Peter O'Callaghan, TEP, CPA CA, CPA(Illinois)
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Peter has been a chartered accountant since 1985. He completed the CICA In-Depth Tax Course in 2007 and earned his US CPA designation in 2012. Peter provides Canadian and US taxation services, as well as accounting services to clients.
In the fall of 2011 many US citizens living in Canada were made aware of their US tax and information filing responsibilities. Specifically those who have not been filing US tax returns should file under the Streamlined Filing Procedure or the Voluntary Offshore Disclosure Program. Under the Streamlined Filing Procedure a taxpayer must file Form 1040 for the past three years with the IRS. US citizens with foreign bank and other financial accounts (including RRSPs. RRIFs, TFSAs, RESPs and non registered investment accounts) totalling more than $10,000 are also required to file form FinCEN 114 (also known as "FBAR") with the Department of Treasury each year by June 15th. Under the Streamlined Filing Procedure, taxpayers must file FBARs for the past six years. Peter has prepared numerous multiple year tax and FBAR filings over the past six month.
Peter also specializes in Trust and Estate tax filings and tax planning. Peter is a member of the Society of Trust and Estate Practioners (STEP) and has completed the extensive training course in the pursuit of his TEP designation in 2018.