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Married Couples – When to Consider Filing Separately
Many married U.S. citizen and/or U.S. resident couples file a joint US income tax return. It is convenient, allows taxation of income at potentially lower tax rates compared to filing separately and may save a small amount of preparation time and professional fees. However, in some situations, filing a joint US income tax return may […]
Low Risk U.S. Tax Compliance
January 4, 2013On June 26, 2012 the Internal Revenue Service (“IRS”) announced new streamlined filing procedures (“SFP”) for non-resident U.S. taxpayers to go into effect September 1, 2012. SFP is available to U.S. persons and dual citizens living outside the US who have failed to timely file U.S. federal income tax returns or disclose their non-U.S. bank […]
US Federal Income Tax – Gains on Sale of your Home Part 1
December 14, 2012Generally, 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), the same capital gain may be taxable on his or […]
US Tax vs. Canadian Tax
December 3, 2012There are many similarities between the U.S. and Canada, but there are some significant distinctions between U.S. and Canadian tax law especially for U.S. citizens resident in Canada, including permanent residents of the US (“green-card” holders). For the unwary those distinctions may result in substantial U.S. tax liabilities where those differences are not identified in […]