US Tax Returns
All U.S. citizens living abroad are required to file annual U.S. tax returns and any related forms, regardless of the country of residence. Filing for U.S. citizens can only be avoided by renouncing U.S. citizenship, though this still requires that the U.S. tax filings are up to date.
Additionally, any Canadian resident who works in the U.S. is also required to file a U.S. tax return. Failure to file may result in significant penalties, interest charges, and potential legal repercussions.
With over 30 years of experience, CIS is one of the longest standing U.S. tax filing services in the Niagara Region. We can help you avoid costly penalties and mitigate and/or eliminate any double-taxation through the application of relevant U.S. tax code provisions, tax treaty applications, and Foreign Tax Credits.
For your convenience, please use the PDF form above to submit your FBAR and Form 8938 information to us. You can download the form and complete it electronically or print it out and complete it by hand. Once complete, please drop off, mail, or email your documents to us.
FinCEN Form 114 (FBAR)
Are you a U.S. citizen/taxpayer with bank accounts in Canada or other foreign countries? If you have a cumulative total of $10,000 or more at any point in the year in your non-U.S. based account(s), you’re required to file a FinCEN Form 114 (FBAR).
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The FBAR must be filed annually by the deadline to avoid penalties. The deadline is also April 15, though there is an automatic extension available to extend the deadline until October.
The purpose of the FBAR is to combat tax evasion and is submitted directly to the U.S. Treasury Department’s Financial Crimes and Enforcement Network. Penalties can total $10,000 per year, even if you did not know you were required to file!
IRS Form 8938
In addition to the FBAR, any US citizen/taxpayer who lives outside of the US with a total combined value of foreign assets over $300,000 USD at any point in the year (or $200,000 USD on the last day of the year) is required to report this information on Form 8938.
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Form 8938 is filed with the U.S. tax return and is therefore also due by the U.S. tax deadline (normally April 15, can be extended until October).
Failing to file can result in fines of $10,000 per year and a penalty of up to $50,000 for continued failure to file.