Cross-border tax
Navigating the complex maze of cross-border taxation for you
Navigating the complex maze of cross-border taxation for you
Personal income tax for U.S. citizens (form 1040 and schedules)
FBAR
A U.S. person that has a financial interest in or signature authority over foreign financial accounts must file FinCEN Form 114 (FBAR) if the aggregate value of the foreign financial accounts exceeds $10,000 USD at any time during the calendar year. We can assist you in determining whether you must file FinCEN Form 114 (FBAR), the financial accounts that must be reported, and in preparing and e-filing the form.
Personal income tax for U.S. foreign non-resident (form 1040NR and schedules)
For Canadian citizens owning property rentals in Florida, and other locations in the U.S.A, and Canadians employed in the U.S.A., they may have a U.S. income tax filing obligation with the IRS. Form 1040NR is used for this purpose. State income tax filings may also be required. Form 1040NR is for foreign non-residents. (Dual citizens of Canada and the USA are required to file Form 1040). The rules are complex – keep in mind that Canadian who are considered full-time permanent residents in these situations must include U.S. source income, in their Canadian income tax return – part of their “worldwide income”. The tax treaty between Canada and the U.S.A. offers “foreign tax credits” to address duplicate taxation implications. IRS tax identification numbers (ITIN) are required in order to file Form 1040NR.
Need help with cross-border tax?
Understanding your tax filing obligations on both sides of the border can be challenging, but you don’t have to navigate it alone. Whether you’re managing income across both jurisdictions, buying property in the US or seeking to stay compliant with cross-border regulations, our experts are here to help. Contact us today to learn more about how we can assist you with tailored strategies, compliance support, and clear guidance on all aspects of cross-border taxation.
We simplify cross-border taxes for individuals and businesses. Stay compliant, avoid penalties, and get expert support no matter where you live or operate.
Give us a call: 1-877-505-2040
