Petros asks how FATCA will impact publicly traded trusts in Canada which have most of its income from US sources.
Monthly Archives: December 2011
Liberty's Exiles – Loyalists in the American Revolution
The truth is that the Patriots were NOT an overwhelming majority. In fact, the early colonies came within one vote of agreeing to something close to the British North America Act. Would you like to have a Loyalist during the American Revolution? If you knew what they had to endure, the answer would be no.
I came across a fascinating book (just walking around a bookstore) titled “Liberty’s Exiles” by Maya Jasanoff. I read the first chapter and was hooked. Then I came across the video of the author herself. This video is worth an hour of your life. If you watch the video and read the reviews, I suspect will get the message of the book.
Study on expats – Small way to help get the word out
Came across a blog: http://uscitizensabroad.wordpress.com. The author is collecting the experiences of expats. She has a survey on the site. Although, questions about persecution are not asked, I expect that she might be interested in this.
The stalker: divorce from the United States is a messy process
The United States is like an ex-wife or ex-husband who hasn’t figured out how to let go. Indeed, the IRS stalks its former citizens by insisting upon a messy divorce process, which aims at dissuading the wealthy from leaving. But like any bad relationship, stalking makes the former lover hate even more the one who can’t let go. Certainly, this stalking behavior will not lead the expatriated person to run back into the arms of his former lover!
Canadian RDSP (Registered Disability Savings Plan)
We continue to have numerous inquiries about the US tax liabilities of RDSP beneficiaries and holders. We posted on this question back in August. Our advice remains substantially the same – consult a cross border tax specialist. We would add, do so with some caution as we have heard stories of people racking up huge expenses trying to deal with this issue.
FBAR-FATCA-Form 8938 filing requirements circumvent the 4th Amendment and are thus equal to the issuing of a General Warrant
The amount of money that a person has in a bank account is irrelevant to determining tax liability. In order to assess income taxes, the IRS needs only an accounting of the interest, dividends or capital gains that a person has earned as income. Therefore, the filing requirements of FBAR, FATCA and 8938 are unrelated to the need to assess a person’s tax liability. The information, Continue reading
Sir Isaac Brock to get his own stamp!
I've only been a Canadian since 28 February and our banks are already relinquishing our sovereignty to the United States
This is from the Canadian Banker’s Association, a flyer to be handed out to customers. All Canadians: this affects you too.
Canadian Bankers Association Declares War On U.S. and Dual Canada U.S. Citizens – Suggest Accounts To Be Closed
The title says it all. It is time to get organized. The Canadian Bankers Association has joined with the IRS in what is nothing less than a declaration of war!
The Bank Secrecy Act and the basis of FBAR
Please help! Is this the basis of the FBAR law? The Secretary of the Treasury shall require reports? Please read and comment (USC 31, IV, 53, ii, § 5314):
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