Perhaps he will be bringing up FATCA there because soon Canadian snowbirds will be flocking to the warm spots in the USA with their trailers or be going to their condos they support the US economy with.
another topic:
I am wondering if it would be safe to put my RRSPs into Canadian Savings Bonds. I already have some RRSPs in Cdn SB and called and checked I could transfer them over to my account. You can’t start a new one anymore but you can transfer RRSPs you have in your bank to CSB RRSP account.
Anyone have any ideas on this? Canadian Savings Bonds are not banks. are they under FATCA?
I could put my savings that are not in RRSPs in them too if this works.
Or should I buy a home. I am not a home owner now, sold my home in 2009, and living with a friend now.
Join a credit union. You become a member not a client. You cannot be removed without a vote of the Board of Directors. You will not be touched by FATCA.
@joe smith
Really. I am a member of a credit union. I thought fatca could touch them.
Would be profound turmoil.
Will not happen.
Credit Unions with assets I think it is over 175 million are probably going to be subject to FATCA. We have moved some accounts to our local C.U. but, my name is not on them. Our mortgage terms could not be anywhere near matched at our CU so we didn’t move that and likely won’t….we’ll see if we can find one. I don’t mind the rate going up a LITTLE but, right now we’ve got 2 percent interest and a credit card with 4 percent at our bank. CU is MUCH higher so we’re still talking all this out. Besides, I’m going to renounce. I can’t be putting my family through having to move accounts every time the U.S. sneezes and wants more and more information from my spouse, myself and our child.
@Atticus in Canada
I can’t find any little Credit Unions..the one I have has more than $175 million.
So how about Canada Savings Bonds?
Leave your RRSPs where they are. RRSPs will be exempt.
Northernstar
Are you a Canadian citizen
Northernstar
Are you a Canadian citizen?
Do you plan ever to go over the USA border?
@money
I came to Canada August 1969 . Became a Canadian citizen February 1993 after realizing I would never want to live there as Canada was more my way of thinking. Thought all is well when I became a citizen. I Have a Canadian passport , never had an American passport. have no American income ever coming, no inheritance and no desire to ever go back with all this crap happening 2 months ago I went to Toronto for my CLN . Waiting anxiously for it.
My husband and I were just union workers,, middle class. never owned a house here. I bought one when he died. Then sold it when I retired early as the stress of losing him and our younger son was too much for me I needed to get off the shifts and very intense job. Moved to a rural location .
I had complied and filed my income taxes from the time I came to 1993 , inclusive . Then I stopped. One year the IRS sent me a $2k cheque for a refund. I called them and said there was a mistake. I sent it back registered mail.
I want no social security.I doubt if I would have had any anyway as I came up when I was 21.
I really don’t want to go back now with all the hostility I see on the websites. I could have bought property in Florida for peanuts but declined because of FATCA. We had been taking two month winter holidays in this beautiful Florida location but once I knew about FATCA that was the end of going.
According to them foreign stock or securities not held in a financial account must be reported. If you are investing your savings in Canada Savings Bonds and you need to cash them, wouldn’t you need a Canadian bank account for that? I thought of investing my savings in Canada Premium Bonds, as these can be cashed at any time, but they must be cashed at registered dealers of these bonds (the banks).
Re: small credit unions
I found a small one near my house, which comes just under the $175 Million threshold. I looked at the Membership application, and one of the questions asked is “Am I a politically exposed foreign person?”
I don’t know what they mean by this question. Are they trying to root out American account holders? Also, what if they grow within the next five years and now have more than $175 Million in assets? According to their 2012 Financial Statement, they are sitting at $169 Million. I am tempted to open an account to see how the process goes, but am worried if I move my money there I may run into problems later.
@Cerium938: “politically exposed person” is just industry jargon for “foreign government official who might be using this account to launder bribe money”. No need to worry about that. On the other hand, you’re probably right about the growth … I expect a lot of credit unions will see big jumps in assets in the coming year.
@Eric
I thought of another thing. Say I have my deposit accounts at BMO. I have a Line of Credit with them as well.
Late this year I pull my money out and shut down the deposit accounts. I keep the Line of Credit. July 2014 BMO asks for a Social Security Number. I point out to them that FATCA is meant to report on bank accounts, not credit accounts. If I refuse to give out the Social Security Number, does that give them the licence to withdraw my Line of Credit?
I hope not; if they do, I will take this all the way up to the Ombudsman For Financial Services and Investments.
@all
Thanks for all the good advice. I am learning so much.
@Eric
It would be a real drag that if the very thing that attracts USP’s to credit unions would no longer exist because of our taking advantage of them.
There is a credit union that is only affiliated with my city here. It’s just under the 175 million too. I think we’ll just move over there. I’ll have my CLN this year sometime so it won’t really matter by next year. I just don’t want to continue banking someplace that is going to consider my spouse American for tax purposes just because he is married to me.
northernstar
Try PC financial all they may ask is for a provincial driver license.
@money
PC seems to be connected to CIBC
I was thinking about PC financial the other day too. There’s one that is SO handy in my Loblaws. I am there all the time and it would be so easy to bank with them.
@Joe Smith
Thanks for bringing up the article. Flaherty will be hosting a press meeting in Ottawa at some trailer store to make an announcement…see most recent comments on other post.
http://isaacbrocksociety.ca/2013/09/06/g20-nations-agree-to-share-tax-info-by-2015/comment-page-4/#comment-525111
Perhaps he will be bringing up FATCA there because soon Canadian snowbirds will be flocking to the warm spots in the USA with their trailers or be going to their condos they support the US economy with.
another topic:
I am wondering if it would be safe to put my RRSPs into Canadian Savings Bonds. I already have some RRSPs in Cdn SB and called and checked I could transfer them over to my account. You can’t start a new one anymore but you can transfer RRSPs you have in your bank to CSB RRSP account.
Anyone have any ideas on this? Canadian Savings Bonds are not banks. are they under FATCA?
I could put my savings that are not in RRSPs in them too if this works.
Or should I buy a home. I am not a home owner now, sold my home in 2009, and living with a friend now.
Join a credit union. You become a member not a client. You cannot be removed without a vote of the Board of Directors. You will not be touched by FATCA.
@joe smith
Really. I am a member of a credit union. I thought fatca could touch them.
Would be profound turmoil.
Will not happen.
Credit Unions with assets I think it is over 175 million are probably going to be subject to FATCA. We have moved some accounts to our local C.U. but, my name is not on them. Our mortgage terms could not be anywhere near matched at our CU so we didn’t move that and likely won’t….we’ll see if we can find one. I don’t mind the rate going up a LITTLE but, right now we’ve got 2 percent interest and a credit card with 4 percent at our bank. CU is MUCH higher so we’re still talking all this out. Besides, I’m going to renounce. I can’t be putting my family through having to move accounts every time the U.S. sneezes and wants more and more information from my spouse, myself and our child.
@Atticus in Canada
I can’t find any little Credit Unions..the one I have has more than $175 million.
So how about Canada Savings Bonds?
Leave your RRSPs where they are. RRSPs will be exempt.
Northernstar
Are you a Canadian citizen
Northernstar
Are you a Canadian citizen?
Do you plan ever to go over the USA border?
@money
I came to Canada August 1969 . Became a Canadian citizen February 1993 after realizing I would never want to live there as Canada was more my way of thinking. Thought all is well when I became a citizen. I Have a Canadian passport , never had an American passport. have no American income ever coming, no inheritance and no desire to ever go back with all this crap happening 2 months ago I went to Toronto for my CLN . Waiting anxiously for it.
My husband and I were just union workers,, middle class. never owned a house here. I bought one when he died. Then sold it when I retired early as the stress of losing him and our younger son was too much for me I needed to get off the shifts and very intense job. Moved to a rural location .
I had complied and filed my income taxes from the time I came to 1993 , inclusive . Then I stopped. One year the IRS sent me a $2k cheque for a refund. I called them and said there was a mistake. I sent it back registered mail.
I want no social security.I doubt if I would have had any anyway as I came up when I was 21.
I really don’t want to go back now with all the hostility I see on the websites. I could have bought property in Florida for peanuts but declined because of FATCA. We had been taking two month winter holidays in this beautiful Florida location but once I knew about FATCA that was the end of going.
@NorthernStar
This if from the IRS webpage regarding Form 8938.
http://www.irs.gov/Businesses/TypesofForeignAssetsandWhetherTheyareReportableonForm-8938
According to them foreign stock or securities not held in a financial account must be reported. If you are investing your savings in Canada Savings Bonds and you need to cash them, wouldn’t you need a Canadian bank account for that? I thought of investing my savings in Canada Premium Bonds, as these can be cashed at any time, but they must be cashed at registered dealers of these bonds (the banks).
Re: small credit unions
I found a small one near my house, which comes just under the $175 Million threshold. I looked at the Membership application, and one of the questions asked is “Am I a politically exposed foreign person?”
https://secure458.websitewelcome.com/~momentum/membership.html
I don’t know what they mean by this question. Are they trying to root out American account holders? Also, what if they grow within the next five years and now have more than $175 Million in assets? According to their 2012 Financial Statement, they are sitting at $169 Million. I am tempted to open an account to see how the process goes, but am worried if I move my money there I may run into problems later.
@Cerium938: “politically exposed person” is just industry jargon for “foreign government official who might be using this account to launder bribe money”. No need to worry about that. On the other hand, you’re probably right about the growth … I expect a lot of credit unions will see big jumps in assets in the coming year.
@Eric
I thought of another thing. Say I have my deposit accounts at BMO. I have a Line of Credit with them as well.
Late this year I pull my money out and shut down the deposit accounts. I keep the Line of Credit. July 2014 BMO asks for a Social Security Number. I point out to them that FATCA is meant to report on bank accounts, not credit accounts. If I refuse to give out the Social Security Number, does that give them the licence to withdraw my Line of Credit?
I hope not; if they do, I will take this all the way up to the Ombudsman For Financial Services and Investments.
@all
Thanks for all the good advice. I am learning so much.
@Eric
It would be a real drag that if the very thing that attracts USP’s to credit unions would no longer exist because of our taking advantage of them.
There is a credit union that is only affiliated with my city here. It’s just under the 175 million too. I think we’ll just move over there. I’ll have my CLN this year sometime so it won’t really matter by next year. I just don’t want to continue banking someplace that is going to consider my spouse American for tax purposes just because he is married to me.
northernstar
Try PC financial all they may ask is for a provincial driver license.
@money
PC seems to be connected to CIBC
I was thinking about PC financial the other day too. There’s one that is SO handy in my Loblaws. I am there all the time and it would be so easy to bank with them.