Tax Deadline Looms for Americans in Canada


August 31, 2011 is the deadline for Americans in Canada to declare file their annual tax returns. Filing tax returns entails declaring all foreign bank accounts and holdings even if you are not taxable, have not lived in the US for years and do not owe any back taxes.

But by now it might already be too late to fully comply with the tax returns disclosure requirements before the deadline as the filing requires tons of paperwork for each offshore account. The other viable alternative is to lodge a quiet disclosure. A quiet disclosure basically amounts to making a confession and asking for leniency from the IRS. And a disclosure must be made not only of your bank accounts but also “trusts” like RESPs and TFSAs, Canadian corporations and partnerships or Canadian mutual funds.

If you cannot make the deadline is the punishment would be fines of $10,000 per offence per year for non-willful nondisclosure. But for willful nondisclosure, the penalty is at least $100,000 or as high as 50% of a major asset.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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