Uncle Sam wants up to 1 million Canadians. Actually, he doesn’t want them. He just wants their money and information about their legal Canadian bank, credit union and other accounts.
U.S. Treasury and Internal Revenue Service (IRS) insist they have they right to know all about the banking and other financial accounts of these Canadians simply because they were born in the United States, worked in the U.S. under a Green Card or have some other bizarre connection to United States. This includes joint accounts held with Canadian-born spouses, family or business partners.
Most are Canadian citizens—some for their entire lives or decades.
Canadian banks are spending up to $100 million each to comply with Foreign Account Tax Compliance Act (FATCA) to provide information to IRS on “US persons” among their customers—even though this violates Canadian banking, privacy and human rights laws.
Finance Minister Jim Flaherty has called FATCA “extraterratorial” and “unwarranted.” Yet, the Canadian government is negotiating an Intergovernmental Agreement with the United States in secret while keeping Canadians in the dark about whether their rights under Canada’s Charter of Rights and Freedoms will be sacrificed for a foreign government’s demands. An agreement has now been signed!
Many Canadians have lived this nightmare for over two years. Others are just becoming aware due to recent media coverage.
An information session “Solving the Problem of US Citizenship” will be held in the Room Change: Martha Bishop Room at Landon Branch Library, 167 Wortley Road, Saturday February 8, starting at 1:00 p.m. featuring Toronto lawyer John Richardson. Space is limited. $20 to cover costs.
Before you panic or rush to a U.S. tax accountant or lawyer, come and learn about your rights and options. Check out information in advance at citizenshipsolutions.ca
If you’re in the London area, we hope to see you there! If you’re planning to attend, please e-mail me at maplesandbox dot ca