The Tax Chick Podcast Breaking down the basics of cross-border taxation, with special guest, Lori Keightley!
Aug 18, 2022
In this engaging discussion, Lori Keightley, a U.S.–Canada cross-border tax specialist at Forbes Anderson LLP, unpacks essential insights on cross-border taxation. She explains the nuances of U.S. citizenship, the importance of formal green card relinquishment, and the heavy penalties for missed filings. Lori also delves into tax implications for Canadians owning U.S. property and provides critical advice for those working across borders, highlighting the often-complicated nature of tax rules and strategic planning.
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Birth Disclosure Upended An Estate Plan
- A client casually mentioned being born in the U.S. after an estate meeting and triggered major cross-border issues.
- That discovery forced immediate cross-border tax and citizenship review.
U.S. Citizens Must File Annual 1040s
- File a U.S. 1040 every year if you are a U.S. citizen, even while living in Canada.
- Include required attachments and report foreign bank, investment, and retirement accounts to avoid penalties.
Small Form Misses Can Trigger Big Penalties
- U.S. penalties for missing filings can be severe and form-specific.
- Missing one required attachment can trigger heavy per-year penalties, especially for business owners.