Canadians, Uncle Sam wants you. Actually, he doesn’t want you. He wants your money. Uncle Sam thinks he has the right to know about your money which was earned, saved, invested and taxed in Canada just because you were born in his country.
In Canadian Protections Against IRS, Lynne Swanson (aka Blaze) outlines some of the protections Canadian citizens and residents have against the IRS.
This was written in response to a couple of articles in The Money Guide advising Canadians of their obligation to IRS and recommending filing “before it is too late.”
I intentionally did not focus on the options for filing in this article. That is covered elsewhere in The Money Guide. Instead, I chose to focus on the protections and some of the FATCA issues (but with a different approach than in the Financial Post article).
I gave links to Maple Sandbox and Brock in my submission. However, this was not included in The Money Guide Post. Instead, they linked to an their Tax Guide For US Citizens Living in Canada.
This article was posted as Guest Poster, but Lynne Swanson’s information is at the end.