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David - I am an American citizen living in Toronto for the past
seven years. I was just told that I do not have to file my
return until June 15th. Is this true?
Correct, The deadlines for filing returns are as follows.
Thursday, April 15th at Midnight - U S Form 1040 OR Form 4868
This is an absolute Deadline for US residents who have to amend
their 2000 tax year with a 1040X - Yes Caroline, I WILL get it
in even if I die trying.
Deadline for US residents who have to file a US income tax
return. If it isn't going to happen, use form 4868 to apply for
an extension. The extension is good until Monday, August 16, 2004
to file the 2003 US tax return. Note that you no longer have to
send any expected payment with the form (although it will save
you interest) for the form to be valid and save you a late filing
penalty.
STATES: Some states have a form such as Massachusetts with
MA4868 but many states accept the federal filing as good for the
state.
So Far (because we are behind) I have filed state extensions for:
New York City form 62SP for the spouse and 62TP for the main
taxpayer
New York State form IT 370
Pennsylvania Form 276-EX
Arizona Form 204
California Form 3519(PIT)
Michigan Form 4
Connecticut Form CT-1040EXT
Illinois Form IL-505-I
If you do not have the federal form 4868, click here:
http://www.irs.gov/pub/irs-fill/f4868.pdf
FRIDAY, April 30th - Deadline for Canadian Employees or retirees
or unemployed to file their returns. If you cannot get all the
information, put what you have on a T1 and mark the return
PRO-FORMA. Proforma means that one or more items will be changed
or are estimates. As soon as you have the information, send it to
the CRA. Unfortunately, Canada does not have a nice
sophisticated extension system like the US 4868. Write your
member of Parliament and Paul Martin and get one started.
Tuesday June 15, 2004 - Form 4868 - TWO DEADLINES HERE:
1. Canadians who are self employed (and their spouses) have to
have their T1 with the requisite T2124 business form filed by
June 15th. Note that the "tax" was due on April 30th and if you
owe tax, there will be an interest penalty. Note that an
employee spouse is included in this. so if you are self employed
and your spouse works for London drugs, neither of your Canadian
personal returns are due until Tuesday, June 15th.
2. All US tax filers resident in Canada (or Saudi Arabia,
Libya, Argentina, Australia or any other country in the world)
were automatically given until Tuesday, June 15th to get their
returns in. This is particularly good for a US citizen who is
living in Canada and self employed. They have until June 15th to
file both tax returns.
If you still can't get your US return in by June 15th, file the
4868 mentioned above. No signature required and it will
automatically extend your filing time until Monday August 16th.
Incidentally, I love the Yukon and August 16th is Discovery Day
in the Yukon - so if you have not been to Watson Lake (where you
can see my BC CEN-TA Licence plate in the signboard
jungle),Whitehorse or Dawson or Homer or Anchorage Alaska, or
just want to revisit, this is a great time to pick up your copy
of the MILEPOST (edited by tax consultant Earl Brown in Fort
Nelson, BC) and hit the Alaska Highway.
Monday August 16, 2004 - Form 2688
For sure, all those Canadians who filed a pro-forma return better
get all the details in by now AND,
This is the deadline for those people who filed US form 4868.
If you cannot make it again - maybe you are trying to figure out
those Canadian RRSP accounts, then there is another solution.
Form 2688 will extend your US deadline for another two, three or
four months (usually whatever you asked for). This one has to be
signed by the parties involved.
And, if you do not happen to have one in your briefcase, you can
find one at: http://www.irs.gov/pub/irs-fill/f2688.pdf
==============================================
And then, there is the big league form that no one ever uses,
FORM 2350.
Form 2350 is used for people who have moved out of the US and
expect to be gone long enough to qualify for the (up to $80,000
of ) earned income exemption.
This is a specialized form only used once and only when a US
citizen or green card holder has moved to Canada or any other
country. It is most important in countries like Saudi Arabia or
Dubai where the American can earn up to $80,000 totally tax free
if they are out of the US for 330 out of 365 days or establish a
residence in another country for a full calendar year.
I never recommend taking the 330 out of 365 days because it means
just what it says - 330 out of 365 and although that might work
if the client is in Germany or Saudi Arabia, it is just too tough
for a Canadian resident who is likely jumping back across the
border for gas and turkeys. If you have already been in the
states 34 days and someone dies or wants to get married, you do
not dare go back for a wedding or funeral.
If you are going the 2350 routine, file under the bone fide
residence classification on the form 2555.
Form 2350 - http://www.irs.gov/pub/irs-fill/f2350.pdf
Form 2555 - http://www.irs.gov/pub/irs-fill/f2555.pdf
And, of course, we are happy to look after your US and Canadian
Income tax returns by email, snail mail, fax or courier
david ingram And don't forget,
===========================================================
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===========================
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