Most Recent Tax Preparer Reviews

Client Review of

Loretta L. Cantafio, CPA

Calgary, Canada

Alameda, CA
May 16, 2022

My wife and I emigrated to the California from Canada in June, 2021 after almost a year since we obtained our green cards (because of Covid travel restrictions). As almost all our assets are in our investment accounts, the transition involves complicated tax issues with Canada Revenue Agency (CRA), the US federal and California state treasuries. We fully expected a hefty exit tax to the Canada Revenue Agency (CRA) on capital gains based on the “deemed disposition” of our investments on exit from Canada. The IRS follows the Canada-US tax treaty, enabling us to update our cost basis per Jun 2020 market prices. California does not follow the tax treaty, meaning that we had to report our investment incomes in our all our accounts including our Canadian RIF accounts, but with costs basis updated to the start date of our California residency. I detail these complications to show that without the patient and timely guidance from Lori and her associates, we would have been lost. Thanks to them, we ended up with a much smaller exit tax to CRA than expected. On the US tax filings, Lori on her own initiative applied the US pandemic relief packages for which we did not even know we were qualified. As a result, we get a net refund on our US taxes (refund from IRS for federal taxes exceeding the California state tax due because of the state requirement for reporting investment incomes in our Canadian RIF accounts). I came across Lori after I was disappointed with our former accountant, who we felt utterly failed us. We are totally happy with the services she and her associates have provided us. I recommend them highly.