Chevrolet Corvette Stingray C7 Forum - View Single Post - Over The Hill Gang , Old Farts with Young Cars

abaucom21 · 06-19-2014, 12:33 PM

Been stressed to pull myself together and file my FBAR (foreign financial accounts) e-file, deadline June 30. A few weeks ago US embassy here in Ottawa asked me to participate in a Web Seminar, I did, received a certificate for participating. This is not an IRS thing (so they say), but another layer of government documentation to document any US expat that has offshore financial accounts.

I am a US expat (US citizen living aboard), officially a card carrying permanent resident of Canada, file my USA, IRS tax forms yearly for income earned abroad. I know the drill and pay my accountant about $400 a year just to file my tax documents to the USA, IRS and never have owed taxes on earned income abroad.

Understand this new requirement by US government is to track US citizens with offshore accounts. Not just individuals but corporations. Tracking money laundering, etc. But damn, I report all my financial stuff to the IRS, but still have to file another separate complex doc. to the US.

Bottom line, after weeks of stress, taking an on-line government prep course, today was the day I was prepared to e-file to FBAR and expected to spend hours to fill out the document. Then I pulled my 2013 tax documents as I remembered I had sent all account numbers and account $ to my accountant, because that stuff was required for her to file both my Canada & USA tax documents.

Damn, I am lame. My accountant had already filed my FBAR documents on-line and I paid her to do it. Weeks of stress thinking about filing FBAR, it was already filed and I paid my account to have it filed.

I admit I am stupid when it comes to taxes etc. Not filled out my own tax documents for 30 years but pay for others do it for me.

I am so happy today, financial tax documents complete for another tax year.

Wonder at times why I keep my US citizenship. Been in Canada for more than ten years, a card carrying Permanent Resident. Canada is now my home, do not intend moving back to the US because I have job, financial security, healthcare security in Canada. Could become a Canada citizen in a nano-second. Issue is US makes it very difficult and expensive to give up citizenship. As a US expat living abroad, to retain my income earned abroad tax deferment, during a 12 month period I can only be in the US about 28 days a year. As a Canadian citizen I could spend about 6 months a year in the US. My most personal family and friends are in the US and we are getting older. I worry what if my brother or a good friend in the US needs me to help them. Not an issue if I needed to take a year leave of absence form my teaching position. However, if I retain my US citizenship I currently can only be in the US for 28 days. If I extend my stay, the IRS will hit me up for a third of my income and Canada already hits me up for about 40% of my income. Bottom line I could spend more time with family and friends in the US if I changed citizenship to Canada. Have not done it yet because US makes it both difficult and expensive to change citizenship.

Sorry to go on and on.

06-19-2014, 12:33 PM	#32138
abaucom21 Drives: 2011 2LT White, 1966 TBird conv. Join Date: May 2010 Location: Ottawa Ontario Posts: 682	Been stressed to pull myself together and file my FBAR (foreign financial accounts) e-file, deadline June 30. A few weeks ago US embassy here in Ottawa asked me to participate in a Web Seminar, I did, received a certificate for participating. This is not an IRS thing (so they say), but another layer of government documentation to document any US expat that has offshore financial accounts. I am a US expat (US citizen living aboard), officially a card carrying permanent resident of Canada, file my USA, IRS tax forms yearly for income earned abroad. I know the drill and pay my accountant about $400 a year just to file my tax documents to the USA, IRS and never have owed taxes on earned income abroad. Understand this new requirement by US government is to track US citizens with offshore accounts. Not just individuals but corporations. Tracking money laundering, etc. But damn, I report all my financial stuff to the IRS, but still have to file another separate complex doc. to the US. Bottom line, after weeks of stress, taking an on-line government prep course, today was the day I was prepared to e-file to FBAR and expected to spend hours to fill out the document. Then I pulled my 2013 tax documents as I remembered I had sent all account numbers and account $ to my accountant, because that stuff was required for her to file both my Canada & USA tax documents. Damn, I am lame. My accountant had already filed my FBAR documents on-line and I paid her to do it. Weeks of stress thinking about filing FBAR, it was already filed and I paid my account to have it filed. I admit I am stupid when it comes to taxes etc. Not filled out my own tax documents for 30 years but pay for others do it for me. I am so happy today, financial tax documents complete for another tax year. Wonder at times why I keep my US citizenship. Been in Canada for more than ten years, a card carrying Permanent Resident. Canada is now my home, do not intend moving back to the US because I have job, financial security, healthcare security in Canada. Could become a Canada citizen in a nano-second. Issue is US makes it very difficult and expensive to give up citizenship. As a US expat living abroad, to retain my income earned abroad tax deferment, during a 12 month period I can only be in the US about 28 days a year. As a Canadian citizen I could spend about 6 months a year in the US. My most personal family and friends are in the US and we are getting older. I worry what if my brother or a good friend in the US needs me to help them. Not an issue if I needed to take a year leave of absence form my teaching position. However, if I retain my US citizenship I currently can only be in the US for 28 days. If I extend my stay, the IRS will hit me up for a third of my income and Canada already hits me up for about 40% of my income. Bottom line I could spend more time with family and friends in the US if I changed citizenship to Canada. Have not done it yet because US makes it both difficult and expensive to change citizenship. Sorry to go on and on.