Tax Services for U.S. citizens and Green card holders residing in Canada
Consulting | Planning | Compliance | Preparation
Global workforce is becoming increasingly mobile, and the United States is no exception. Gone are the days when people stayed in one city or one country for their entire career. Today, it’s very common for US people to accept international assignments to anywhere in the world, from London to Singapore to Sydney. In fact, studies show that to be a successful executive in this age, international experience is a must. The same is true for global entrepreneurs, nomads, international students, and just people who like to travel the world and see places. Not to mention millions of “cross-border” families who may have several homes and several passports.
All these exciting trends keep tax professionals busy! It’s no surprise that expatriates, global executives and entrepreneurs, are subject to taxes in more than one jurisdiction and often have to deal with more complicated tax provisions and regulations. We’re here to help you navigate the complex world of global individual tax planning and compliance with a focus on US citizens and Green card holders residing outside of the United States.
We are sure that you know the main rule that should always be kept in mind – the United States has a worldwide taxation system (as opposed to a territorial taxation system that many other countries employ), and that means that a US individual (a citizen, a Green card holder, and a person who is otherwise treated as a resident for US tax purposes) is subject to tax on their worldwide income, even if they moved out of the country for good. As a US person living abroad you are required to file tax returns, unless you didn’t meet the exempt threshold of income, which currently is just over US $10,000 (the minimum threshold amount for filing your US tax return for the 2016 tax year is US $10,000; note, however, that under certain circumstances a US tax return may be required to be filed even if the amount of your income is below the said threshold). If you feel like you failed to file returns for some years, give us a call right away!
Our Expertise Will Help in These Situations
The items highlighted above are just a sample of some popular solutions we can assist with. There is a multitude of other tax planning, structuring and optimization options available, and we will be happy to speak to you about them. Just give us a call today or set up a personal consultation using our easy online scheduling tool. Let us help you save some taxes!