Taxation of Americans in Canada
Subtitle: are you at risk?
By: Dale Walters, CPA, PFS, CFP ; with Sally Taylor, CPA, and David Levine, CA, CPA
Contributors: Levine, David, author; Taylor, Sally, author
Edition: First edition.
Series: Cross-border series
Published: 2016
Language: eng
Number of pages: 193
ISBN-13: 9781770401471
Subjects: Income tax; Personal Finance; Americans; Taxation; Law and legislation; Legal status, laws
Description: "Living in Canada is a privilege that many Americans enjoy. One of the benefits of living up north is not paying as much in taxes--or is it? Legally, the Internal Revenue Service (IRS) can collect taxes on US citizens no matter where they permanently reside. Even dual citizens or those who have lived in Canada for many years are subject to some IRS rules, some CRA rules, and the Canada-US Tax Treaty. Recently, the IRS has been cracking down and collecting taxes from its citizens who live in foreign countries. Even if you are exempt from owing US taxes, simply failing to report your income could result in steep penalties. The IRS can apply penalties of $10,000 (USD) for every undisclosed foreign bank account. If the IRS decides that an individual was willfully hiding an account, the fines can increase to 50 percent of the total balance the account or $100,000--whichever number is greater. These numbers are frightening and the IRS intends them to be! Author Dale Walters understands the fear and confusion that Americans may experience when confronted by the IRS and the CRA. In his book, Taxing of Americans in Canada, Walters seeks to calm those fears so that you can be proactive about the situation. The book offers all the information you need such as how to: determine if you are exempt from paying taxes; utilize the unique benefits of the US; Canada tax treaty; protect your investments; take advantage of foreign tax credits. Taxation of Americans in Canada is an easy-to-understand guide packed with information specifically pertinent to Americans living in Canada. By reading this book, you'll learn how to take action and protect your finances. Taxation of Americans in Canada puts the power back into your hands!"--
Notes: Subtitle from cover.