Streamlined Foreign Offshore Procedure: Complete Guide for Americans Living in Canada [2025]
Monica FalcoIntroduction Many U.S. citizens moving to Canada are unaware that they must continue to file a tax return with the…
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American citizen living in Canada
Is the FHSA suitable for U.S. citizens living in Canada?
Jérémy Levasseur, directeur en fiscalité canadienne et américaineBefore considering whether the FHSA is suitable for U.S. citizens living in Canada, it’s important to understand how it works.
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Applying for US citizenship before turning 18
Éric Jobidon, fiscaliste, B.A.A., D. Fisc.Applying for US citizenship for a child under the age of 18 is possible, but has tax implications.
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Avoid double taxation, avoid bad surprises!
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EATo avoid double taxation, US citizens and permanent residents residing in Canada benefit from good tax planning.
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Forms 3520-3520-A: RESP tax relief
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAThe Rev. Proc. 2020-17 filed in 2020 provides tax relief for certain foreign trusts, such as RESPs, that would qualify.
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Form 5471: increasingly complex
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAUS citizens and residents who own more than 10% of the shares of a foreign company or their officers are required to file a Form 5471.
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Form 8621: reduce the negative effect of PFIC
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAIf, as a US citizen or resident, you own mutual funds, you fall within the definition of passive foreign investment company.
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Forms 3520 and 3520-A: avoid penalties
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAAs a US citizen or resident of the United States, you must complete Form 3520 in order to postpone your transactions with a foreign trust.
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Does Form 8938 apply to you?
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAAs a specified person, you may be required to complete Form 8938 if the total value of your foreign financial assets exceeds a certain threshold.
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Are you required to complete the FBAR form annually?
Olivier Custeau, Fiscaliste, B.A.A., M. Fisc., EAIf you are considered a US person, you may be required to complete the FBAR annually if the total value of your bank accounts outside of the USA exceed a certain threshold.
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