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U.S. citizens living in Canada: Time to come clean to the IRS - Financial Post
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Wow... wish i noticed this post when it first came out. I have lived abroad from the US since 2005 in the British Virgin Islands; 2005 being the last tax year I filed and paid as most of it was spent in the US. I've been under the impression this entire time that because I didn't make anywhere near the $85 - $90k range I didn't have to file. Nothing malicious or evasive by any means.... Guess I was wrong!
I'd also like to add I never had anywhere near 10k in any account. Unless DEBT counts!
So now what! I left the BVI in July and got to Canada in August, just landed and will hopefully be starting work in October.... do I just pick up and file for 2011 like nothing happened or do I really have to go back and file for my measly earnings while in the service industry abroad? I seriously thought that if you didn't owe a dime you did't have to file!
mmshock, your situation seems to be fairly common. My suggestion would be to speak to a tax specialist and ask what is your best course of action. I'd guess, the least you could do is to file your taxes for the years you've been out of the U.S. if you havent done so.
Done and done. Accountant said it really is not an issue. I truly owe nothing and have loads of proof. We'll just file back a few years as a precaution when I do my 2011 return. Then I'll be a bit more regular perhaps!
Its just so silly. If the IRS went after me something is seriously wrong, as it would cost them more to investigate my situation than they would stand to make.
Done and done. Accountant said it really is not an issue. I truly owe nothing and have loads of proof. We'll just file back a few years as a precaution when I do my 2011 return. Then I'll be a bit more regular perhaps!
Its just so silly. If the IRS went after me something is seriously wrong, as it would cost them more to investigate my situation than they would stand to make.
Yes - that's very good advice. That's exactly what you should do. Better to file a few back years then to be on the IRS sh*t list.
My husband has lived outside of America for about 23 out of the last 25 years. Luckily his first company had a tax consultant who schooled him well in the tax laws and he's filed religiously every year regardless of his income. It sucks but it's better than the alternative.
So If theres limits on how much you can make and keep In your account.Is It better to have a seperate account than your spouse or does It not matter?Also the best way to file would be seperately?
So If theres limits on how much you can make and keep In your account.Is It better to have a seperate account than your spouse or does It not matter?Also the best way to file would be seperately?
The reporting threshold is basically "did you have control of US$10,000 in non-U.S. accounts at any point during the year?" It doesn't matter if it's a joint account, or if all the accounts you have control over have less than $10,000 each. If you have $4000 worth in Canada, $4000 worth in Australia, and $4000 worth in Finland, you must report all of your foreign accounts.
So If you only have one foreign account In your name and It Is less than $10,000 you dont have to report It?If you dont get charged taxes by the U.S. on your foreign accounts then why do they even care?
Exactly, Calgary-bound - I think it is silly and US is the only one who does it from my understanding. I think it should be exempt for anywhere with a tax treaty! I am assuming is has something to do with the whole transfer of 10k thing, not sure though.
Exactly, Calgary-bound - I think it is silly and US is the only one who does it from my understanding. I think it should be exempt for anywhere with a tax treaty! I am assuming is has something to do with the whole transfer of 10k thing, not sure though.
As someone posted above, Canada has a similar requirement but with a much higher reporting threshold (C$100,000). I think the point is additional "leverage" in cases where they suspect tax evasion or money laundering, but have no proof: in those cases, they can get you just for not reporting the foreign assets, and they don't have to prove that you did anything seriously wrong.
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