Originally Posted by pauld82
Will do. Thanks for you help, and thanks to Ed and Nords as well.
I too am a dual citizen, but US/UK and you ahve to make sure you comply with both tax regimes, in your case US/Canada.
US is "easy", no matter where you are or how much you earn as a US citizen you must file a return. I'm not sure about Canada, but I bet its similar to the UK, and most other countries, in that they tax on residency and whether you have funds arising within the country. So even though I'm a UK citizen (or is it still subject) as I don't live in the UK and have no earnings or investmenst there I have no UK tax liability and do not file UK taxes. However, if I move back to the UK I will have to file both UK and US tax forms.
Also if you own Canadian mutual funds or PFICs (Passive Foreign Investment Company)
I'd talk to a tax accountant as there are some really nasty tax laws for them.
Also as a US citizen you must now report any foreign accounts over $10k to the Treasury Dept. on Form TD F 90-22.1 and if you don't the fines are frightening.
Bottomline is as a US citizen the IRS and Treasury can hammer you with nasty taxes and fines for money you invest or have abroad if you are not careful. I'd talk to a dual qualified accountant to make sure things are ok