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    unclesams's Avatar
    unclesams Posts: 4, Reputation: 1
    New Member
     
    #1

    Jul 7, 2007, 05:31 PM
    L1 Visa from Canada
    Question:

    I have been working in the US for a few years now - but this year 2006 was the first year I actually received a paycheck and W2. Since I did not make any money in Canada, and my only income is in the US.

    1) Since I have an extension in what forms do I file in the US?

    2) Do I also file Canadian Tax Return even though I made zero

    3) What is the penalty for filing late, is it interest + set amount/% ?

    Thanks so much.

    Rich:)
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Jul 9, 2007, 07:13 AM
    1) You will probably file Form 1040 as a resident alien.

    2) Do not know; no expertise in Canadian taxes.

    3) If you have a refund due, there are NO penalties and interest. If you owe, the late penalty is 5% of the taxes due per month for the first 5 months, PLUS compounded interest at about 8% annually, PLUS potential negligence penalties.

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