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Hello,
I was looking for information about dual citizenship and I found your website.
I am an American living in Montreal, Quebec, Canada as a Landed Immigrant for the last 35 years (since I was a minor) and I'm considering becoming a Canadian citizen rather than apply for a Canadian personal residency card.
After reading through your information about taxation, I am very concerned that I may owe US taxes.
1. Could you please tell me if I must pay US taxes even if I've only ever worked here in Canada?
2. If so, could I use your services to file those taxes?
Thank you for your time and advice,
MXXXXXXXXXXXXXXXXX
McGill University
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david ingram replies:
1. There is no doubt that you should have been filing your US taxes. If you wished to travel to Europe for instance, you can only do so on a US passport, US citizens are required to file an annual US return no matter where they live and no matter where they are paid from.
In addition, there are severe US $ penalties for not reporting your Canadian RRSP and other Canadian Financial accounts to the IRS and Treasury.
goto www.centa.com, click on Newsletters, Click on 2003, click on August for the penalties regarding the RRSP accounts. The deadline here is actually Oct 15th.
goto http://www.irs.gov/pub/irs-fill/f9022-1.pdf to read about the up to $500,000 penalty plus 5 years in jail (small print at the bottom of form TD F 90-22.1) for not reporting your foreign accounts if you have more than $10,000 US combined in your Canadian bank accounts, Trust Company Accounts Caisse accounts, RRSP's, Security Accounts, etc.
2. We would be pleased to assist you with those tax returns.
Send copies of your 1997 to 2002 Federal and Quebec individual tax returns to the office below.
If you need to phone, D'arcy von Schleinitz or Sonja Clark CA CPA LLB BSc would be glad to assist you if I am not available.
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
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