Crossing To And From Canada

Topic 18831 | Page 2

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Kat H.'s Comment
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@ not4hire Thanks for the answers!

Bryn J.'s Comment
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If you live in Canada and pay taxes in Canada you still have to file a U.S. tax return even though it is $0 dollars as an American citizen. This is my understanding, please check with tax advisor. Also social security or pension Canada passes between country's when you retire.

Michael S.'s Comment
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If you live in Canada and pay taxes in Canada you still have to file a U.S. tax return even though it is $0 dollars as an American citizen. This is my understanding, please check with tax advisor. Also social security or pension Canada passes between country's when you retire.

A US citizen is taxed on all income earned, even if it is earned in a foreign country, and they pay taxes in that foreign country. That said, the first (I'll have to check when I do my return this weekend) $90,000 of taxable income is excluded from taxation by the IRS. That means you'd have to make over $120,000 CDN before you'd have to pay taxes in the USA, assuming all your income is from your Canadian job.

Bryn J.'s Comment
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Thanks for the reply, do you have dual citizenship?

Thanks

Kat H.'s Comment
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I am currently a permanent resident- In about a month I plan on being both

Jan P.'s Comment
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"I am currently a permanent resident- In about a month I plan on being both"

I hope you started a couple of years ago with your application for citizenship and your month quote is when your ceremony is being held.

I just finished mine and it took a good two years and some decent coin to get it done.

Bryn J.'s Comment
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@Michael S. Do you have both citizenships, or American working in Canada? Thanks.

@Kat H. Congratulations, and also Jan P.

Michael S.'s Comment
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I am a dual citizen; but that said, that still makes me an American working in Canada with regards the IRS. They Want your money if 1) you are a citizen and earn any anywhere, or 2) are not a citizen and earn it in the USA.

With regards to #2, that doesn't mean the IRS wants a portion of your earnings if you take a business trip to the USA, but if you are a permanent resident, or a tourist that wins a game of chance - think Canadian winning a Powerball or Casino jackpot.

The IRS also wants you to file a report of your financial accounts in foreign countries. Every year I must report my Canadian holdings - savings account, etc. If you're Canadian NOT becoming a US citizen is a good idea barring any real need to be one. What's a real need? You are a permanent resident and don't intend to return. That was my idea, then my kids wanted to come to Canada for school, and whoops I'm back. It's a regulatory burden earning outside the USA with foreign bank accounts.

Bryn J.'s Comment
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Thanks for the explination. I was lead to belive that a dual citizen living in Canada and working solely in Canada only had to file a U.S. return with zero income on it and would not be taxed by the IRS on their Canadian income.

A case for a good internation tax accountant.

thank-you.gif

Michael S.'s Comment
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Thanks for the explination. I was lead to belive that a dual citizen living in Canada and working solely in Canada only had to file a U.S. return with zero income on it and would not be taxed by the IRS on their Canadian income.

A case for a good internation tax accountant.

thank-you.gif

You will be taxed on any income in excess of $90,000 (or a bit more). You will have to file a return with the IRS even if your income is less than the threshold just to state that it is.

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