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To coco1106:

I'm no expert. But I have some experience.
I have filed my wife's FBAR for the years 2009 to 2018.
Her status was dual citizen living in Canada.
She filed FBAR because the total (combined) value of her Canadian accounts was above 10,000 USD.
(She has now renounced her US citizenship ...

I agree with your last comment. It makes more sense than any other approach that I have considered or that I have read about. I will report salary and interest on 1040, reduce (in fact eliminate) salary on 1040 with 2555, bring forward adjusted gross income from 1040 to 1040NR, then (if possible, if ...

Thank you again.
It was not your comment "use 1116 to eliminate the US tax on the foreign income you included on the 1040" that puzzled me. It was your previous comment: "Remember that on your 1040NR, you bring forward any income from the 1040 portion that you filled". Do you mean (a) "bring forward ...

nelsona, thank you for your reply.

I was going to do the following:
- Report Canadian salary (up to renunciation day) on 1040 line 1 (in US dollars of course).
- Report Canadian taxable interest (up to renunciation date) on 1040 line 2b (in US dollars of course).
- Fill 2555-EZ to nullify the ...

My wife renounced her US citizenship in October 2018.
We are trying to do her tax return for the year 2018.
A multitude of web sites say that we must do the following:
- 1040 for the part of the year from January 1 to Day Before Renunciation. Include world wide income (In our case the salary from ...

My wife renounced her US citizenship in 2018.
I am trying to fill Form 8854 "Initial and Annual Expatriation Statement".
In her case, this will be an "Initial" as well as final expatriation statement.

I am posting my questions below.
Perhaps some people here can help.


Since expatriation occurred ...

Mrs Patriot is married to Mr Patriot. Mr Patriot is a bit of a sicko. He found it amusing to file 19 years of tax returns and he still wonders what was the look on the face of the IRS person who opened the envelope containing a nice cover letter and 19 years of tax returns.

One more thing:
You will find a lot of useful information at
http://isaacbrocksociety.ca/renunciation/#comments

Hi cathaea. You have several options (including doing absolutely nothing). If you are certain that you will never want to move to the USA, then my advise to you would be the following:

File 6 years of FBAR and 1040. Then renounce.

Assuming that your situation is simple and that your wealth is ...

Sorry, I was not clear.
Up until now, she has been compliant and she has filed by herself (which is possible because her situation is very simple (1040, 2555, 8938)).
But her situation will become complicated a few years down the road.

Scenario:
This person is a dual citizen (Canada and USA) living and working in Canada.
This person owns TFSA, RRSP, RESP and non-registered brokerage account, all of them containing index mutual funds and ETFs.
This person is fully IRS compliant.
This person files 3520, 3520A, 8621, FBAR, etc.

How ...

Interesting. I have 28 credits. With the totalization agreement,I should be eligible to some US SS benefit. I wonder which one is more advantageous. Getting 50% of whatever my wife will get or getting whatever I can get with my 28 credits and the totalization agreement? My 7 years of contributions ...

Can someone here answer the following question regarding WEP?

My wife worked in the USA before 1993 and she has accumulated the necessary 40 credits to qualify for retirement benefit without having to invoke the totalization agreement. Since 1993, she has been living and working in Canada and she ...

Thank you expenn. About TFSA: My wife does have a TFSA and she has been using the full room contribution every year. But in order to avoid potential issues with complicated IRS filing requirements, we decided to keep her TFSA very simple: all of it is at "Epargne Placement Quebec" in various "Quebec ...

Nelsona, you wrote
"The problem is if SHE dies, you may not be entitled to all her assets without her paying estate tax. Once you check into this, you will see that it probably isn’t worth renouncing".
I'm not sure if I follow you. Why do you say "it probably isn't worth renouncing"?
The way I see ...