Episode 65: Costly Mistakes with Cross-Border Taxes To Avoid

If you’re a U.S. citizen living in Canada—or a Canadian with U.S. ties—are you clear on your tax obligations? The answer could be more complicated than you think.

Gerry Scott sits down with cross-border tax attorney Alexey Manasuev from U.S. Tax IQ, to unpack what you really need to know about U.S. and Canadian tax obligations. From foreign retirement accounts to FBAR requirements and residency status, this conversation is packed with insights that could save you thousands—and a major compliance headache.

Key Takeaways:

• U.S. citizens must file U.S. tax returns—even when living abroad

• Canadian residents with U.S. ties face unique filing considerations

• Retirement accounts are not treated equally in both countries

• FBAR filing is mandatory if your foreign accounts exceed $10,000

• Non-compliance comes with steep financial penalties

• The U.S.-Canada tax treaty doesn’t override filing responsibilities

• Residency status plays a central role in determining obligations

• Business owners can use strategic planning to manage cross-border tariffs

• Decision trees can help clarify complex filing questions

• A qualified tax advisor can make all the difference

Whether you're spending a few months in the U.S., managing dual citizenship, or running a cross-border business, this episode offers clarity in a complicated space.

🎧 Tune in now at snowbirdsusdaytracker.com or wherever you get your podcasts.

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