Who files the FBAR and Form 8938, how the TFSA and FHSA are treated, Canadian mutual funds as PFICs, Form 3520 penalties, and the Canadian T1135 for US accounts.
20 guides, each written by a CPA licensed in the US and Canada.
The penalties apply even if you reported all the income from those accounts on your return and owe zero additional tax. Covers key rules, filing.
Cross-BorderUS persons report foreign accounts on FBAR and Form 8938. Canadian residents report foreign property on T1135. Thresholds, due dates, and penalties differ.
Cross-BorderFATCA requires foreign banks to report accounts held by US persons to the IRS and requires US persons to report foreign financial assets on Form 8938.
Cross-BorderThe FBAR (FinCEN 114) requires US persons with foreign financial accounts exceeding $10,000 in aggregate to report them.
Cross-BorderThe IRS changed how it handles Form 3520 penalties in late 2024. What this means for TFSA, RESP, and foreign trust penalties, and how to request abatement.
Cross-BorderThe penalties are designed for large multinationals hiding offshore income, but they land equally on dual citizens running a one-person Canadian company.
Cross-BorderForm 8621 is the information return a US taxpayer files for each passive foreign investment company they hold (Form 8621 instructions).
Cross-BorderThey are different forms, filed with different agencies, under different statutes, with different thresholds, and one does not replace.
Cross-BorderYou file it with your income tax return if your foreign financial assets exceed a threshold that depends on where you live and how you file.
Canadian TaxThe T1135 is required when your foreign property exceeds $100,000 CAD (cost, not market value) at any point as a Canadian resident.
Cross-BorderHow to report US income on your Canadian T1, including foreign tax credits on T2209, T1135 filing thresholds, and the mistakes that trigger reassessments.
Cross-BorderNo definitive answer. The IRS has never ruled on TFSAs specifically. There's no definitive answer, because the IRS has never ruled on TFSAs specifically.
Cross-BorderTwo of the three FHSA types at ITA 146.6(1) aren't trusts at all. Where yours is the trusteed kind, Rev. Proc.
Cross-BorderA joint bank or investment account with a person in the other country creates reporting obligations for both parties. Covers treaty provisions, foreign.
Cross-BorderCanadian and European banks are closing accounts over FATCA when a customer can't produce a US Social Security number. Covers key rules, filing.
Cross-BorderCanadian residents report US Airbnb income on Form T776, claim the foreign tax credit on T2209, and file T1135 if the property cost exceeds $100,000 CAD.
Cross-BorderA section 6677 penalty is assessable, meaning the IRS can charge it without first sending a proposed notice you get to argue.
Cross-BorderUS-listed ETFs and individual stocks avoid PFIC rules, but Canadian mutual funds and Canadian-listed ETFs do not. Covers key rules, filing requirements,.
Cross-BorderAn ITF account at a Canadian bank looks simple but triggers Canadian attribution rules, plus foreign trust reporting when a parent or child is a US person.
Cross-BorderThe foreign trust files it, the trustee signs it, and it's due the 15th day of the 3rd month after the trust's year end (15 March for a calendar-year.