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Reminder - Tick, Tick... U.S. Tax Filing Deadlines Looming - by Ian Bristol and Costa Levantian 

Global Tax Adviser

 

May 29, 2012

 

Ian Bristol and Costa Levantian
Toronto, U.S. Corporate Tax

 

Certain corporate and personal taxpayers may have important U.S. tax filing deadlines approaching. Individuals who have to file the U.S. Report of Foreign Bank and Financial Accounts (FBAR) have until June 30, 2012 to file the form for accounts maintained in the 2011 calendar year. In addition, treaty-based returns are due June 15.

FBAR forms due June 30, 2012
Generally, any "United States person" (U.S. person) who has a financial interest in or signature or other authority over any foreign financial account (including Canadian Registered Retirement Savings Plans (RRSP), Registered Education Savings Plans (RESP) and Tax-Free Savings Accounts (TFSA)) must file the FBAR form if the aggregate value of the financial accounts exceeds US$10,000 at any time during the calendar year. This report is due by June 30, 2012 for accounts maintained in the 2011 calendar year.

 

The FBAR form must be received by the IRS no later than June 30, 2012. The FBAR can also be filed electronically in certain circumstances.

 

Treaty-based returns due June 15, 2012
Foreign corporations (i.e., Canadian corporations that rely on the Canada-U.S. treaty) with a December 31 year-end must file Form 1120 F, "U.S. Income Tax Return of a Foreign Corporation" and Form 8833, "Treaty-based Return Position Disclosure Under Section 6114 or 7701(b)", by June 15, 2012.

 

For more information, contact your KPMG adviser.

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