Taxes for Canadians with U.S. Status or Interests

AK Ledger provides professional cross-border accounting services to ensure your taxes are filed properly and on time. Personal Tax, Business Tax, Sales of US Properties, Rental Income and Estate Taxes all require expert handling to ensure the legal minimum taxes are paid.

The US tax system, administered by the IRS, has many complex and different reporting requirements than that of the Canadian system, which is administered by the CRA. Canadians living or working in the United States may find themselves taxed on their “World Income” in both Canada and the U.S.

For Canadians that must deal with these complexities, engaging accounting and tax specialists with expertisie in the taxes systems of both countries may not be an option.

When is a Canadian a “United States Person”?

A “United States Person” is defined as a

  • Citizen or resident of the United States
  • Domestic partnership
  • Domestic corporation
  • Domestic trust or estate


Under US Law, the Department of Treasury has authority to establish record-keeping and reporting requirements for United States “Persons” having a financial interest, signature or other authority over a financial account maintained with financial institutions in a foreigh country — that has a financial interest in, control over, signing authority for, or the authority to control the disposition of a foreign bank or financial account(s) with a total gross of more than $10,000.00 at any time during a calendar year.

If you meet the definition of a US “person”, you may be required to report the account yearly to the Internal Revenue Service (IRS) by filing Form TD F 90-22-1, Report of Foreign Bank and Financial Accounts (FBAR).

AK Ledger can provide assistance to prepare and file ant required FBAR reporting, including Financial Interest, Signature and/or Account Authority, Joint Account Reporting, Record Keeping and/or any FBAR penalties that may be assessed by the IRS for failure to comply.

Financial Tools

Here are some useful and FREE Open Source Tools to help you maintain your records. Open Office works like MS Office and can also open MS Office files. Use PDF Creator if you need to publish a document that will open with Adobe Reader.

OPEN OFFICE
PDF CREATOR

Our Locations

CANADA : 647.638.3904
UNITED STATES : 917.285.8749
EMAIL : arun@aruncpa.com


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