The Tax Chick Podcast Breaking down the basics of cross-border taxation, with special guest, Lori Keightley!
Aug 18, 2022
In this engaging discussion, Lori Keightley, a U.S.–Canada cross-border tax specialist at Forbes Anderson LLP, unpacks essential insights on cross-border taxation. She explains the nuances of U.S. citizenship, the importance of formal green card relinquishment, and the heavy penalties for missed filings. Lori also delves into tax implications for Canadians owning U.S. property and provides critical advice for those working across borders, highlighting the often-complicated nature of tax rules and strategic planning.
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How You Might Already Be A U.S. Citizen
- Birth in the U.S. usually grants citizenship even if you never lived there.
- Parentage and parental residency can also create unexpected U.S. citizenship claims.
Birth Disclosure Upended An Estate Plan
- A client casually mentioned being born in the U.S. after an estate meeting and triggered major cross-border issues.
- That discovery forced immediate cross-border tax and citizenship review.
Don't Assume A Green Card Just Disappears
- Ask whether you've ever held a U.S. green card and confirm formal relinquishment.
- Complete the USCIS form to formally surrender a green card; assuming it expired is risky.