Monthly Archives: December 2012

FATCA Forum Spreads Word On YouTube

FATCA Forum is on YouTube.

Nine segments offer a wealth of information and a great chance for all of us who were unable to attend to hear and learn from the presenters and the discussions.

I will post a link to Abby Deshman’s presentation on the CCLA thread.

In the final segment, Sinclair Stevens suggests we use the “new age” of the Internet “and “all that entails” to “bypass the traditional press” who are “in the pockets of the establishment.”  That, of course, is what we, our allies at Brock and elsewhere, are trying to do.  We need to keep doing it! Continue reading

Santa Is A Canadian Citizen: Update 2013

We told them last year.

Santa is a Canadian citizen. Santa Is Canadian

We warned them then:  Don’t you dare insist Santa is a “US person.”  Well, the Americans are at it again.

Another Conservative MP and Parliamentary Secretary to the Prime Minister confirmed in the House of Commons last week that Santa is Canadian. Yet, the USA is trying to nail him as theirs.

They’re Baaack! For the holiday season, the Americans are once again insisting Santa lives in the US. Don’t they know his suit is red and white–not red white and blue?

They probably  issue Santa a Green Card every December to add Christmas color to his all-Canadian suit. Or, maybe they just let him hang out in Alaska so they can impose “substantial presence” on Santa.

US Treasury and IRS are sneaky. They do that so when Santa returns to his real home at the North Pole in Canada with his Canadian HOH OHO postal code, they can nab him as a “US person” and FATCA (Foreign Account Toy Compliance Act) the jolly fellow.

If there is any question about Santa’s citizenship, the fact Canadian Conservatives and Liberals actually agree on that point should prove it. . Liberal leader Justin Trudeau even made a public declaration on television.  Look at what the goodwill of the holiday season can accomplish!

So, will Canadian Finance Minister Jim Flaherty ensure Santa and all other Canadian citizens are protected from IRS and FATCA under Canada’ banking, privacy and human rights laws? Or, will Santa have to join other Canadians in a challenge under Canada’s Charter of Rights and Freedoms?

Below is what we said last year about Santa’s Canadian citizenship.  citizenship. It’s incredible that it is still dragging on a year later.

USA, don’t you dare declare Santa a “US person!”

Santa is a Canadian Citizen.  This has been confirmed once again by Canada’s Minister of Citizenship and Immigration, Jason Kenney.

Just like Prime Minister Stephen Harper and many of us, Santa is “Canadian and only Canadian.”  But, unlike other Canadians, Santa doesn’t even need a passport to travel the world.

No countries charge Santa duty on toys he imports, but we fear USA may FATCA (Foreign Account Toy Compliance Act) Santa because of his immense stash of toys housed at Santa’s home in North Pole Canada HOH OHO Continue reading

FATCA Regulations Delayed Again? (Reuters)

Reuters is reporting FATCA Final Regulations Have Been Delayed Again.

I have no idea if this is accurate.  Reuters says sources in the accounting industry, who asked not to be named, are their source. The sources say the regs will be released in January.

US Treasury Department is not confirming this nor are they denying it. Instead, they say:

“We are still working to issue the final regulations and they will be released soon.”

Who knows what “soon” means with IRS and Treasury.  They have difficulty with simple English, which is why they require a 72,000 page Tax Code.

Continue reading

12 Reasons Why Canada Must Reject FATCA

There are a multitude of reasons why Canada must reject FATCA.

Here are just 12 of them.

1.    FATCA violates Canadian privacy, banking and human rights laws and Canadian Charter of Rights and Freedoms.

2.    Canadian laws are made in Ottawa, not in Washington

3.    FATCA treats Canadian citizens born in US and their Canadian-born children as second class citizens in Canada.

4.    FATCA threatens Canadian sovereignty and autonomy.

5.    FATCA threatens retirement, education and disability savings of Canadian citizens and residents.

6.    FATCA places huge costs on Canadian financial institutions.

7.    FATCA takes money out of Canadian economy and tax base.

8.    Canada has a 70 year effective tax treaty with US to combat tax evasion.

9.    Canada does not negotiate with financial terrorists.

10.   Canada is not a tax haven.

11.    Canada should show leadership to the world in standing up to IRS bullies.

12.    FATCA is just plain wrong.

Canada, Just Say No!

11 Reasons Why FATCA Must Go

11 Reasons Why FATCA  Must Be Repealed from Tax Management International  Journal is one of the best assessments about everything that is wrong with FATCA that I have seen from a professional perspective.

There is not much new in this for many of us, but it’s great to see professionals taking such a strong stand.  After a blunt and thorough assessment, the authors conclude:

The bottom line is that FATCA is sheer idiocy and
must be repealed as soon as possible. The world
economy has enough problems as it is without having
inane reporting requirements imposed upon it.

They hope there will be some “profile in courage” in US Treasury who “stand up and declare that FATCA is madness” and push for its repeal.  Unfortunately, Treasury and Congress have already shown where they stand on the “sheer idiocy” of FATCA.