According to The Sun, IRS Targets Yanks In Canada.
I think this relates to the regs which were just released. Are these the ones Flaherty said he was “happy” with? I haven’t seen the regs yet, but I wanted to post this.
Despite the Sun headline, it is my understanding this does not just apply to Canada, but is, of course, worldwide.
Before anyone panics, remember, CRA will not collect any penalties for IRS for failure to file a report with IRS. CRA will not collect any tax liability on any Canadian citizen even if that person was also a US citizen at the same time.
Also remember what Steven Mopsick said. IRS is unlikely to pursue those of us who have been citizens elsewhere for years or decades. Michael J Miller said those of us who expatriated before 2004 were not required to advise DOS.
Calgary411 has posted a Moody’s Announcement at Brock. There is discussion going on there. Calgary’s conclusion is “Good luck roping more in.
For those of us who have been around, this is really nothing new. More scare tactics. It’s going to do exactly that for those who are first learning of it.
This is going to cause a stressful long weekend for a lot of people. If they find their way here, we need to reassure them. Don’t Wake The Sleeping Bear.