Wow. Tricia Moon’s (aka Noble Dreamer) anger at FATCA and the IRS is international news.
I was terrified we’d lose all our money in The Guardian reports on Tricia’s “defiant act” of renouncing U.S. citizenship.
“It was like cutting off my right arm,” to not be American any more, says Moon, who only became a Canadian citizen in 2008. “Now, I’m simply angry.”
Tricia is on the board of ADCS and fighting back with legal action.
A financial professional in Switzerland had bank and retirement accounts closed. His Swiss friends tell him:
You Americans are so arrogant and crazy. You think you control everything.”
He now agrees with them.
This is no surprise to us. The FATCA scams have begun.
IRS Warns of FATCA Phishing Scams in multiple countries and continets.
This clearly has thye potential for financial or identity theft, fraud or even worse. We can only imagine what groups like ISIs or Al Quaeda would do if they were able to get their hands on the financial and personal data od people born in the United States.
This is one more reason why we must ensure Canadian banks should not be allowed to ferret out “U.S. persons” for CRA and the IRS. Please donate to http://adcs-adsc.ca/
Life planning, Career planning and the Reality of U.S. Citizenship for Americans Abroad including Life Preparation for U.S.Citizen-children of U.S.Citizens
John Richardson, B.A., L.L.B., J.D., is a Toronto lawyer and a member of the Ontario Bar. Citizenshipsolutions.ca
McBain Community Centre – Room A – 7150 Montrose Rd., Niagara Falls, Ontario L2H 3N3 MAP
Tuesday, November 11, 2014, 8:00 – 10:00 pm
$20 individual or $40 for a family of up to four people. Payable in cash at the door, please (to cover costs). Hope to see you and your families on November 11. Spread the word!
It is estimated there are 7 million U.S. citizens living outside the United States. Some of these people don’t know that the U.S. may consider them to be citizens. The vast majority of these Americans abroad (according to U.S. law), are required to pay taxes and complete information reporting forms to the United States. Although “citizenship-based” taxation has existed for years, what is new, is the enforcement.
Continue reading Solving US Citizenship Problems-Info Session-Niagara Falls ON-Tuesday Nov 11, 2014
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.
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 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?
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.
Continue reading Your Canadian FI MUST Contact You Before Forwarding Account Info to CRA Under FATCA
This meeting has been cancelled.
In lieu of a public meeting, John Richardson will be available for appointments on Sunday, October 5, from 2:00 – 4:00 pm and on Monday, October 6, from 7:00 – 9:00 pm. Please confirm no later than Saturday, October 4, 2:00 pm EDT.
Toronto Phone Number 416 840 4529
Skype – “CitizenshipSolutions”
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
CRA staff shakedown throws promised tax crackdown into question.
So, how in the world will CRA have the resources to FATCA Canadians on behalf of IRS? Oh wait. At House of Commons Finance Committee, no one had any idea how many staff or how much money FATCA will require from CRA?
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.
Remember Ambassador Jacobsen insisting IRS wasn’t after Canadian Grandmas?
Try telling that to this elderly Canadian widow who was just hit with $93,000 to the IRS on her Canadian husband’s estate–on top of the $37,00 she paid to CRA.
Global National: Canadians Paying Taxes to IRS