US Cross Border Taxes
U.S. Citizen Residing in Canada
Are you a Canadian doing business in the US or vice versa? Don't let cross-border taxes stress you out. Let the experts at Dean & Associates, your trusted cross border accountant in Toronto, handle your US cross-border tax needs with ease and professionalism. Contact us today to schedule a consultation and take the first step towards a smooth and stress-free cross-border tax process.
Our cross border accountant services include tax preparation and filing for both US and Canadian taxes, as well as cross-border tax planning, estate planning, and more. We also provide advisory services to help you make informed decisions regarding your cross-border financial situation. Our team of experienced cross-border accountants can assist with everything from tax planning to compliance to representation in the event of an audit. We take a personalized approach to each engagement and take the time to get to know you and your specific needs so that we can provide the best possible service and advice.
The obligation to file income tax in the U.S. is based on citizenship (not residency) and a U.S. citizen is taxable in the U.S. on worldwide income. Resident alien status (green card holder) has the same obligation to file U.S. tax returns on worldwide income as a U.S. citizen. The U.S. Canada Tax Treaty provides some relief from double taxation.
Past Due US Returns
U.S. citizens who have not filed annual U.S. income tax returns have the opportunity to come into compliance without penalty by filing three years of streamlined tax returns including Form 114 (FBAR) “Report of Foreign Bank and Financial Accounts” and Form 3520 “Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts” (applicable to TFSA and RESP accounts).
Some U.S. citizens who have not complied with requirement to file annual U.S. income tax returns may wish to use streamlined filing to file five years of income tax returns, Form 114 and Form 3520 to be eligible to file without penalty Form 8854 “Initial and Annual Expatriation Statement” to relinquish U.S. citizenship.
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US Cross-Border Tax Accountant Mississauga, Toronto, Ottawa, London, Burlington, Markham