U.S citizens, regardless of residency, are required to file a 1040 form every year. In addition, if you own or are a beneficiary of Canadian mutual funds, TFSA, RESP, RRSP, or RPP, you may be subject to additional taxes and tax reporting.

Further, if you have a bank or investment account outside of the US that exceeds US$10,000 in aggregate, not per account, then you are required to file an FBAR and in some cases a form 8938 annually.

Anyone who is a shareholder, director or officer of a non US corporation may be subject to filing form 5471 for each corporate entity.

There are also special IRS rules for non citizens who own rental properties in the US that require additional filings.

IRS penalties for non compliance are significant.

Spiegel and Associates has a successful history of working with both US and Canadian clients who have technical U.S. tax and accounting questions. We work with our clients to provide solutions to a wide range of U.S. federal and state income tax and accounting inquiries.  If you have a special need or situation that you have concerning US tax or accounting regulations please feel free to contact us at (416) 633-2536 and ask for Eric.