Posted on February 24, 2014 by Deckard1138 Posted in Issues regarding US persons abroad 12 Comments He who laughs first might not laugh last Robert Wood reminds us who’s the boss off the ice: Canada Defeats U.S. In Hockey & Gold Tally, But Not At FATCA Hockey rivalries and FATCA all in one convenient package – this should generate some interesting comments. Share this:TwitterFacebookEmailLike this:Like Loading...
This is what I’ve been saying. Beating the US in the Olympics may result in angering the mob boss.
Gold poised for highest close in nearly 4 months
So, buying gold a month ago when I started these ‘rantings’ would have gotten a person about 10% in CAD. I month. This time the rise in gold is real we all hope.
1,478.00 CAD spot price
A Maple Leaf will cost you about
Buy only .999 gold
I think gold is going to 2,000.00 by years end and still higher next year.
What is your mutual fund or savings acct paying you at the bank and how secure are those vehicles?
The only thing I noted about the reaction to that game was that after we beat the U.S. F#@kCanada was trending on twitter. After the Canada/Sweden rivalry there was a #hardtohateCanada trend from the Swedes and a #hardtohateSweden trend from Canada.
The U.S. was extremely nasty on social media about their loss. It’s only a hockey game and they have been beating up on Canada with no cause for a long time now.
We weren’t trying to beat the U.S. at FATCA, we didn’t want any FATCA at all and it wasn’t a game to us.
If you think for one minute the Americans actually like Canadians, you are on drugs!
How does that Amero-centric song go? “The French hate the Germans, the Germans hate the Poles. Italians hate Yugoslavs, South Africans hate the Dutch. And I don’t like anybody very much!”
Sorry Mr Wood, but this article is poorly researched and badly presented. Aside from the ludicrous segue between ice hockey and FATCA, here are some logical errors:
“… the broad agreement calls for Canadian tax authorities in between the IRS and Canadian banks. That is one of the shrewder features of FATCA.” Nope, this is a feature of the IGA. FATCA specifically does not interpose anyone else’s tax authorities. It forces non-US banks to bow down to the IRS directly.
“Certain registered savings vehicles, long a bone of contention for many dual citizens, are also exempted.” From FATCA reporting perhaps, but they are still taxed by the US. That’s no victory.
“… leaving America can have a special tax cost. To exit, …” These folk exited a long time ago. It’s just that the US failed to recognize the fact.
“[The exit tax] is a capital gain tax as if you sold your property when you left.” Nope, it’s much more. Deemed distribution and instant tax on your retirement savings, with no exclusion. A transfer tax owed by any US recipients of gifts or bequests from the covered expat. And the threat of the Reed amendment and possible repeat of the Ex-PATRIOT stupidity that Schumer and Casey came out with a couple of years ago.
Not to worry Mr. Wood. The USA gets GOLD for hegemony, GOLD for hubris and GOLD for huntsmanship. No medal in men’s hockey? Why does that matter when its got all that GOLD?
Yes, unearned “gold” the US plans to steal directly from the Canadian treasury in the form of unpaid labour for administering FATCA and from individuals in the form of FBAR and OVDI penalties. Our economy will suffer so they can pretend that theirs will improve – we know the money will be wasted anyway on the next phony war or vote-buying spree.
No gold here, either:
Tax rates do vary dramatically depending on which country you live in. The accountancy firm Price Waterhouse Coopers (PWC) has crunched the numbers for the G20 nations.
PWC’s anaylsis is flawed by not taking into account CBT.
Why am I getting the feeling that Robert Wood no longer accepts comments on his articles?
I got one through last night.
Important notice: I have just heard from my IT department that the Forbes site has been hacked. If you use that password for anything else important, change it now!