Streamlined Tax Returns for Canadian with US Source Income

Question:

Hi,

I am a dual Canadian / American Citizen living in Calgary and would like to get my 2014 US taxes prepared (I realize I’m late). I filed back taxes and FBARs from 2010-2013 and normal taxes myself with turbotax in 2014.

I received an inheritance from the US in 2013. I have a number of Schedule K-1’s and a Form 1099-R (for IRA distribution) from the US. In Canada I have investment income (dividends, interest and capital gains) and employment income. I have a Group RRSP from work but do not hold any tax free savings accounts.

Could you please provide me with an estimate for the 2014 tax preparation? I would like to work with someone in Calgary.

Thank you,
XXXXXX

Answer:

Hi XXXX

Thanks for the email. I can definitely help you with your US tax returns. The cost to prepare the returns will depend on the complexity of the returns. That being said if you can give me a call at 250-381-2400 I can give you an estimate of the potential cost.

Have you filed your FBAR for 2014 yet? If not we’ll need to review your options as filing late FBARs can be problematic.

I would also need to review your Canadian asset holdings to assess any US tax requirements that need to be fulfilled. Do you know what the K1 form relates to? Depending on the investment you would have a K1 from either:

• US corporation (s-corp, c-corp or LLC)
• US estate
• US partnership

Each of these different ownership structures will have different tax consequences and related filings. Please give me a call and we can discuss.

Thanks

Phil

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