Canadians and the IRS: What You Need to Know About Uncle Sam

If you are amongst the millions of people living in Canada who are trying to understand what the U.S. tax filing rules are, what they mean and how they could affect you, you need to read Canadians and the IRS. Author Angela Preteau tells why.

Canada-U.S. tax filings are a real issue for both Canadian residents with investments or property in the south and for U.S. citizens who live in Canada. The sensational media coverage about U.S. and Canadian government crackdowns on international tax cheats has caused anxiety, bordering on hysteria for some, especially with regard to the big penalties for missing U.S. filing requirements.

Numerous people have come to see me in utter panic about these “new U.S. filing requirements.” Many have lived in Canada for 30 or 40 plus years and have never filed in the U.S.; some didn’t even realize they were U.S. citizens. The questions I am repeatedly asked are:

1. Do I have to file U.S. Taxes?
2. Will I owe taxes in the U.S.?
3. Is the IRS going to take my life savings?

What I can tell you is…please, relax. Frankly, much of this is unnecessary panic and anguish.

With this book at your side, I am going to take you through the rights and obligations of Canadians and what they need to know about Uncle Sam. And, you’ll find the information easy to digest and understand, so that you can stay on the right side of tax laws.

You’ll learn how to keep more of your hard-earned money if you are a Canadian with income or assets in the U.S. or a U.S. citizen living in Canada:

Chapter 1: Tax Filing Requirements
Chapter 2: Reporting Income and Assets
Chapter 3: Reporting Foreign Holdings
Chapter 4: Snowbirds and Uncle Sam
Chapter 5: Non-residents Owning U.S. Real Estate
Chapter 6: Investing in the U.S. and U.S. Source Income
Chapter 7: Married to a U.S. Citizen and Moving Between Countries
Chapter 8: Going to School or Working Temporarily in the U.S.
Chapter 9: U.S. Inheritances
Chapter 10: Doing Business in the U.S.
Chapter 11: I’m Canadian but Could I Be an American Too
Chapter 12: U.S. Gift and Estate Tax for a Non-resident

I wrote this book to help you answer all of these questions and because I hope to help you make more informed decisions if any of the situations discussed in this book apply to you…I hope you enjoy it.

Angela D. Preteau, B.Comm. (Hons.), CA, CPA , works with Frostiak & Leslie Chartered Accountants in Manitoba and provides audit, accounting, and tax advisory services to clients with specialty in the area of U.S. – Canada taxation. She is the author of Cross Border Taxation, a certificate course for professionals published by Knowledge Bureau. Angela is based in Manitoba and lives on the Canadian side of the border.