We make U.S. taxes easy.
We know the tax laws on both sides of the border. We have H&R Block Tax Professionals located across Canada that specialize in U.S. taxes. They can help you with your filing requirements, both in the U.S. and Canada.
What's included in our U.S. tax services?
- Preparation of U.S. federal and state income tax returns for you and your family
- U.S. tax calculations
- U.S. and Canada treaty benefits
- Coordination of U.S. and Canadian deductions and credits
- Assistance with correspondence from the Internal Revenue Service
Find out if you need to file a U.S. tax return
Do you need to file a US tax return? As a U.S. citizen residing in Canada, you must file BOTH a Canadian return and a U.S. return. Fortunately you may not have to pay taxes in both countries as there are ways to ensure you're not taxed twice. U.S. citizens and green card holders are expected to file a 1040 form every year if they meet the income threshold requirements. In addition to the 1040 form you may be subject to additional U.S. tax reporting if you own or are a beneficiary of Canadian mutual funds, TFSAs, RESPs, RRSPs or RPPs. Here are a few claims to make when filing your U.S. returns:
Earned Income Exclusion
Form 2555 is a special form excluding foreign earned income from taxation in the United States. Ask us how to claim this exclusion.
Foreign Tax Credit or Deductions
Another way to avoid double taxation is by claiming a foreign tax credit on your U.S. return for taxes you are required to pay to Canada. To find out how to claim this, make an appointment with an H&R Block U.S. Tax Expert.
Foreign Bank Account Reporting (FBAR)
As a U.S. Citizen, if you have a financial interest in foreign accounts exceeding $10,000 you must file an FBAR with the Treasury Department by e-filing the FinCen114. The CRA and the IRS have an open, transparent relationship and failure to report could result in a penalty of up to $10,000. Talk to a Tax Expert today to protect your assets.
If you live outside the U.S., you have an automatic extension of two months to file your U.S. tax return. In other words, your U.S. return is due on June 15 each year, rather than April 15. For your Canadian return, we advise you to follow the Canadian tax return deadline of May 2nd, as the IRS will begin assessing interest on any unpaid balances on April 15th.