In a new “Special to the Financial Post” advertorial that makes Barrie McKenna look like Woodward and Bernstein, über compliance condor Max Reed attempts to reassure “American citizens in Canada” that they have nothing to fear, except perhaps some red-herring nightmare of IRS goon squads swarming across the border to seize their homes. It is a tour de force of utter nonsense and, sadly, another disheartening example of what now passes for journalism in Canada. Here are a few tidbits, displaying all the comforting factuality of a PMO press release:
Don’t panic, American citizens in Canada: The IRS is not coming to seize your house
To get on the IRS’s good side, take advantage of the amnesty program called “Streamlined Foreign Offshore Procedures” (which you can find on the IRS site). It will help you catch up on overdue tax returns without fear of penalties.
U.S. citizens in Canada are only subject to U.S. federal tax. (The Canadian taxes you pay are credited against your U.S. taxes.)
Unless you have U.S. source income, you will not owe anything.
The deadline for filing a return in the U.S. is April 15, but can be extended to June 15 for those outside the U.S.
Intriguingly, this is just part one of a spring series of helpful articles for “One million American citizens in Canada.” It is difficult to imagine just how much more useful advice Max Reed can offer than he does in his first instalment.
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