Typical Fees for income tax returns of US Citizen or resident ( For 1040 and State tax returns).
Return Type Description Fee ( CAN $) Quote or Estimate ( Q or E)
1) 1040 - Basic US citizen or resident, one taxpayer only, employment income under US$ 105 K, interest and dividend income less than itemized deductions, no other income, itemized deductions are basic only, no foreign tax credit required, no more than 1 RRSP account, no state tax return. $350 Quote
2) 1040 - With minor US-source income with 1 State tax return, same as #1, but employment income above 105 K $US, or some US-source investment income (but not both), requires only one basket for foreign tax credits. Additional reporting for spouse may apply. Allocation of US-source income is easy (by days in the current year, or separate T4 and W-2) $ 600 to $ 900 Q or E ; State return $ 175 to $300 Q or E extra.
3) 1040 - other income and expense and with 1 state tax return. Same
as #1, but with business, rental, or royalty income, or employment expenses.
Additional cost to calculate depreciation if applicable. $ 750 to
$1200 Q or E
* State return $ 175 to $300 Q or E extra
4) 1040 complex with US-source income and expenses, with T1, Same as #2 or #3, but with various types of US-source income. Significant investment income and dispositions of capital property; multiple RRSPs; RRSP withdrawals. $ 1500 to $3000 Q or E, State return $ 175 to $300 Q or E
5) 1040 Basic to Complicated - year of move. Similar to #1, except moved to or from US. At higher end, filing dual status. At lower end, filing as full-year US resident. At higher end, typical executive moving up to Canada. Similar to #3 and #4, except for move to or from US. $ 1500 to $ 6000 Q or E; State return $ 175 to $300 Q or E extra.
6) Form 5471 Basic form - no subpart F income reported. $475 Q or E. More parts of form required or subpart F income applicable. $ 400 to $850 Q or E.
North American Tax Services - Attention:
Joseph Soussan, CPA, CGA
2510 Yonge Street, Suite 322A
Toronto, Ontario, M4P 2H7
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