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QUESTION:
If a USA Veteran became a landed immigrant
in 1971. Would this individual be required
to file IRS return if he had no Invstments or assets in the USA from 1971 onward.
He has no ties to residency in the USA at all
Thanks
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david ingram replies:
The US taxes its citizens no matter where they live and no matter what the source of the income is.
As an example.
If you earned $100,000 as an employee in Canada and had $33,000 or tax deducted, you would NOT be required to file a Canadian return since you are only required to file a return if you "owe" tax or have been requested to do so by the CRA (Canada Revenue Agency - the newest name).
If you file a return, you will get a couple of thousands refund back but the decision is up to you.
However, as a US citizen, you "ARE" required to file because on the face of it, you owe about $22,000 Canadian of tax unless you file and claim foreign tax credits or exemptions.
Ten years ago, you only had two years to file and claim the foreign tax credits or exemptions or you were out of luck and owed a lot of tax. However, on June 30, 1993, the IRS made it easy to catch up on back taxes without penalty.
GOTO www.centa.com and read the November 1993 newsletter for details on the extra time limits.
We would be glad to catch the returns up for you. They ask that you go back 6 years which means that you need to do 98, 99, 2000, 2001, 2002 and 2003 to get back on line.
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