This is the complete list of all the types of information the Canada Revenue Agency automatically sends to the IRS for US Residents receiving Canadian income. I would say we are hardly a tax haven. Additionally payors of these types of income are required by Canadian law to get a TIN from whoever the US resident recepient is.
Other – Periodic payments
Other – Lump-sum payments
Automotive products – Assistance benefits
Copyright royalties
Death benefit other than CPP or QPP
Deferred profit-sharing plan periodic payments
Dividends paid by Canadian subsidiaries to foreign parent corporations
Dividends – Other
Energy conversion grants
Estate and trust income
Franchise and similar rights
Gross rents from real property
Income-averaging annuity contract
Management or administrative fee or charge
Motion picture films and films or videotapes, etc. for TV use
Natural resource royalties
Registered education savings plan
RRIF – Periodic payments
RRIF – Lump-sum payments
RRSP – Periodic payments
RRSP – Refund of premiums
RRSP – Refund of excess amounts
Deferred profit-sharing plans – Lump-sum payments
RRSP – Deemed receipt on deregistration
RRSP – Deemed receipt on death
Registered supplementary unemployment benefits
Research and development royalties
Retiring allowance
Eligible funeral arrangements
Film and video acting services
Arm’s length interest payments
Old Age Security payments (regular benefits)
Net federal (guaranteed income) supplement
Taxable CPP benefits
Canada Pension Plan – Disability benefits
Canada Pension Plan death benefits – Lump-sum payments
Taxable Quebec Pension Plan benefits
Retirement compensation arrangements
Royalties and similar payments for the use of, or the right to use, other properties
Superannuation or pension benefits – Periodic payments
Superannuation or pension benefits – Lump-sum payments
Textile, clothing and leather goods – Assistance and superannuation or pension benefits
RRSP – Lump-sum payments
Quebec Pension Plan – Disability benefits
Quebec Pension Plan death benefits – Lump-sum payments
Timber royalties
Film and video acting services – Contingent compensation
Film and video acting services – Residuals
TCP gains distribution – Capital gains dividends paid by mutual fund corporations
TCP gains distribution – Capital gains distributions made by mutual fund trusts
Assessable distributions paid or credited by a Canadian property mutual fund investment corporation
Assessable distributions paid or credited by a Canadian property mutual fund investment trust
The U.S.’s attempt to go after U.S. citizens who are legal residents of Canada is where the FATCA problem arises. FATCA places a new wrinkle on the Double Taxation Treaty and the automatic sharing agreement that already exist between the two countries.
I seriously doubt that Canada ever contemplated the possibility that the U.S. would make a move to tax its non- resident citizens who had no U.S.source income.
And for years the U.S. did not do so, which only confirmed Canada’s belief. But not just Canada believed this to be true but so did all of the other nations with whom the U.S. has a double taxation treaty.
And if you don’t believe a Global Tax Data Exchange regime (GATCA) is in the making, read this on Ireland. http://bit.ly/JcaSmO
Here’s an example of a homelander’s attitude towards ex-pats I read in a Pittsburgh newspaper a comment by someone named Regina Withrow Massie.
See link – http://www.post-gazette.com/stories/news/world/wealthy-americans-increasingly-relinquish-citizenship-634168/
She’s got a picture of two people in military uniforms from here Facebook page. So we can guess she’s a full paid member of the “system.”
While I hold nothings against this women, the “they’re ex-pats, unloyal, f*ck’em” attitude does strike a chord with me at times.
Her comments – “They become rich as americans and travel the world. Now they give up their citizenship for money. We are better off without them. They should also not be allowed to do business with the USA and if they do impose special taxes for traitors.”
The attitude always amazes me how short-sighted these ignorant people can be. We’re all traitors and should be banished from the US for not wanting to be liable to both the IRS and your local tax authority because we live abroad. Also is the stereotype all ex-pats are rich. We’ll if it was that easy to be rich abroad why doesn’t everyone just leave the US and cash in. All the ex-pat’s on this blog know the truth. But this women can’t see much beyond her front porch of her house and her trips “abroad” are on the internet.
The ignorant women is so educated on the issue she apparently has heard Congress has already taken here suggestion with “special taxes” with the so-call exit tax.
And she wants any income you may derive cut off from the US – well lady you can make money elsewhere not just in the US.
I guess her next suggestion would be to start either arresting ex-pats at the airport or revoke your US passport. Any of this sould familair? We’re not far from this now and still people are renoucing! Don’t these people get it?
Someone once said to me the reason why people watch some much television is that they want to be the people on the other side of the screen. That’s understandable. But I’m still can never figure out the bitterness homelanders have with regards to ex-pats. After living abroad for over 20 years, I still haven’t figured out the answer other than ex-pats are the 1% percenters of Americans who see things differently, and I don’t mean 1% in terms of money – I mean ideas.
http://translate.google.com/translate?sl=pt&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.comunidadenews.com%2Fbrasil%2Fgarota-de-programa-decide-processar-embaixada-dos-eua-8172&act=url
They come after expats for money. Meanwhile, US Marines and a embassy worker in Brasilia pick up 4 hookers. Keep in mind they are using an EMBASSY VEHICLE and there is a PAID DRIVER for the vehicle. One hooker is removed from the US GOVERNMENT VEHICLE and then ran over. Now she’s suing the US Embassy. What a waste of tax money. The US Government is subsidizing paid sex and exploitation.
What I can’t understand is if we aren’t wanted by the U.S., why do they make it so difficult to leave? Apparently, the U.S. government and its people CAN have it both ways. Punishment in perpetuity for a mere accident of being born in the U.S.
@John…
Appreciate that you posted that ladies comment. I clicked the link, to see if there was anyway I could reply to her, and I don’t see any Comment ability. In fact, I could not see any comments.
I see a Comment Policy, but no comment input or logon ability. Maybe they don’t accept comments from abroad, but it would have been nice to have a respectful reply to see if you could modify her view. Oh well… I would bet she just responded to the headline, and didn’t really digest the contents of the story.
BTW, you may not have seen over at Al Lewis thread, I was able to reply to him on his blog, and to his credit, he approved it from moderation.
http://bit.ly/J4a5GS
Just Me, you are a saint! Words can’t relay my respect for all you do.
@calgary411 Would you tell that to my wife! She would have another term for me.. LOL She thinks I spend too much damn time on this. I am obsessed, she thinks. Maybe she’s right, but thanks for your kind words.