There is no doubt that US citizens living abroad are feeling the brunt of recent efforts to enforce tax rules around foreign assets and income. Unlike any other developed nation, the US continues to impose income tax filing requirements on its citizens, regardless of where in the world they make their homes.
For most Americans in Canada, tax compliance stateside has long been little more than an exercise in paperwork. High Canadian tax rates, combined with relatively generous rules around excluding foreign income and a Treaty-supported foreign tax credit regime, has meant that actually having to pay tax to the US was a rarity. This likely contributed to the situation that many find themselves in – US citizens resident in Canada for decades and have never filed returns in the US. Read the rest of this entry »
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