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April 03, 2013

Time Is Running Out for U.S. Citizens in Canada to File U.S. Tax Returns

“A Tax Guide for American Citizens in Canada” provides essential insights for accurate filing

TORONTO – The more than one million United States citizens residing in Canada are pulling out legal pads, sharpening pencils and firing up their Wi-Fi to complete their U.S. filings in addition to their Canadian tax returns. Greater U.S. interest in holding citizens to this tax-filing requirement has led to increased compliance tracking. To aid in accurate financial reporting for this population, Carswell, part of Thomson Reuters, has developed “A Tax Guide for American Citizens in Canada.”

Filing returns in the United States requires special attention because in recent years the Internal Revenue Service has stepped up enforcement on this tax obligation of U.S. citizens who reside in Canada, and by 2014 Canadian banks will be subject to disclosure and reporting requirements imposed on them regarding assets held by U.S. citizens.

“Because filing these returns requires special attention for common Canadian financial products like an RRSP, a TFSA and mutual funds, we developed this helpful text for U.S. citizens residing in Canada, drawing upon the expertise of two leading tax experts,” said Don Van Meer, president and CEO, Carswell.

Carswell solicited the expertise of Canadian tax expert Richard Pound and U.S. tax attorney Max Reed to co-author “A Tax Guide for American Citizens in Canada.” Their clear language and examples provide step-by-step guidance for all U.S. citizens living in Canada, walking the taxpayer line-by-line through the process of filing a U.S. return. Failure to file the required forms accurately could result in thousands of dollars in fines, so this text includes sample U.S. tax forms needed for filing, a state-by-state survey of residency rules, 2012 tax rate tables and a chart of historical interest rates.

To purchase a copy of “A Tax Guide for American Citizens in Canada,” visit www.carswell.com/ustaxreturn. To request a copy for review or an interview with co-author Richard Pound, please contact Gretchen DeSutter at 1-612-222-5087.