$40,620 needed by end of next month to continue Canadian FATCA IGA lawsuit/ Il nous reste 40 620 $ à ramasser avant la fin du mois d’octobre pour continuer notre poursuite judiciaire contre le gouvernement canadien et la FATCA

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FATCA IGA lawsuit filed by Vancouver Constitutional Litigator Joseph Arvay on 11 August 2014 in Canada Federal Court. See Claims and press release. Le 11 août 2014, les deux plaignantes, Ginny et Gwen, ont engagé une poursuite à la Cour fédérale du Canada contre le gouvernement du Canada et l’entente intergouvernementale FATCA.

UPDATE September 21, 2014

ThermometerSEP18_100—We need $40,620 BY END OF NEXT MONTH to continue FATCA IGA litigation.

DONATE to www.adcs-adsc.ca (ADSC en français). Donate ANY amount. Your $25 donations DO help/Vous pouvez donner n’importe quel montant. Vos dons de $ 25 sont utiles. Le gouvernement du Canada surveille nos progrès sur ce site. Ne laissons pas notre adversaire gagner.

A quote from a donor:

“I am a pensioner and do not, in the end, pay any tax to the US government. However, it is a cost to me to have the taxes and FBAR prepared every year by an accountant. This is unacceptable. The US keeps adding insult to injury, first with FATCA and now with the nearly fivefold increase in the cost to renounce US citizenship.

I am sending $25 now and will send more later. At age 70 I will be substitute teaching, not only because I enjoy it, but because financially I need to.

I hope there are those with deeper pockets who will step up to be counted in helping to defray the costs of this lawsuit.

Our present Canadian government should hang its head in shame for allowing itself to be bullied by the US and for turning its back on at least one million US expats living in Canada. We deserve a government that will protect us in every way, including our privacy.” [posted with permission]

Are Other Canadian Credit Unions Being As Responsible About FATCA as Vancity?

Does anyone know of any other credit unions that are being as responsible and upfront about FATCA as Vancity?

In Understanding FATCA on their website, Vancity says:

While Vancity must comply with the law, we are committed to protecting our members’ right to privacy. By registering as a Local Client Base financial institution, we believe we have significantly reduced the impact of FATCA on the majority of our members. As a result of our Local Client Base classification, Vancity only needs to collect FATCA information and report on member accounts held by non-Canadian residents.

It appears to me most Canadian credit unions have the ability to register as a Local Client Base financial institution so they only report on non-Canadian residents. I would love to know if others are doing this.

Contrast Vancity with Meridian Credit Union::

3. What is a “U.S. person”?

If you want help in determining if you are a U.S. person for the purposes of FATCA, we suggest that you speak with a professional tax advisor. In general, attributes that generally cause an individual or business to be classified as a U.S. person include:

?U.S. citizenship; (anyone born in the U.S. and who has not renounced their U.S. Citizenship)
being a lawful resident of the U.S. (permanent resident); and/or
U.S. corporation, estate, or trust.

And:

6. What type of information will be reported to the U.S. via the CRA?

The following information will be reported:

Identifying information about the account holder (name and address)
Account number
Account balance or value at the end of the year
Certain amounts paid or credited to the account
TIN (tax identification number)

Like Meridian, it seems Alterna has made no effort to take the local client base option, but plans to comply:

Under the IGA, financial institutions in Canada will report relevant information on accounts of U.S. persons to the Canada Revenue Agency (CRA) rather than directly to the IRS. The CRA will then exchange the information with the IRS through the provisions in the existing Canada-U.S. Tax Convention.

Alterna uses the standard definitions of U.S. persons.

We need to find out clearly which credit unions are taking the Vancity local client base approach and which are taking the full compliance model of Meridian. Is there anyone who is willing to take this on as a project?

Your Canadian FI MUST Contact You Before Forwarding Account Info to CRA Under FATCA

We are indebted to Just a Canadian over at Isaac Brock Society for picking up on this important point.  For the full context of the discussion in which this came up, see this link: Was TD overzealous here?

Under the Bill C-31 as approved by Parliament, a Canadian Financial Institution (FI) MUST attempt to contact you about any US indicia they think they have about you, BEFORE reporting your account information to CRA (which then will forward it to IRS).  That is the law in Canada, and if any FI ignores it, you’d have IMO excellent grounds for suing their bloody socks off.

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Solving US Citizenship Problems Info Session – Paris – Enfin à Paris !

Finally in Paris! An information evening will be held on 06 October on the harsh reality of French citizens who also have American citizenship and its obligations to the IRS. Sign up!

Enfin à Paris ! Une soirée d’information se tiendra le 06 octobre prochain sur la dure réalité des Français ayant aussi la citoyenneté américaine et leurs obligations envers l’IRS. Inscrivez-vous !

Details/Détails TBA – 6:00-8:00 pm CET

Democrats Abroad Survey on FATCA. No Solutions

Democrats Abroad today released a survey on how FATCA affects everyday Americans every day.

There is absolutely nothing new in the report. It is what many of us have known for three years.

There is nothing in the report about those of us who don’t even consider ourselves American under attack by the United States of Arrogance.

Worst of all, there is not one single recommendation to The Democrats or Congress about how to fix FATCA.

Meanwhile, over at Brock, there is discussion of You Keep Your Friends Close and Your Enemies Closer. That is why USCitizenAbroad is joining Democrats Abroad (aka Stepford Wives). Read the exchange a woman in France had with Democrats Abroad.