The first 100 days are in the books for the Biden
administration. Many of us north of the border feel insulated from
the comings and goings on in the U.S.; however, the U.S. tax rules
may be a larger issue for many Canadians – this is because
while Canada taxes you based on residency, the U.S. taxes you based
on citizenship. And considering that an estimated 1 million U.S.
citizens live in Canada, chances that many of you (or someone you
know) might find this article of interest.
U.S. Filing requirements
What does it mean then if you are a U.S. citizen living in
Canada? Even though you duly file your Canadian tax return and
report all of your income, you are still required to file a US tax
return with the IRS and report all of your worldwide income
(even if none of that income arises in the U.S.). Happily, this
does not mean that you're being taxed twice. The Canada-U.S.
Tax Treaty provides relief against any double taxation by allowing
you to claim a foreign tax
