Personal U.S. Tax Return Issues Archives

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Renouncing Your U.S. Citizenship? – Count ALL Your Assets

Steven Flynn, CPA, CA, CPA (Washington) 11/19/2019

Canadians with U.S. citizenship continue to review its benefits and costs. Its benefits include unlimited access to work and travel to the U.S. while its costs include the application of complex U.S. tax laws and requirement to file annual U.S. federal income tax returns to ...

900,000 Canadian Bank Records Were Recently Sent to the IRS – What you Need to Know

Warren Dueck, FCPA, FCA, CPA (Washington) 11/15/2019

A new CBC article notes that the Canadian government sent a significant trove of records to U.S. tax authority, the Internal Revenue Service in September of 2019 in accordance with a “controversial information-sharing deal” and that the quantity of records involved represents a sharp increase ...

US Federal Income Tax – Gains on Sale of your Home Part 1

Emily Yu, CPA, CGA 12/14/2012

Generally, Canadians living in Canada are not subject to tax on gains from the sale of their principal residence. However, for a Canadian resident who is also a U.S. citizen or resident (including permanent resident or “green-card” holder and those meeting the “substantial presence” test), ...

US Persons Holding Non-U.S. Mutual Funds

Andersen 11/20/2012

U.S. citizens and lawful permanent residents (green card holders) who hold certain investments may unknowingly be subject to adverse US tax implications where the investments are characterized as investments in Passive Foreign Investment Companies (“PFICs”). PFICs include non-U.S. mutual funds and exchange traded funds (ETFs) ...

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