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I will have to file Canadian taxes for the first time this…

Customer Question
I will have to...

I will have to file Canadian taxes for the first time this year for a rental property. But I will not have that done before 4/15. Is it better to file my US taxes now and ammend my return later once my CA are done? Or, is it better to file an extension?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

No Just trying to decide between extension or ammending

Submitted: 1 month ago.Category: Tax
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Answered in 17 minutes by:
3/21/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,710
Experience: Taxes, Immigration, Labor Relations
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General rule is to file your nonresident tax return first.

If you are a nonresident in Canada - you might better to prepare Canadian nonresident tax return and will report ONLY income from Canadian sources.

After that - you will prepare your US tax return - and will include all your worldwide income.

On your US resident tax return - you will calculate and claim a credit for Canadian taxes - so effectively will avoid double taxation of the same income.

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Customer reply replied 1 month ago
but I will not be able to file CA before US. So, if that has not been done, should in just file my US and then do an amendment later? Or file an extension now until I have CA done?
Tax Professional: Lev, Tax Advisor replied 1 month ago

Either way will work -

- if you are not able to file your US tax return before the due date - you may either file without claiming a foreign tax credit - and amend later to claim a refund,

OR

you may file a request for the extension - and you will have additional 6 months to file.

The later probably preferable as you will file ONE tax return instead of two.

But practically - that will not make any difference.

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Tax Professional: Lev, Tax Advisor replied 1 month ago
I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues.
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