Dual US/CA citizenship that costs $3,000 a year in accounting bills alone forces retiring couple to tread carefully https://t.co/7frwXnHaUH
— U.S. Citizen Abroad (@USCitizenAbroad) February 11, 2017
The above tweet references an article in the Financial Post describing the challenges of this couple in planning for retirement. With reference to the U.S. citizenship problem the article includes:
Harold and Tess have tax complications due to Tess’ American citizenship. Tax treaties and government agreements require her to file a U.S. tax return. …
Tess pays no U.S. income tax but she has a $3,000 annual accounting costs to comply with American law.
One is left with the impression that U.S. citizenship is a tax filing problem only.
Please comment on what advice you might give to Harold and Tess about Tess’s American citizenship and how it relates to retirement planning as a Canadian citizen living in Canada.