THE GRAND FORKS AND BURNABY OFFICES OF THE KEMP HARVEY GROUP ARE NOW OFFERING US TAX PREPARATION SERVICES FOR INDIVIDUALS.
Are you a US Citizen of Green card holder?
If you are a US citizen or green card holder, you are required to file a 1040 – US Individual Income Tax Return every year, regardless of what country you reside in.
Are you a Canadian Citizen who lives, works or has property in the US?
If you are a Canadian citizen resident in the US (watch for “Snowbird” rules), have US earned income or US revenue generating properties you may be required to file.
What are you required to file?
In addition to an Income Tax Return, you may have additional filing requirements based on your circumstances, which include but are not limited to:
- Financial accounts outside the US exceeding $10,000 at any time during the year.
- Ownership of RRSPs, Tax free savings accounts or Canadian mutual funds.
- Non-US earned income exceeds the maximum allowed income exclusion.
When do you have to file?
Filing deadlines for US income tax returns are generally April 15.
What happens if you don’t file?
The US Government is taking a variety of measures to ensure compliance with their filing requirements, including scrutinizing passports for evidence of country of birth, which may result in travelling restrictions in the US and sharing of information with Canadian financial institutions. Significant penalties apply for non-compliance even though, in most cases, no taxes result from the filing of returns.
If you feel you may have a requirement to file a US Income tax return, contact the Burnaby office at (604) 291-1470 or the Grand Forks office at (250) 442-2121 to make an appointment to ensure you are in compliance with US Taxation regulations and that your Canadian and US Tax returns are prepared to fully utilize the US/Canada Tax treaty and minimize your taxes.