Well, the attack on privacy under U.S. President Trump didn’t take long. Just five days after taking office, Trump signed an Executive Order eliminating privacy protections for foreigners.
President Donald Trump’s Executive Order on domestic safety, released yesterday, has enormous implications for the privacy of everyone living outside the United States. For Canadians, the order should raise significant concerns about government data shared with U.S. authorities as well as the collection of Canadian personal information by U.S. agencies. Given the close integration between U.S. and Canadian agencies – as well as the fact that Canadian Internet traffic frequently traverses into the U.S. – there are serious implications for Canadian privacy. Moreover, the order will raise major concerns in the European Union, creating the possibility of restrictions on data transfers as it seemingly kills the Privacy Shield compromise.
There doesn’t seem to be much security of data in the U.S. with 64% of Americans affected by a major data breach
Plus, U.S. border agents are demanding social media information from Muslim Americans and asking foreigners for their social media handles.
It’s happening and it’s scary.
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reposted from isaac brock society
A very interesting discussionabout the Exit Tax has been taking place at Brock this week. In particular, the comment below from USCitizenAbroad highlights some of the major differences between the U.S. Exit Tax and the more benign Departure Tax that occurs in Canada and Australia. It cannot be overstated how punitive and destructive the U.S. Exit Tax is and anyone contemplating renouncing, should be certain to be familiar with all aspects of it; do a preliminary set of returns and an accurate accounting of all assets including pensions. While anyone can renounce at a Consulate before filing tax and information returns, anyone who is close to being “covered” should get counselling before taking such a step.
USCitizenAbroad says says:
@Watcher makes the point that:
As you see, then, the devil is very much in the detail. These latter two things have no analog in the Canadian exit tax. So… the US is not the only country to have an exit tax, but the exit tax it does have is one of the worst. And very likely the actual worst.
Hmmm. Donald Trump’s nominee for Treasury Secretary failed to disclose $100 million in assets and “forgot” to mention his corporation in the Cayman Islands.
Don’t worry. Steven Mnuchin assured U.S. Senate it was all “a simple mistake made amid a mountain of bureaucracy.” His “oversight..was unintentionsal.”
Mr. Mnuchin says
Filling out these forms is quite complicated.
He insisted he does pay all his taxes. I wonder if he shares the view of Trump that a billionaire not paying taxes “makes (him) smart.”
I suspect Mr. Mnuchin doesn’t like FATCA very much–if he even knows what it is. He does want to make things simpler.
“I would support changing the tax laws to make sure they are simpler and more effective.”
So dare we hope he would actually bring forward the Republican resolutions to repeal FATCA and move to residence-based taxation?
Backing up the above tweet, Keith Redmond posted the following on Facebook:
Dear Members: I just had a lengthy, robust call with an individual who spent 25 years in upper management with the Department of Treasury IRS Criminal Investigation. He confirmed what I thought about the IRS. There is more bark than bite. He stated that there are many, many Americans overseas ho have no business in entering the US tax system and that Accidental Americans UNDER NO CIRCUMSTANCES should enter the US tax system. He confirmed that there are MANY US tax pros who prey on Americans overseas and Accidental Americans through fear and falsehoods. (e.g. you will get arrested, etc.). Any US tax professional who pushes and scaremongers these individuals to comply are not professionals and should not be used! He confirmed that the IRS is NOT going to go after you in your country of residence (most especially if you are a citizen of that country) and the IRS is NOT going to arrest you at the US border. The IRS does not have the resources to do this plus they go after those who have committed a crime not the average American overseas. He stated that Americans overseas need to not succumb to the fear. Excellent conversation and I am glad my views have been validated.
This reflects what I have long believed. Unfortunately, there is still the nightmare of FATCA to deal with. In some countries, anyone born in the US cannot even get bank accounts. We are treated as criminals just for banking where we live.
I asked Keith how his contact explains and justifies this.
He can’t. He finds the whole situation abhorent…