Dual Citizens And Dual Residents

File Form 1040 annually if the individual is a U.S. citizen, generally regardless of where they live.
Report worldwide income, including Canadian employment, business, rental, investment, pension, and other income.
File FBAR (FinCEN Form 114) if the aggregate value of qualifying foreign financial accounts exceeds the applicable reporting threshold.
File Form 8938 (FATCA) if specified foreign financial assets exceed the applicable thresholds.
File Form 1116 to claim a foreign tax credit for qualifying Canadian income taxes paid, where applicable.
Consider Form 2555 for the foreign earned income exclusion where the eligibility requirements are met.

File Form 5471 where applicable for ownership or control of certain Canadian corporations.
File Form 8865 where applicable for interests in certain Canadian partnerships.
File Form 8621 where applicable for Canadian investments treated as PFICs for U.S. tax purposes.
File Forms 3520 and 3520-A, where applicable, for certain Canadian trusts and foreign trust transactions.
File Form 8858 where applicable for certain foreign disregarded entities or foreign branches.
Review U.S. reporting and tax treatment of Canadian TFSAs, RESPs, FHSAs, RRSPs, pensions, corporations, partnerships, trusts, and investment accounts.
Review U.S. estate and gift tax considerations where significant assets, gifts, or inheritances are involved.
Apply applicable Canada–U.S. Tax Treaty provisions, including residency and tie-breaker rules where relevant.
Maintain records supporting foreign income, financial accounts, investments, taxes paid, exchange rates, and international information returns.

File T1 General annually if the individual is a resident of Canada for Canadian tax purposes.
Determine Canadian tax residency status, including factual residency, deemed residency, and non-resident status where applicable.
If resident in Canada, report worldwide income, including U.S. employment, business, rental, investment, pension, and other foreign-source income.
File Form T1135 (Foreign Income Verification Statement) if specified foreign property exceeds the applicable reporting threshold.
File Form T1134 where applicable for interests in certain U.S. foreign affiliates.

Review reporting requirements for foreign trusts, partnerships, corporations, and other foreign entities.
Report U.S. interest, dividends, capital gains, rental income, business income, pensions, and other foreign-source income, as applicable.
Claim a foreign tax credit for qualifying U.S. federal and state taxes paid, subject to Canadian foreign tax credit limitations.
Review the Canadian tax treatment of U.S. IRAs, 401(k)s, Roth IRAs, pensions, and other U.S. retirement arrangements.
Review the Canadian treatment of U.S. securities and investments, including capital gains, dividends, foreign exchange gains/losses, and investment income.
Review the tax and reporting treatment of Canadian registered accounts from the U.S. perspective, including RRSPs, TFSAs, RESPs, FHSAs, and other registered plans, where relevant.
Apply the Canada–U.S. Tax Treaty to determine residency, taxing rights, withholding treatment, pension taxation, and relief from double taxation.