Canadians often don't think about US tax issues, because they consider their permanent home to be Canada. However, if you spend a considerable amount of time in the US, you could be considered a US tax resident. US tax residents are liable for US income taxes on their worldwide income. US tax residents also have to file foreign reporting forms with the IRS, which carry a penalty of a whopping $10,000 if they are not filed on time. Timeline: 00:45 -- US tax issues 01:17 -- substantial presence test 01:45 -- Claim the Closer Connection Exception 02:16 -- File a US Non Resident Tax Return Visit our website for more information and tax-related advice: http://madanca.com Follow us on social media Twitter: https://twitter.com/Madan_CA Facebook: https://www.facebook.com/MadanCharter... Instagram: https://www.instagram.com/madanaccoun... Google+: https://plus.google.com/1085518694535... Download any of our free eBooks available on our website: http://madanca.com/free-tax-secrets/ (Including Tax Tips for Canadians, Personal Tax Planning Guide for Canadians: 2014 Edition and 20 Tax Secrets for Canadians) Disclaimer: The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. All figures and dollar amounts are used for example purposes only. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.
Tax Consequences for Canadian Snowbirds Who Travel to the U.S - Tax Tip Weekly - YouTube |
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| People & Blogs | Upload TimePublished on 26 Nov 2014 |
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