Similar Posts


  1. Perhaps you can help me with some questions. I was born in Canada to US citizen parents: thus I was born a Canadian-US dual citizen. I have resided in Canada for many years. I have complied with all US and Canadian tax laws, including filling my FBARs and, for my 2011 taxes, the new Form 8893. My total bank accounts and investment accounts come to $700K: I have no other assets; in particular, I do not own any property (I rent).

    On May 17, I renounced my US citizenship. I understand that, for 2012, I must file Form 1040NR, with Form 1040 up to May 16 filed as a schedule; I must also file Form 8854 along with these (though I am not a covered expatriate). Here are my questions: (1) Must I file Form 8893 for 2012? if yes, must I include specified assets acquired after renunciation? (2) Must I file an FBAR for 2012? If yes, must my FBAR include any accounts opened after renunciation? (3) If I open a grantor trust (such as a Canadian Tax-Free Savings Account) after renunciation, must I file Form 3520? (4) If I acquire shares on a PFIC after renunciation, must I file Form 8621?

    The reason that I am asking these questions is that I do intend to open some accounts, now that I am no longer a US citizen: a TFSA, for one; and and RESP for my child, for another. I also have my eye on a very interesting PFIC that I’d like to buy shares in.



  2. @Steve M,

    Yes the value of your primary residence is included in the calculation of net worth to determine whether you are above or below the US$2,000,000 threshold.

    It doesn’t matter where the primary residence is located.


  3. This is very useful information. I would like to know if the value of your primary residence( if you’re living in Canada) included in the calculation of you net worth?

Comments are closed.

Tax laws change over time, and the information in this post above may be less accurate today than it was at the time of the last revision. This post is not tax advice for your specific situation. Please contact an international tax professional to get personalized advice for your situation.