– Statute of Limitation does not run if return is not filed and statute of limitation on collecting tax deficiency is suspended while the taxpayer is outside the U.S.?

– The common Canadian planning of TFSA does not work well for U.S. citizens? It is treated as a foreign trust and subject to reporting on forms 3520A and 3520.

– The common Canadian planning of RESP does not work well for U.S. citizens? It is treated as a foreign trust and subject to reporting on forms 3520A and 3520.

– Canadian Estate freeze planning tools can result in both U.S. gift and income tax consequences for U.S. citizens?

– The U.S. tax law does not recognize the concept of capital dividends and as a result, capital dividends are treated as any other dividends?

– The U.S. does not recognize the $800,000 capital gain deduction

– The U.S. excludes $250,000 from gain on sale of principle residence only? Any additional gain is then taxable.

– Medical expenses are deductible as an itemized deduction. These deductions are available only to the extent they exceed 7.5% of the taxpayer’s adjusted gross income.

– You are considered a U.S. citizen if you are born in the U.S. or if you are born in Canada to two U.S. citizens?

– You can not renounce your U.S. citizenship until you file the last five years of U.S. taxes with the IRS?

– U.S. persons with financial interest in or signature authority over foreign bank accounts exceeding $10,000 must report on a specified form to the U.S. Department of Treasury before June 30 of the following year?

– When a U.S. person hold interest in a specified foreign financial asset in excess of specified thresholds, that person is required to report “Statement of Specified Foreign Assets” with the 1040?

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