US citizens-Canadian PR tax reporting obligations

[AllisonVSC]

I did not know this, so I thought I would post it for the benefit of others...

source http://ottawalawyersconnection.com/2011/03/28/tax-obligations-of-u-s-citizens-living-in-canada/

"U.S. persons living outside the United States must also comply with the filing requirements but are granted an automatic two-month extension. Therefore, a U.S. citizen living in Canada must file his or her U.S. tax return by June 15th.  All U.S. citizens living in Canada must file their U.S. tax returns every year regardless of whether any taxes are due.  Even if a U.S. person owes no tax in the United States, he or she should file a return, if only to preserve all available tax credits.

Failing to maintain filings may trigger unfortunate issues such as denying renewal of that person's passport or delaying entry to the United States until that person's tax record is updated."

[jes_ON]

Allison, do you know about the  the FBAR requirements?

http://www.aca.ch/joomla/index.php?option=com_content&task=view&id=452&Itemid=2

http://www.irs.gov/businesses/small/article/0,,id=210244,00.html