Date: Thursday
June 07,
2007
Time: 11:19 AM -0400
QUESTION:
Hi:
My Wife a US Citizen, is a Dual Citizen, and we are returning to the USA soon, She has filed Canadian Taxes every year while in Canada, and is upto date.
She has made no income from the US during that time. (Except for the last two Years)
She has been receiving her SSN Benifit approx $3900. per year).
We recently started reading on line where she should have been filing a US Tax form, we had been advise that we did not have to by varoius accountants that did our taxes..
over the years..
Help what do we do now ???
Please respond
----------------------------------------------------------------Time: 11:19 AM -0400
QUESTION:
Hi:
My Wife a US Citizen, is a Dual Citizen, and we are returning to the USA soon, She has filed Canadian Taxes every year while in Canada, and is upto date.
She has made no income from the US during that time. (Except for the last two Years)
She has been receiving her SSN Benifit approx $3900. per year).
We recently started reading on line where she should have been filing a US Tax form, we had been advise that we did not have to by varoius accountants that did our taxes..
over the years..
Help what do we do now ???
Please respond
david ingram replies:
Your wife should file her current return plus back taxes for six years. If you go to www.cetna.com and read the October 1995 newsletter in the top left hand box, it will tell her what her duties as a US citizen were to the IRS al these years. If she reads the US Canada Taxation section in the second box down on the right hand side, it will tell her what forms to file.
The penalty for failure to file the 5471 form (if she owns 5% or more shares in a Canadian company) has increased from $1,000 every thrity days to $10,000 every 30 days. AND, there is a new form number 8891 which needs to be filled out to report RRSP accounts.
We would be happy to look after them for you if needed. As you have discovered less than 1 out of a 1,000 Canadian tax people has any real understanding of the American system.
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If an email is not answered in 24 to 36 hours, it is lost in space. You will have to phone to make an appointment. Gillian Bryan generally accepts appointment requests for me between 10:30 AM and 4:00 PM Monday to Friday VANCOUVER (Seattle, Portland, Los Angeles) time at (604) 980-0321
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David Ingram gives expert income
tax & immigration help to non-resident Americans & Canadians from
New York to California to Mexico family,
estate, income trust trusts Cross border, dual citizen - out of
country investments are all handled with competence &
authority.
Phone consultations are $400 for 15 minutes to 50
minutes (professional hour). Please note that GST is added if product remains in
Canada or a phone consultation is in Canada.
This is not intended to be definitive but in
general I am quoting $800 to $2,800 for a dual country tax return.
$800 would be one T4 slip one W2 slip one or two
interest slips and you lived in one country only - no self employment or rentals
or capital gains - you did not move into or out of the country in this
year.
$1,000 would be the same with one rental
$1,200 would be the same with one business no
rental
$1,200 would be the minimum with a move in or out
of the country. These are complicated because of the back and forth foreign tax
credits. - The IRS says a foreign tax credit takes 1 hour and 53
minutes.
$1,500 would be the minimum with a rental or two in
the country you do not live in or a rental and a business and foreign tax
credits no move in or out
$1,600 would be for two people with income from two countries
$2,800 would be all of the above and you moved in
and out of the country.
This is just a guideline for US / Canadian
returns
We will still prepare Canadian only (lives in
Canada, no US connection period) with two or three slips and no capital
gains, etc. for $150.00 up.
With a Rental for $350
A Business for $350 - Rental and business likely
$450
And an American only (lives in the US with no
Canadian income or filing period) with about the same things in the same range
with a little bit more if there is a state return.
Moving in or out of the country or part year
earnings in the US will ALWAYS be $800 and up.
TDF 90-22.1 forms are $50 for the first and $25.00
each after that when part of a tax return.
8891 forms are generally $50.00 to $100.00
each.
18 RRSPs would be $900.00 - (maybe amalgamate a
couple)
Capital gains *sales) are likely $50.00 for
the first and $20.00 each after that.
Just a guideline not etched in
stone.
This from "ask an income trusts tax and immigration expert"
from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a daily
basis with expatriate tax returns with multi jurisdictional cross and
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