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Dual Citizens’ tax conundrum

Many Canadian’s have dual American citizenship.  They live and work in Canada and file Canadian income taxes every year.  Many did not realize they also need to file US taxes.  If their Canadian income tax was at least as much as their American tax would have been, they owe nothing.  HOWEVER, if they would have paid more in the US than they paid here, they owe the difference to the IRS.

Recent economic conditions have led the IRS to follow up on all the Americans living and working abroad who have not filed their US tax returns.  This led to a lot of stress for many Canadian/American citizens living in Canada.

Today’s news should help to relieve the pressure a bit.

Here is the article published on CBC news today.

Posted Wednesday, October 19th, 2011.