The more than 1 million United States citizens residing in Canada were pulling out legal pads, sharpening pencils and firing up their Wi-Fi to complete their U.S. filing by today’s deadline, in addition to their Canadian tax return. Greater U.S. interest to hold citizens to this tax filing requirement has led to increased compliance tracking. So to aid in accurate financial reporting for this population, Carswell, part of Thomson Reuters, developed A Tax Guide for American Citizens in Canada.

“Filing returns in the United States requires special attention because in recent years the United States Internal Revenue Service has stepped up enforcement on this tax obligation in respect to U.S. citizens who reside in Canada, and by 2014 Canadian banks will be subject to disclosure and reporting requirements imposed on them regarding assets held by U.S. citizens,” said Don Van Meer, president and CEO of Carswell. “Because filing these returns requires special attention for common Canadian financial products like an RRSP, a TFSA and mutual funds, we developed this helpful text for U.S. citizens residing in Canada.”

To read the full press release, click here.

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