Each year I help over 500 clients file their Canadian and US tax returns as well as plan for both their Canadian and US investment accounts. I also regularly help new US clients plan for their move to Canada.
As many of you are already aware the Internal Revenue Service has launched (February 2011) a new Offshore Voluntary Disclosure Initiative. This initiative is similar to the 2009 Voluntary Disclosure Initiative, however some changes have been made. First, the IRS is has increased the non-disclosure penalty on the TDF 90-22.1 late filings to 25% and they have introduced reduced penalties of 12.5% and 5% for taxpayers that meet certain criteria.
For more information please contact Phil Hogan at 250-381-2400 or visit here.