Non-Taxable in Canada means Non-Taxable in the U.S.

Non-Taxable in Canada means Non-Taxable in the U.S.

Correction: With the Principle Residence Exemption, a U.S. citizen may exclude from income up to $250,000 of gains realized on the sale of a principal residence. The exclusion may not be used more frequently than once every two years. Tax Free Savings Accounts are not tax-free for U.S. citizens. The income should be included on your U.S. return. Information sharing – Beginning July 1, 2014, major Canadian financial institutions will be required to collect information on U.S. citizens with bank accounts under the new Foreign Account Tax Compliance Act (FATCA) imposed by the U.S. Starting in 2015 banking information will be shared with the IRS via the Canada Revenue Agency.