary · Airdrie · Chestermere · Balzac & Rocky View · Cochrane · Okotoks & High River · Strathmore · Drumheller · Red Deer · Lethbridge · Medicine Hat · Edmonton · Fort McMurray · Grande Prairie · Online across Canada
Related: Personal tax filing · GST/HST filing · Bookkeeping · Incorporation · Contact
Popular services: Accounting services in Calgary · Personal tax returns · Payroll services · Bookkeeping · Corporate tax (T2)