As MPs tell their constituents what a good deal Canada’s IGA signing with the USA is, I am posting this so others can consider.
I will have to read this a few more dozen times to get my head around it.
Roy Berg’s conclusion is:
Conclusion
“I can’t go back to yesterday because I was a different person then.”
Lewis Carroll, Alice in Wonderland
Non-US trusts occupy an unenviable position in FATCA-Land. Most will be classified as Financial Institutions and therefore will have to carefully navigate the vagaries of domestic and international law in order to avoid the consequences of inadvertent non-compliance. The Canada-United States IGA goes a long way to mitigate the compliance cost and consequences of non-compliance but, as noted, some clarifications are required.Just as Alice couldn’t go back to the person she once was, neither can we go back. FATCA has changed the global banking, business and tax landscape – and more changes will follow.
@ Brockers- and like the White Queen, FATCAnatics believe as many as six impossible things before breakfast!
1. FATCA imposes no new reporting Obligations (Robert Stack, Sep 2013)
2. stop complaining and just file, so it will get done (?? cant remember which post but it was after 4 Feb 2140)
3. Expats are all rich tax cheats.
4. We will make FATCA a comfortable experience (TD Bank, late 2013 or early 2014-remember the green chair?)
5. OVDI/OVDP etc is the only way to come into compliance (umm…no… quiet disclosure with reasonable cause has always been an option)
anybody wanna suggest number 6?
Remember the pudding? Alice tries to cut it and the pudding retorts ” “What impertinence….I wonder how you’d like it, if I were to cut a slice out of you!” …
well let’s make like the pudding and grow our legs (renounce/relinquish) and our voices (class action suit under the charter of rights in canda, must get in touch with Sophie vdVeelt in the european parliament as she is the only MEP that has shown any spine on this issue)
keep up your spirits, people; the silver lining to the cloud: with an IGA we have something to get our teeth into. (at least you in Canada do…we need critical mass here in London)!!!!!
Brockers rock!
So, let me get this straight.
Say I’m John Doe a husband, father and grandfatherr getting on in years. I’ve been fortunate in this life and have a nice lump of money or assets that I want to put aside for my spouse and, once she dies, my children and grandchildren. I set up an inter-vivos (non-testementary) spousal trust in which all the income goes to my spouse until she dies and then can go to my heirs either inside the trust (as regular income to share) or they can sell the assets (since they are trustees and – – as non-professionals – – already “manage” the assets).
This makes this Canadian Spousal Trust a FFI with reporting responsibilities to the CRA and possibly IRS? As a Canadian Trust, the Trustees WOULD already by law have to report annually any income to the CRA; what more in the way of reporting will be expected of these Trustees? Just that none of the beneficiaries are US Persons? Would the CRA really believe an individual grandfather in this instance? Would he have to get a lawyer involved to confirm this? Every year? WHAT A PAIN!!!
And then there is reporting for an estate. Say John the grandfather dies and one of his adult children becomes executor of the estate. Does that estate automatically become a FFI with FATCA reporting responsibilities on top of everything else in managing/clearing out an estate? Making every Executor of every Will in Canada a spy for the IRS?
Please tell me I’ve misunderstood or just kill me now before July 1, 2014
“Please tell me I’ve misunderstood or just kill me now before July 1, 2014”
You want to be draped in an American Flag or Canadian one when we set you on fire in the middle of the Canada Day parade with all the lemmings scratching their heads?
Gruesome but anyone remember these incidents? Don’t click on this if you are shocked easily but this kind of thing happened frequently in anti US protests in Vietnam
Never mind, the 6 o clock news will still feature a story on Justin Beiber or something
ChearsBigEars “You want to be draped in an American Flag or Canadian one when we set you on fire?
I don’t think either would give me comfort or support in the end…..
On another topic, what could IBS folks do on July 1 to best make our concerns known to the general public in Canada – – or on July 4 (demonstration with placards and fliers at the Peace Bridge, handing these out to USC who are coming into Canada)?
And has anyone in IBS made any serious inroads with getting the FATCA issue opened up on any main US news channel or major US newspaper, covering the issue from an expat’s perspective?
@LM..
There has been coverage on a fair number of print sources, here and there. WSJ, NYTs, The Hill, HuffPost, etc… A lot of those have been posted here over time and discussed, but nothing in MSM newsertainment TV programs that I know of.
@LM, for news links go here…
http://isaacbrocksociety.ca/media-and-blog-articles-open-for-comments/
Yes, I have seen a wealth of articles in Canada’s newspapers and TV news.
However, now down in Florida and watching CNN, ABC, CBS, etc and listening to NPR, I see/hear absolutely NOTHING about this issue (which is about to effect the entire world and, especially 7 million USC abroad). NOTHING! As if this invasion and extradition of the private financial information of 7 million USC abroad (and a massive number of other un-US-tainted folks the world) is irrelevant. I’m sure they provided more air-time to shaming Eritrea on their CBT.
Anyone know of ways to get this issue more full in-the-face of US TV & Radio-news shows/audiences?