What dual citizenship can mean for your taxes

By Krista Seggewiss, BrighterLife.ca

It comes with perks such as job mobility and voting rights, but dual Canadian-American citizenship is double the work when tax time rolls around.

There are approximately one million U.S. citizens living in Canada, according to Statistics Canada. They face extra financial planning considerations — especially during tax season in both countries. The United States imposes taxes on its citizens based on worldwide income, not just income earned in the U.S. With a few exceptions, a Canadian tax bill is generally higher than a U.S. one — which typically means no additional tax is owed south of the border, thanks to a tax treaty between Canada and the U.S. Read more