Search found 5 matches

by sawtooth
Tue Nov 29, 2011 5:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Any Advantages to Dual Citizenship (taxwise)
Replies: 14
Views: 9137

Well usually my accountant for Canadian taxes charges about $250/year so that's not too bad since he does a good job. I've been asking around for a us tax accountant in Edmonton or Calgary and the first accounting firm wanted a $15,000 retainer for lawyer fees. Someone at my work also uses a law fir...
by sawtooth
Tue Nov 29, 2011 1:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Any Advantages to Dual Citizenship (taxwise)
Replies: 14
Views: 9137

[quote="nelsona"]The IRS' "cut" on any Cdn-source income will always be less than CRA's cut, so I wouldn't worry about that.[/quote] I am less worried about my tax forms but more worried about my Company savings plan and my RRSP's. It's all from Canadian Income but I haven't yet ...
by sawtooth
Fri Nov 25, 2011 2:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Any Advantages to Dual Citizenship (taxwise)
Replies: 14
Views: 9137

[quote="nelsona"]But, really once you get all your tax returns in order, what;s the point of renouncing; you just copy your returns from year to year. oh, there is one advantage, if you have kids that are US citzizens, IRS gives you $1000 per year each, just for filing.[/quote] That's abou...
by sawtooth
Thu Nov 24, 2011 2:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Any Advantages to Dual Citizenship (taxwise)
Replies: 14
Views: 9137

Any Advantages to Dual Citizenship (taxwise)

I have dual citizenship but have lived in Canada my almost whole life.

With these new FBAR penalities I am thinking of just getting my US taxes up to date and then renouncing my US citizenship.

Is there any tax advantages in the future of keeping US citizenship?
by sawtooth
Tue Nov 22, 2011 2:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada / Us Tax Filing Question
Replies: 2
Views: 2554

Canada / Us Tax Filing Question

I was born in Canada but my Mother is American, about 15 years ago I obtained a US passport and Dual Citizenship (mainly for travelling). I have never worked in the United States, but do I now have to file tax returns in the states? I am worried about my RRSP savings taking a huge hit, as well as pe...