US Citizen Business Owners Living in Canada – Tax Help Required

Question

Hello Phil,

I left you a voice message as well.

We are a husband/wife who need desperate help with our cross-border returns this year and I hope I’m not too late to hire you! Please let me know
and if you can give me a quote!  I have my books up to date and ready to send.

I’m a Canadian Citizen/US green card holder. My husband is a US citizen/Canadian PR card holder.  We are self-employed sole proprietors.

We resided in Vancouver, BC Canada until Jan 28, 2012 when we emigrated to Portland, OR.

My husband returned to Canada for 3 months on a contract and earned Cdn source income in 2012.
Then he settled in the USA again and earned US source income for the rest of the year.
(He was a Cdn resident part of the year and a NR part of the year on his self-employed Canadian source income.)
No Part I tax was withheld by the Canadian payer on income after he became a NR of Canada.

I only had Cdn source income while a resident until Jan 28th
and the rest of my income can be counted as US source income.  (I have US 1099 miscs, a w-2 and some other business income.)

The Cdn tax returns need to be done first so when we file our US return we can claim Foreign Tax Credits.

I look forward to hearing from you.

XXXXX

Answer

Hi XXXXX

Thanks for the email and I’ll do my best to help. Assuming you filed proper Canadian exit returns in 2012 you’ll need to file non-resident Canadian tax returns for the current year as well as full US tax returns.

Do you have Canadian bank or investment accounts? If so, you may also need to file FBAR forms (form 114) along with the US tax returns.

Please give me a call at 250-381-2400 and we can discuss your filing requirements further.

Cheers

Phil

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