This article provides a concise overview of the US tax forms and deadlines that are relevant to Canadians relocating to the United States. It also emphasizes the importance of extensions in managing your tax filings.
Key Tax Forms and Deadlines
- Form 1040 (Individual Income Tax Return): This is equivalent to the Canadian T1 form and is due on April 15th. However, an automatic extension can be obtained by filing Form 4868, pushing the deadline to October 15th.
- Form 114 (FBAR – Foreign Bank Account Report): This form reports foreign bank accounts and is due on the same date as Form 1040, with the extension automatically applying.
- Form 3520 (Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts): Due on April 15th, this form also gets an automatic extension to October 15th if Form 4868 is filed.
- Form 3528 (Annual Information Return of Foreign Trust With a U.S. Owner): This form has a different deadline of March 15th, but it can be extended by filing Form 7004.
- Form 1065 (Partnership Return): Due on March 15th, this form can be extended to September 15th.
- Form 1120 (C Corporation Return): Due on April 15th, this form can be extended to October 15th using Form 7004.
- Form 1120S (S Corporation Return): Due on March 15th, this form can be extended to September 15th.
For Canadians Filing in Canada (Non-Residents)
- Form S216 (Non-Resident Tax Return): This form reports rental income from Canadian sources and is due on June 30th. However, the tax payment is due on April 30th.
- Form S217 (Non-Resident Withholding Tax Return): Similar to Form S216, this form also has a payment deadline of April 30th and a filing deadline of June 30th.
Importance of Filing Extensions
Filing extensions is highly recommended, even if you plan to file on time. It provides a buffer in case of unforeseen circumstances and allows extra time to review your documents thoroughly. There is no penalty for filing an extension, and it can be a valuable tool to avoid stress and ensure accuracy.
Conclusion
Understanding the relevant US tax forms and deadlines is essential for Canadians transitioning to the US. By staying informed and proactive, you can ensure compliance and manage your tax obligations effectively. Remember, seeking professional tax advice is always a wise decision to navigate complex tax situations.
