The Little Known Tax Trap about U.S. Citizenship

Curious about the hidden tax traps waiting for Canadian real estate investors with US properties?
In this intriguing episode, I interview Alexander Marino, a U.S. lawyer and Director at Moodys Tax in Calgary. Alexander specializes in helping people from all corners of the globe renounce their U.S. citizenship, a process that many find liberating.
He reveals the complex world of U.S. tax obligations, citizenship renunciation, and how to navigate these challenges effectively.
Alexander shared some enlightening insights during our conversation, which I think many of you will find invaluable, especially if you're navigating similar considerations.
Key Moments In This Episode
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00:00 Intro
02:26 Renunciation Process
07:03 Non-Resident Tax Implications
09:17 Tax for US Citizens in Canada
13:47 IRS Power Increase
16:01 Case Study: Boris
20:03 History of US Taxation
22:01 Tax Issues for US Citizens in Canada
27:56 Financial Benefits of Renunciation
If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.
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Please make sure to speak to a professional that knows your personal situation before making a decision.
If you need to talk to someone on my team, email us at [e-mail].
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[@anwarasady3270]

Shocking but amazing info!

[@TESLASOJ]

really shocking news!!! Mind blowing!! So any Canadian wanting to exit this country into the US should really ask if they need to seek US citizenship. I had thought about the EB-5 Visa application with a large investment in order to get the green card and then eventual citizenship. Now I really have to think it through

[@anwarasady3270]

One major question: if one paying more income tax in Canada than what would be in USA , is now IRS owing you money?

[@johnaunna1506]

I am in the middle of NIW process to get Green card. So I would be able to work for US companies remotely. It seems this would create other problems for me and my family if we are not interested in settling there! Do you think it's worth it to get the green card?

[@ZakiyaAbdullahi]

If one has acquired Canadian citizenship, and secures US citizenship later. If they claim tax residency in Canada in their retirement, so long as their primary residence is in Canada, they are able to be exempt against the US tax system because they are not residing in US. Can that be confirmed by you or Alex?

[@ytfig101]

I believe your question was answered around the 6:00 mark. You are taxed based on citizenship as a US citizen. So it doesn’t matter where you live (Canada, Spain, Japan), you will be taxed on residency by the country you live in and also taxed on your citizenship as an American as long as you hold your US citizenship.

[@navmehta895]

If you had a J1 visa to study in the US, and they assigned you a SSN at that time, are you considered a US citizen for tax purposes?

[@Gengingen]

No. SSN & Citizenship are not related at all. SSN is used to pay taxes, that is all.