U.S. Citizens Living In Canada

File Form 1040 annually and report worldwide income.
File FBAR (FinCEN Form 114) if foreign financial accounts exceed the applicable aggregate 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.
Consider Form 2555 where eligible for the foreign earned income exclusion.
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 that are treated as PFICs for U.S. tax purposes.
File Forms 3520 and 3520-A, where applicable, for certain Canadian trusts and foreign trust transactions.
Review U.S. reporting requirements for Canadian RRSPs, TFSAs, RESPs, FHSAs, pensions, corporations, partnerships, trusts, and other investments.
Apply applicable Canada–U.S. Tax Treaty provisions and elections where appropriate.
Review U.S. estate and gift tax implications where significant assets or gifts are involved.

File T1 General annually and report worldwide income if resident in Canada for tax purposes.
Report U.S. employment, business, rental, investment, pension, and other foreign-source income on the Canadian return, as applicable.
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.
Report foreign investment income and capital gains from U.S. securities and other investments.

Claim the foreign tax credit for qualifying U.S. income taxes paid, where available.
Report foreign pensions and other U.S. retirement income according to the applicable Canadian rules and treaty provisions.
Review Canadian reporting requirements for foreign trusts, partnerships, corporations, and other foreign entities.
Apply the Canada–U.S. Tax Treaty where relevant to residency, income allocation, withholding, and double-taxation issues.
Review departure tax and deemed disposition rules if the individual ceases to be a Canadian resident.
Maintain supporting records for foreign income, taxes paid, financial accounts, investments, and exchange-rate calculations.