Getting Rid of Your U.S. Citizenship

Many US citizens in Canada want to be rid of their citizenship to avoid being subject to American tax rules. Let’s use an example. John is a Canadian citizen who lives in Ottawa. His mother was American, so John is a US citizen too. He keeps reading in the paper that...

FATCA’s Impact on Canadians

The US Foreign Account Tax Compliance Act (FATCA) has made waves in Canada since the 2014 federal budget made it Canadian law. It obliges financial institutions to report the accounts of US citizens to the Canada Revenue Agency, which passes the information on to the...

Canadian Mutual Fund: US PFIC?

Canadians have invested over a trillion dollars in mutual funds, but the IRS has not issued guidance on how the estimated 1 million US persons in Canada should report mutual fund investments on their (mandatory) US tax returns. The general view is that a Canadian...