Are you a Canadian citizen and resident and have you renounced U.S. citizenship and have paid or are subject to the U.S. Exit Tax (IRS 877A)? [No, I do not mean the $2350 fee.]
If so, we ask you to consider being a Witness in our Canadian FATCA IGA lawsuit.
You might have renounced U.S, citizenship but own a now valuable house in Toronto/Vancouver/London etc. and have (because interest rates are now very low) a very valuable pension — and had to pay a U.S. exit tax.
Information on the exit tax and examples of the exit tax can be found at the citizenshipsolutions.ca site.
We are specifically seeking as a possible Witness in our Canadian FATCA IGA lawsuit a person who:
— Has renounced and has paid an exit tax (the ideal witness);
— Has renounced and will be subject to exit tax;
— Is intending to renounce and know that they will have to pay exit tax; and
— Cannot afford to renounce because they have no way of paying the exit tax
Again, the person likely affected will be one who happens to own a now valuable home in Vancouver etc. that has appreciated markedly over the years and a company pension for which the cashed out value of the entire pension (NOT the monthly distribution) is sizable. Typically, only the pension company can accurately calculate the value of your pension.
The U.S. demands in the exit tax a percentage of your Canadian-made assets as punishment for renouncing.
If interested, email me at: Stephen.Kish.Chair@adcs-adsc.ca
Your name and situation will be made public in a submission to the Federal Court of Canada.