If you are a U.S. citizen living in Canada, you still have U.S. tax filing obligations. If you are delinquent in your U.S. filings, the IRS has a streamlined process to allow you to get caught up without penalties. However, it is unclear how much longer the IRS will keep this process open, so if you have been holding off, now is the time to get caught up.
Being a U.S. citizen can also present problems if you hold investments in Canada such as RESPs, RDSPs, TFSAs, FHSAs, and mutual funds, or if you are a shareholder of a Canadian corporation. If you are or have ever been a U.S. citizen, we suggest you contact your Crowe MacKay tax advisor to determine your filing requirements.
If you own property in the United States or are spending significant amounts of time down there, let your Crowe MacKay tax advisors know. You can run into tax issues on both sides of the border, so it is important to know and understand the rules and how they may affect you. Both Canada and the U.S. can now track the number of days you are spending in each country, so being aware of your compliance requirements is more important than ever.
Please see our article for more information.
This article has been published for general information. You should always contact your trusted advisor for specific guidance pertaining to your individual tax needs. This publication is not a substitute for obtaining personalized advice.
If you are looking for Tax Services, Crowe MacKay provides personalized support. Our tax professionals will help you maximize tax-planning opportunities and ensure the minimum amount required by law is paid.
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