Author Topic: filing US taxes  (Read 824 times)

John Weber

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filing US taxes
« on: October 18, 2017, 08:36:54 PM »
  I was raised in the US and continue to have US citizenship. I have lived in Canada since 1980 as a Landed Immigrant and did not file US taxes. Became a Canadian citizen in 2003. I started filing US tax returns, including FBARS---in 2009 due to changes in US taxation. My amount owing is always zero. I do have a couple of RRSPs. My question is: Is it necessary for me to file all these complex US forms? None of the other US citizens I know here in Canada are doing this process. My Financial Planners says  that no other US/Can clients are reporting their “highest amount” in their RRSPs to the US government.

Phil Hogan, CPA, CA, CPA (Colorado)

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Re: filing US taxes
« Reply #1 on: October 18, 2017, 09:47:17 PM »
Hi John

First, it certainly is good news that you are currently compliant with your US tax returns and FBAR forms. As you know, as a US citizen you will be required to file these forms as long as you maintain your citizenship. There are definitely many US citizens in Canada that continue to not file US tax returns and considering the potential penalties this is definitely not advisable.

The penalty for the FBARs can be as high as $10,000 per unreported account.

So, yes I think it's definitely necessary to continue filings your returns. We are hopeful that in the future the requirements for filing are reduced so they are not so tedious for relatively simply situations.

Hope that helps and please post some more specifics if you need more details answers.


Phil Hogan, CPA, CA, CPA (Colorado)
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