U.S. Tax
Snowbirds
Do you spend significant time vacationing in the U.S.?
You may have U.S. filing requirements if you are spending time in the U.S. each year. Contact the U.S. tax professionals at Fort Group to ensure you are compliant with your U.S. filings.
Support you deserve. Expertise you can trust.
U.S. Tax for Canadians
Do you own rental property in the U.S.? Are you planning on selling your U.S. property? Do you understand the tax implications of selling a U.S. rental property?
Many Canadian residents own rental properties in the U.S. Although you are a resident of Canada, you still have a U.S. tax reporting requirement, and all income earned in the U.S. must be reported on a U.S. tax return.
Fort Group can assist in the preparation of an annual U.S. non-resident tax return to report the U.S. rental property income and expenses. There are deductions and exemptions available on the U.S. tax return that could reduce the U.S. tax liability to nil, but there is still a requirement to file a U.S. non-resident return each year.
If you are contemplating purchasing a U.S. property or disposing of your current U.S. property, it is important to be aware of the U.S. tax implications. We can help you understand the tax consequences and structure your purchase (considering alternatives including ownership through partnerships, trusts and corporations), as well as preparing the necessary U.S. tax forms to comply with the IRS and mitigate your U.S. tax liability.
Rental Property
Gambling Winnings
Do you own rental property in the U.S.? Are you planning on selling your U.S. property? Do you understand the tax implications of selling a U.S. rental property?
Many Canadian residents own rental properties in the U.S. Although you are a resident of Canada, you still have a U.S. tax reporting requirement, and all income earned in the U.S. must be reported on a U.S. tax return.
Fort Group can assist in the preparation of an annual U.S. non-resident tax return to report the U.S. rental property income and expenses. There are deductions and exemptions available on the U.S. tax return that could reduce the U.S. tax liability to nil, but there is still a requirement to file a U.S. non-resident return each year.
If you are contemplating purchasing a U.S. property or disposing of your current U.S. property, it is important to be aware of the U.S. tax implications. We can help you understand the tax consequences and structure your purchase (considering alternatives including ownership through partnerships, trusts and corporations), as well as preparing the necessary U.S. tax forms to comply with the IRS and mitigate your U.S. tax liability.
U.S. Tax for U.S. Citizens Living in Canada
The U.S. is one of the only countries in the world that require their citizens to report their worldwide income, even if they are a resident of another country.
At Fort Group, we assist Canadian residents who are U.S. citizens with filing their annual U.S. tax returns. While all worldwide income needs to be reported on the U.S. tax return, there are earned income exclusions as well as foreign tax credits that can be claimed based on your personal tax situation that would help eliminate tax being paid on income reported on both your Canadian and U.S. tax returns.
While many U.S. citizens living abroad have never filed a U.S. tax return because they are unaware of the requirement to do so, failure to file your U.S. income tax returns may result in a denial of your passport renewal application and potentially other penalties imposed by the IRS. U.S. citizens living abroad who are delinquent filers can catch up on their U.S. filing requirements by filing their last three years of U.S. tax returns and their past six years of Foreign Bank and Financial Accounts Report (FBARs). Fort Group can assist you with this catch-up process to ensure you are not at risk to unnecessary penalties and that you won’t be denied entry to the U.S.
In addition to the filing of annual U.S. tax returns and Foreign Bank and Financial Accounts Reports, there are other tax compliance requirements if you hold registered and non-registered investments, investments in TFSA and RESP, and a controlling interest in Canadian corporations.
The professionals at Fort Group are ready and able to help you with your U.S. personal tax needs.
U.S. Tax for U.S. Citizens Living in Canada
A number of forms are required by the IRS. Some of the common forms we prepare include:
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1040
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1040NR
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Foreign Bank and Financial Accounts Report (FBARs)
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8938
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5471
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W-7
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W8-BEN