Canada / Us Tax Filing Question

sawtooth · Post by **sawtooth** » Tue Nov 22, 2011 2:46 pm

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 penaties for missing the amenesty deadline, plus all the accounting fees.

JGCA · Post by **JGCA** » Tue Nov 22, 2011 10:24 pm

The form for the RRSP disclosure is 8891 can be filed still under amnesty until Nov 29 11 they have reportedly given some more time, its not that complicted to file this form but the complex part id getting all the info together annual market value at year end closing for each year has to be disclosed you need all you statements you still have some time.

I assume you have filed 1040 annually,this too is required.

nelsona · Post by **nelsona** » Wed Nov 23, 2011 7:11 am

The RRSP disclosure is part of your tx return, so you need to be filing these for the [ast three years.

it is NOT required to seek amnesty, since you owe no tax, but you have to prove this by filing past three years, includong FBAR.