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A Tax Guide for American Citizens in Canada
A Tax Guide for American Citizens in Canada
By: Richard W. Pound, O.C., O.Q., Q.C., FCPA, FCA, Max Reed, BA, B.C.L., LL.B.
ISBN: 978-0-7798-5364-9
Product Type: Book S.O. Annual/biannual/biennial
Anticip. Upkeep Cost: Annual volumes supplied on standing order subscription
Number of Pages: Approximately 400 pages
Number of Volumes: 1 volume bound
Binding: softcover
Publication Date: 2013-02-27
Publisher: Carswell
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Description

Complete Your U.S. Tax Return with the Ultimate Resource for Canadians with Dual Citizenship


All US citizens in Canada have always been required to file US income tax returns. As of January 1, 2013, Canadian banks are required to disclose to the IRS assets and bank accounts held by US citizens in Canada so the obligation is now more urgent than ever.

In addition to an income tax return, you are required to disclose your common Canadian financial products to the IRS. A Tax Free Savings Account does not protect income that builds up inside it from US tax. Since the IRS may consider your TFSA a foreign trust, you will have to disclose it to them. Similarly, you need to file a special form in order to defer US tax on your RRSP. The IRS may treat Canadian mutual funds as a type of foreign holding company. So you need to disclose which ones you own. Failing to file annual tax returns may expose you to thousands of dollars in fines. For example, you might be fined up to $10,000 simply for not reporting your non-US bank accounts. Since your bank is now obliged to advise the IRS about these accounts, there is little chance of evading scrutiny.

Filing a US tax return and making these disclosures can appear daunting, but need not be difficult. For most people, it will simply involve filling out some paperwork and sending it in. Rather than pay a professional hundreds of dollars, you can do it yourself. You can also take advantage of a recent IRS program to catch up on past returns or even renounce your US citizenship. This guide explains how, using step-by-step, plain language instructions. It includes all of the forms you need. No software or other publication is designed specifically to help US citizens in Canada meet their tax obligations.
About the Author
Richard W. Pound, O.C., O.Q., Q.C., FCPA, FCA, is one of Canada's leading tax lawyers. A partner in the Montreal office of Stikeman Elliot, he is the author of the Annotated Stikeman Income Tax Act (Carswell), the Editor-in-Chief of Canada Tax Cases (Carswell), Editor and author of Pound's Tax Case Notes (Carswell), a review of every reported tax case decided by the Canadian courts. A former Chair of the Board, Chancellor, and lecturer in tax law at McGill University, he is an officer of the Order of Canada and is admitted to the bars of both Ontario and Quebec. Apart from his distinguished career as a tax lawyer and author, Dick Pound has a long history in the Olympic Movement.
Max Reed practices US tax law at the New York office of White & Case. Prior to this, he was a law clerk at the Federal Court of Appeal where he assisted with the research and writing of several leading tax law judgments. He holds a BA and two law degrees from McGill University, is admitted to the bars of both New York and Ontario, and is licensed to practice before the IRS.
CPD