Tax-services-toronto.com | FATCA | U.S. Citizens living abroad | 416-626-2727
Hello this is Judy Nguyen from Tax Services Toronto. Today I am going to talk about FATCA - The Foreign Account Tax Compliance Act. This took effect on July 1st, 2014 and requires foreign financial institutions to report financial accounts of U.S. persons living in Canada to the IRS.
Whether you were born in the United States but live in Canada or have parents who are U.S. citizens,you will be required to file a U.S. tax return together with any information returns that may also be required.
For U.S. taxpayers residing in Canada, it is important that if you have a filing obligation, that the information you provide is complete and correct as the IRS will have access to your information submitted by the foreign financial institutions.
Do not wait for the IRS to contact you to file your returns. There are significant penalties for non compliance. If you would like to know more about our services, please contact us at 416-626-2727 or visit our website fatcaservices.ca . Thank you.
