Are you a US citizen in Canada who has never filed your US taxes or fallen behind in your filing? Are you nervous about the IRS?
Don’t worry! SKL can help. You can enter an amnesty program called the streamlined process, which helps US citizens in Canada (and elsewhere) catch up on overdue tax returns without fear of penalties.
To take advantage of the streamlined procedure you must:
1. Have been outside of the United States for at least 330 days during one of at least the last three years and during that time have not lived in the country;
2. File complete US tax returns for the three most recent tax years;
3. File 6 years of the FBAR form electronically. The FBAR form is required if at any point during the tax year you had more than USD $10,000 in foreign bank accounts;
4. Certify that your failure to file the required US tax forms was not intentional.
US citizens in Canada are only subject to US federal tax. Canadian federal and provincial tax rates are generally higher than the US federal rate. The Canadian taxes you pay are credited against your US taxes, so most US citizens in Canada will not owe anything. As such, for most people getting caught up just means filing some paperwork. However, the paperwork can be really complex.
We can help. We’ve been helping US citizens in Canada file US tax returns for forty years.
Contact us to get started.