Some Canadians should take action before the U.S. Offshore Voluntary Disclosure Program ends.
Canadians required to file a U.S. tax return that also have offshore assets that have not yet disclosed to the U.S. tax authorities should consider taking action before the U.S. Offshore Voluntary Disclosure Program ends on September 28, 2018. This U.S. program allows U.S. taxpayers, including those living outside the United States, to voluntarily resolve past non-compliance issues related to foreign financial assets and foreign holdings to limit their exposure to penalties. As a result, affected taxpayers may want to consider making a voluntary disclosure as soon as possible before the program ends this fall.
Download this edition of the TaxNewsFlash to learn more.
© 2020 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.