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American Tax Man - iStock

Some Relief For Expats Filing US Tax Returns

Americans living in Canada can’t escape paying U.S. taxes, but they can reduce the cost of filing a return.

American Tax Man - iStock

 

SPEND SMART | If you’re an American citizen resident in Canada (or know someone who is), you know from the ruckus in the press last year that you’re required to file two income tax returns annually: a Canadian one because you live here, and a U.S. one because you are an American citizen and the U.S. taxes on the basis of citizenship rather than residency.

Never mind the fairness issue, or that people such as Republican presidential candidate Mitt Romney game the system by legally parking their jillions in accounts in the Cayman Islands and Switzerland, you still need to file—and unless you’re familiar with the U.S. tax code, you will require professional assistance. This service can cost plenty in Canada, which is why some filers head south. Read more