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Future kids. What would their citizenship be?

atrivera said:
Additionally, things like Tax Free Savings Accounts in Canada are not deemed as tax free in the states, and the interest can be taxed by the IRS.
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Not only is it taxable but the IRS may consider it a trust and requires two additional forms (3520 and 3520a) filed (the first of which is due march 15th and a pain to get filed). I got rid of my TFSA because it is not worth the hassle.
 
But all of you who are US citizens and have worked any kind of a 'time' span in the US. Before you go and renounce your citizenship, be sure you check to see what happens to your work credits for social security when you are ready to retire. I know due to the tax treaty and such, you can have your credits transferred to Canada for OAP or you can draw on SS if your credits are higher there, either way US and Canada share this information. BUT and this is what I'm not sure about so hence the statement to check on this, would you loose those already worked credits if you renounce? That could leave you in one HELL of a lurch later on at retirement ....
 
keesio said:
Not only is it taxable but the IRS may consider it a trust and requires two additional forms (3520 and 3520a) filed (the first of which is due march 15th and a pain to get filed). I got rid of my TFSA because it is not worth the hassle.
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Actually when flanerty (named spelled wrong) signed the deal with US, he included TFSA and RESP as part of the deal. So US will not tax these two accounts.
 
Lots to mull over....
 
screech339 said:
Actually when flanerty (named spelled wrong) signed the deal with US, he included TFSA and RESP as part of the deal. So US will not tax these two accounts.
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From what I understand of the deal, TFSA and RESP accounts do not have to be reported by Canada to the IRS under FATCA. You still need to report them yourself on the FBAR and 8938 forms and they are still taxable. But if I'm wrong, then I'll be happy to be wrong.
 
From what I have been told at my work, you are required to report them on and will still be taxed on them under FATCA. If you don't report them, you are knowingly falsifying information with the IRS and it will come back to bite you. As an example, if you are non-compliant and do not file your taxes, even as a non-resident of the US(i.e. living in Canada as a resident or Citizen), you will be given a fine of $10,000 USD. There is no leeway in this fine, and the IRS will expect it to be paid.
 
You should have your kids in the USA, otherwise how can they ever become president?
 
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