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Even if you’re not residing in the U.S., you’re still required to file taxes. Many U.S. citizens living in Canada often inquire about how to file U.S. tax returns while residing in Canada.
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Each year, both permanent residents and U.S. citizens are obligated to file taxes, regardless of their residence. This includes U.S. citizens residing in Canada, who often inquire about the process for filing U.S. tax returns while living in Canada.
The first consideration is whether you’re required to file U.S. tax returns. If you’re a U.S. citizen or a green card holder, U.S. law mandates tax return filing, even if you’re residing in Canada. This obligation applies whether you’ve recently moved to Canada or have lived there your entire life. Additionally, if you’re residing in Canada, you must also file Canadian tax returns alongside your U.S. tax returns.
It’s advisable for Canadians filing U.S. tax returns to stay informed about cross-border tax changes, as tax laws are subject to continual updates that can impact your filing requirements.
If you’re a U.S. citizen and you’ve earned financial interest on a foreign account exceeding $10,000, the law mandates disclosure. Failure to make this disclosure could result in substantial fines, which may not exceed $10,000.
It’s crucial to consult with one of our experts at BTCPA to understand the process of reporting interest in foreign accounts. Tax professionals can assist in safeguarding your assets by ensuring compliance and avoiding potential hefty fines.
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How We Help?
How We Help?
How We Help?
CEO BTCPA
+1 647-366-7722
info@btcpa.ca
28 Village Center Pl, Suite 206 Mississauga, ON L4Z 1V9