Thursday, 27 March 2014 from 6:00 PM to 9:00 PM
Burlington Public Library – Holland Room
2331 New St
Burlington, ON L7R 1J4
On February 5, Canada signed an Intergovernmental Agreement with the United States concerning the Foreign Account Tax Compliance Act. This will enable the US to receive enhanced financial information concerning those deemed US citizens, US Persons, green card holders and will affect the families of anyone considered as such by the US. Starting July, 2014, Canadian financial institutions will begin to determine what accounts are “reportable accounts.” Information regarding those accounts will be passed on to the CRA who will, in turn, pass this information on to the IRS. Minister Flaherty emphasizes that the CRA will not collect taxes for any person who was a Canadian citizen at the time the tax was incurred, nor will any penalties be collected concerning FBAR (Foreign Bank Account Report). This situation is causing confusion and concern for anyone who may have a US connection, whether it be actual citizenship, a member of the family, etc. This information session will focus on these issues which include:
-Are you a US citizen?
-Are you STILL a US citizen?
-Are your children US citizens?
-What is an Accidental American?
-Filing US tax returns
-What is involved?
-Filing information returns (FBAR, 8938, 3520A & 3520, 5471, etc.)
-Reasonable cause (avoiding penalties)
Financial Planning Issues:
-Treatment of Canadian tax-deferred savings plans (RRSP, TFSA, RESP,RDSP,etc)
-Treatment of Canadian Mutual Funds (PFICs)
-What might FATCA mean for me?
-Will FATCA make it harder for me to cross the border?
Does it make sense to give up U.S. citizenship?
Presenter: John Richardson, LL.B., J.D
John Richardson is a Toronto lawyer and a member of the Ontario Bar. He is also a member of the American Citizens Abroad (ACA) Professional Tax Advisory Council (PTAC).
Admission: $20 cash payable at the door (to cover costs).
Information presented is NOT intended or offered as legal or accounting advice specific to your situation.
When Hitlers brown shirts came for the Lutheran ministers, I was not Lutheran so I didn’t say anything, When they came for the Homosexuals , I was not Homosexual so I didn’t say anything, When they came for the Gypsies I was not a Gypsy so I didn’t say anything, When they came for the Jews, there was nobody left to say anything.
My point is nobody says anything unless they are affected on an immediate basis, so the Canadian ministers will let it slide unless they are faced with not being re elected, Then and only then will the become interested in FATCA.
Great! I will be there! I am so glad a meeting was finally confirmed in the area. I have just become aware of all of this because of a comment I made on a news FB page and was directed to The Isaac Brock Society by another person. I have been in Canada for 4 and a half years and did my duty to my failing country. I am building a business and a life here in Hamilton. Now I have taken my Canadian test and am waiting on my swearing in appointment. I NEED to know more now. Thank you so much.
Glad to hear it! Very good thing that your CDN citizenship is almost complete. So many have a very long wait.
I will be there with hubby & at least 2 friends; am encouraging a few others. Thanks for arranging this!
I know many are waiting. I married a Canadian while he lived in San Diego for 30 years. When we decided to move here to be near his aging parents, we were 18 years into our marriage and had a son together. My other son and I were family sponsorship. We are now almost 23 years married, up there in age and I have no intent of returning to the country of my birth. I am encouraging my son, his step-son, to get his citizenship as well. He just got in by age when we immigrated. Our dual citizen son is 21 and about to apply to be a military policeman. My husband got his residency in the U.S. when it didn’t expire and he still has his green card and needs to turn it in. There is the question of SSI and other things. Like I said, the U.S. we loved is failing and gone. I have a lot to find out at this meeting! LOL A lot!
Wish I had been able to attend tonight, but I couldn’t beat the schedule. Anyway, born in US, but haven’t lived there since 2001. Citizen of Canada since 2007. Have I paid taxes? God no…it’s not like I’ve been living in a tax haven. So…my concerns really focus on the border Issues: -Will FATCA make it harder for me to cross the border? My wife and I like to visit in the US, but my Canadian passport has the Place of Birth notation. Ready to join the fight and get this beat back.