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Book S.O. Annual/biannual/biennial
Annual volumes supplied on standing order subscription
Approximately 400 pages
1 volume bound

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A Tax Guide for American Citizens in Canada
By: Richard W. Pound, O.C., O.Q., Q.C., FCPA, FCA, Max Reed, BA, B.C.L., LL.B.
Availability: In Stock

Complete Your U.S. Tax Return with the Ultimate Resource for Canadians with Dual Citizenship

All US citizens in Canada have always been required to file US income tax returns. As of January 1, 2013, Canadian banks are required to disclose to the IRS assets and bank accounts held by US citizens in Canada so the obligation is now more urgent than ever. In addition to an income tax return, you are required to disclose your common Canadian financial products to the IRS. A Tax Free Savings Account does not protect income that builds up inside it from US tax. Since the IRS may consider your TFSA a foreign trust, you will have to disclose it to them. Similarly, you need to file a special form in order to defer US tax on your RRSP. The IRS may treat Canadian mutual funds as a type of foreign holding company. So you need to disclose which ones you own. Failing to file annual tax returns may expose you to thousands of dollars in fines. For example, you might be fined up to $10,000 simply for not reporting your non-US bank accounts. Since your bank is now obliged to advise the IRS about these accounts, there is little chance of evading scrutiny. Filing a US tax return and making these disclosures can appear daunting, but need not be difficult. For most people, it will simply involve filling out some paperwork and sending it in. Rather than pay a professional hundreds of dollars, you can do it yourself. You can also take advantage of a recent IRS program to catch up on past returns or even renounce your US citizenship. This guide explains how, using step-by-step, plain language instructions. It includes all of the forms you need. No software or other publication is designed specifically to help US citizens in Canada meet their tax obligations.
About the Author

Richard W. Pound, C.C., O.Q., Q.C., Ad. E., FCA, is a counsel and member of the tax group of the Montreal  office of Stikeman Elliott LLP. His main areas of practice include tax litigation and negotiations with tax authorities on behalf of clients, in addition to tax advisory work. Mr. Pound was appointed to the Companion Order of Canada in 2014 for his outstanding achievement, dedication to the community and service to the country. He is recognized in the 2017 edition of The Best Lawyers in Canada in international arbitration and tax law, and was named the 2016 Montreal International Arbitration Lawyer of the Year. He is included in The Canadian Legal Lexpert Directory 2016, as a leading practitioner in the areas of international commercial arbitration and corporate tax litigation. Mr. Pound has also been recognized as a prominent practitioner in tax litigation in Canada and tax in Quebec in the 2012 PLC Which Lawyer. He is recognized as having the highest rating ("AV") under the Martindale-Hubbell Peer Review Ratings. Mr. Pound is a member of the Quebec and Ontario Bars and is a Chartered Accountant in both jurisdictions.

Max Reed practices US tax law at the New York office of White & Case. Prior to this, he was a law clerk at the Federal Court of Appeal where he assisted with the research and writing of several leading tax law judgments. He holds a BA and two law degrees from McGill University, is admitted to the bars of both New York and Ontario, and is licensed to practice before the IRS.