Common Expat Tax Return Mistakes – Episode 9


On episode #9 of Crossing the 49th Podcast we discuss the most common mistakes I see others making on their cross-border Canadian and US income tax returns.


I’ve reviewed a lot of US tax returns from new clients. Given the inherit complexity of cross-border tax returns I tend to see lots of incorrect filings and omissions. This post is not meant to point out other’s mistakes, but rather, inform those that have cross-border US and Canadian tax returns on how to improve their filings and to avoid potential harsh penalties and/or scrutiny from CRA or the IRS.

Today we discussed the following most common expat tax mistakes:

  • Incorrect calculation of foreign tax credits
  • Taxing US Social Security on US returns
  • Not filing of FBARs or form 8938
  • Neglecting to file form T1135
  • Not reporting 100% of your worldwide income on your Canadian and US return
  • Not properly calculating cross-border capital gains
  • Not properly extending your US tax returns
  • Not completing the questions on Schedule B
  • Paying SE tax to the US on business income
  • Using the wrong exchange rate for income
  • Not filing from 5471 for Canadian corporate ownership
  • Incorrect reporting of K1 forms for Canadian purposes
  • Incorrect sourcing of W2 income
  • Filing a 1040NR instead of a full 1040 return

You can read the full blog post here.

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Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.


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