Posted on June 10, 2012 by johnnb Posted in Issues regarding US persons abroad 66 Comments Has this been posted yet? The self-styled ‘Land of the Free’ nurtures yet another facet of hypocrisy Share this:TwitterFacebookEmailLike this:Like Loading...
@Blaze. Acknowledged. The over-reach is blatant.
Is that interview with Shaun Rickerby of Rickerby Wealth Group-TD Waterhouse available online anywhere?
@just me. I find this interview very significant and would like to find a podcast or something but am not good at these things and I am on my iPhone today. It was on the Global BC morning news with Sophie Lui. Maybe you would have better luck and skill finding it. I wrote to one of his other advisers after his regular contribution (Sean Millington) asking about FATCA several months ago and got no response. I did the same after Rickerby was on a couple of weeks ago, no response but this is much better! An out and out warning to Canada
@just me, but I do have it recorded on my PVR! Maybe my much more tech savvy husband can film and upload it somehow?
@blaze, and @marktwain, with an estimated million or more dual US/Canadians, or US ‘persons’ (including former/present green card holders, snowbirds, permanent residents, etc.), the odds are good that persons with the imposed FBAR co/signatory reporting obligation are located in any number of positions in every private and public and corporate sector and area of Canada. Ditto for Mexico, and for all other countries with significant numbers of US ‘expatriates’, duals and those with inherited US status by birth. Full compliance would mean the disclosure of x# of accounts affecting x?; of non-US companies and organizations – large and small – globally.
How was the imposition of US IRS non-personal account reporting supposed to actually work on that scale, where the true owners of the accounts and assets have absolutely no US tax or reporting obligations – and thus can just say they won’t allow their information to be reported?
They can force non-US spouses to agree to privacy breaches and account disclosure against their will, on joint accounts held with a US person, through intimidation; because the US spouse is held hostage and controlled by the imposition of draconian penalties so huge that they would lay waste to the entire household – but non-US entities and employers can just get rid of the US ‘person’ employee – especially if the signing authority is an integral part of the job.
@Badger: I remember Steven Mopsick telling us a few months ago that all the FATCA information would “blow a fuse” if it was ever submitted to IRS. Unfortunately, US has always been known for blowing it, causing Canada and other countries who keep their cool to end up in the dark with no power.
The scale of what FATCA demands is simply unworkable
That would be great if it could be put into digital format and uploaded to Youtube. Alternately, if the TV station has it on line somewhere, that would be better.
I just checked the Global BC morning news with Sophie Lui for the 12th, and all there was a Whale Story and Wedding planning special. Was it on the 11th, or another program perhaps?
And searches for Shaun Rickerby on Global BC do not come up with anything either… hummm
Speaking of the scale of the FATCA data and FBAR forms, this is how I imagine where it all ends up.
“with an estimated million or more dual US/Canadians, or US ‘persons’
(including former/present green card holders, snowbirds, permanent
one million votes.
If you are talking to your Member of Parliament, or any MP it’s good to remind them that at least a million potential votes may be won or lost over this issue. That is over votes 3,000 in each riding, and is enough to change the outcome of the next election.
@truenorth, I would imagine the greatest concentrations of US persons would be on the west coast and Toronto
@TrueNorth: I already advised my Conservative MP of that fact. He sent me an FBAR fact sheet telling me of my obligations to file a return with IRS (this was after I told him I was Canadian and only a Canadian). I’ve never voted for him and won’t vote for him in three years (It can’t come soon enough!).
I have also pointed it out to Flaherty in my one letter and four e-mails. He, John Baird, and Liberal Bob Rae have all called me a “dual citizen.” Elizabeth May, Green Party Leader, has not even acknowledged my letters or e-mails. Of all that I wrote to, only Don Davies, Foreign Affairs Critic for NDP seemed to really understand the issue and what it means for Canadians and Canada. Davies called me personally even though my riding is 3,000 miles from his.
Your point is well taken. We need to keep up the pressure and let them know this isn’t going away.
Because we all share a U.S. connection of some sort, we should remember what Franklin D. Roosevelt said: “Remember, remember always, that all of us are descended from immigrants and revolutionists.”
We’re putting the survivor spirit of our ancestors to work in Isaac Brock’s name.
There are probably also significant concentrations of duals, or US ‘persons’ along the Quebec, and Maritime borders too – ie. Nova Scotia and New Brunswick. Lots of people had relatives on either side of the border with Maine – crossborder transit was common and many were born in hospitals just inside the US border. There has also been a large population of French Canadians in some parts of NJ., and in some towns in Florida.
Perhaps it is because the IBS site is primarily in English, but I am curious about the readership representing Quebec, and New Brunswick. There were those early articles about organizing meetings in New Brunswick, but haven’t seen anything else in follow-up. These were some that initially appeared; http://www.newbrunswickbeacon.ca/2011/12/03/americans-living-in-canada-beware-of-the-irs/ http://www.cbc.ca/news/canada/new-brunswick/story/2011/09/20/nb-flaherty-tax-evasion-law-1002.html
bubblebustin’ and TrueNorth,
Nobody seems to really know:
ACA – How Are We Counted? ( http://www.aca.ch/joomla/index.php?option=com_content&task=view&id=489&Itemid=49 )
Private American Citizens Residing Abroad, 1999 Bureau of Consular Affairs ( http://www.overseasdigest.com/amcit_nu2.htm )
Private American Citizens Residing Abroad
Americans Registered Abroad By Post
(List compiled July 1999 by the Bureau of Consular Affairs)
This list does NOT include U.S. Government (military and nonmilitary) employees and their dependents.
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@just me, I made a new post on the Rickerby interview: