To avoid double taxation, US citizens and permanent residents residing in Canada benefit from good tax planning.
As a US citizen or resident of the United States, you must complete Form 3520 in order to postpone your transactions with a foreign trust.
As a specified person, you may be required to complete Form 8938 if the total value of your foreign financial assets exceeds a certain threshold.
If 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.
If you’ve worked in the United States and contributed to a Roth IRA, this short article will help you understand the impacts of owning a Roth IRA in Canada.
Have you contributed to a 401 (k) pension plan or to an Individual Retirement Account (IRA) and do not want these amounts to stay in the United States? Here are your options.