Basic requirement - for US Citizen in Canada

marcharry · Post by **marcharry** » Wed Sep 23, 2009 11:13 am

I am a dual citizen who has lived in canada all my adult life. I am self employed with a corporation entirely owned by me. It is in Canada exclusively.

Presumably what i need to file is:
1040
With the 8891 for each RRSP - I have to calc undistributed income type.
FBAR schedule to Detroit (not tax per se)90-22.1

Now, do i also have to file a 5471 - informational corporate return as a schedule 2 filer for the corporation?

All help is appreciated - thx

nelsona · Post by **nelsona** » Wed Sep 23, 2009 11:18 am

For 8891, you should simply defer taxation. You will not have to determine type of income.

I think the foreign corp form you mentioned is the only thing.

You need to go back six years if you've been derelict in filing 1040/8891.

nelsona · Post by **nelsona** » Wed Sep 23, 2009 11:20 am

Look at Form 1120-F as well.

marcharry · Post by **marcharry** » Wed Sep 23, 2009 7:07 pm

[quote="nelsona"]For 8891, you should simply defer taxation. You will not have to determine type of income.
[/quote]

thx very much.

i see what you mean, check the deferral box and I don't have to complete question 10. Not sure why my tax preparer did not do that last year.