We are an accounting office in Bracebridge, located in the heart of the Muskoka Lakes. We will be coming to you with information which will be useful to you and if you need any clarification, we will be more than happy to answer any of your questions. You can also find us on the web at www.saundersandassociates.ca.
One of the hottest topic relating to some of our retirees who have lived in the US for many years only to come to the calming scenery of the Muskoka’s is their requirement to continue to file a US tax return. Unlike Canada, US requirement to file taxes is based on citizenship rather than residency. As long as you have an active Green card, you are classified a citizen for tax purposes and you have to denounce your green card and file an Expatriation return before you can stop filing. If you have not filed this return, you may want to contact our office for this.
Most US citizens will not owe any money since you can earn up to $92,900 in foreign earned income without paying taxes however investments are taxed.Before you decide not to file for the sake of not owing anything, failure to file is a crime. You could be detained at the border for tax evasion. Before you go south for the winter, you should contact Saunders & Associates Inc to assist you in your US tax issues.
Stay tuned for more information as we continue to unravel the US Canadian tax issues.