If you’re a U.S. citizen living in Canada—or a Canadian with U.S. ties—are you clear on your tax obligations? The answer could be more complicated than you think.
Gerry Scott sits down with cross-border tax attorney Alexey Manasuev from U.S. Tax IQ, to unpack what you really need to know about U.S. and Canadian tax obligations. From foreign retirement accounts to FBAR requirements and residency status, this conversation is packed with insights that could save you thousands—and a major compliance headache.
Key Takeaways:
U.S. citizens must file U.S. tax returns—even when living abroad
Canadian residents with U.S. ties face unique filing considerations
Retirement accounts are not treated equally in both countries
FBAR filing is mandatory if your foreign accounts exceed $10,000
Non-compliance comes with steep financial penalties
The U.S.-Canada tax treaty doesn’t override filing responsibilities
Residency status plays a central role in determining obligations
Business owners can use strategic planning to manage cross-border tariffs
Decision trees can help clarify complex filing questions
A qualified tax advisor can make all the difference
Whether you're spending a few months in the U.S., managing dual citizenship, or running a cross-border business, this episode offers clarity in a complicated space.
🎧 Tune in now at snowbirdsusdaytracker.com or wherever you get your podcasts.
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