These seminars will include discussion and analysis of the IRS “relaxed opportunities” for people to come into compliance.
Solving US Citizenship Problems Information Sessions
- Monday,June 23,Halifax NS,B3H 4P9 6-8pm,6135 University Ave,Rm 1102, Marian McCain Arts & Social Sciences Building,Main Campus across from Arts Centre MAP
- Thursday,June 26,Fredericton NB,E3A 3T8,6-8pm, 10 MacKay Drive,UNB, Marshall d’Avary Hall, Rm 322, MAP
- Tuesday,August 12,Dublin, Ireland,6-8pm,Venue TBA
U.S. Citizenship and Young Adults: Navigating The Special Rules Imposed On U.S. Citizens Abroad
- Wednesday,June 25,Moncton NB,6-8pm,Venue TBA
On February 5, Canada signed an Intergovernmental Agreement with the United States concerning the Foreign Account Tax Compliance Act. This agreement was included in Omnibus Bill C-31 Section 5; the Standing Committee on Finance has reviewed it and defeated all amendments submitted by the NDP, Greens & Liberals. This will enable the US to receive enhanced financial information concerning those deemed “US Persons” which includes citizens, green card holders, and “Accidental Americans” and will affect the families of anyone considered as such by the US. Starting July 1, 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 had emphasized 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.
The United States has also signed IGA’s (Intergovernmental Agreements) in many European countries including Ireland, the UK, France, Germany, Switzerland and many others. These IGA’s will allow governments to implement FATCA (Foreign Account Tax Compliance Act). Financial institutions across the globe will be required to identify accounts of “US Persons.” Starting July 1, 2014, financial institutions will begin to determine what accounts are “reportable accounts.” Information regarding those accounts will be passed on to the tax agencies of each country, who will in turn, pass this information on to the IRS.
These information sessions 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 tax-deferred savings plans
-Treatment of 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 US citizenship?
Presenter: John Richardson, L.L.B., J.D CitizenshipSolutions.ca
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).
Where: See above
Admission: $20 CDN / €15 cash payable at the door (to cover costs).
Information presented is NOT intended or offered as legal or accounting advice specific to your situation.
* * * *
U.S. Citizenship and Young Adults: Navigating The Special Rules Imposed On U.S. Citizens Abroad – MONCTON NB
“Life planning, career planning and the reality of U.S. citizenship for Americans abroad”
“Everything I wish I had known, but couldn’t even have imagined to ask!”
During the winter, John Richardson presented a number of seminars for those concerned with the obvious problems of U.S. citizenship (including the “threshold question” of whether you really are a U.S. citizen).
Seminar topics have invariably included the problems of: FBAR, FATCA, investing, retirement planning, mutual funds, U.S. tax compliance, renunciation, etc. The official “FATCA Launch” of July 1, 2014 will surely make the existing problems worse.
U.S. citizens living outside the United States are subject to a regime of rules that diminish their “life opportunities”. These rules are such that U.S. citizens abroad live at a disadvantage relative to the citizens of any other nation. Those attending previous seminars have been primarily “middle aged” people, who have attempted to plan for their retirement, only to find that their retirement plans are threatened, because of their birth in the United States.
A shared sentiment has been:
“If only, I had known about these rules earlier … This is information that my children and other young adults need to hear! What does all this mean for my children?”
The seminar on June 25 will be a session specifically designed for your children and young adults. They will be exposed to (at least “some”) of that information that they need to hear!
U.S. citizenship can be seen as an opportunity. It can also be seen as a liability. U.S. citizenship will impact virtually EVERY aspect of your life! When it comes to the problems of U.S. citizenship abroad,”An ounce of prevention is worth a pound of cure.”
For those who DON’T understand the “rules imposed on U.S. citizens abroad”, U.S. citizenship can become a very big problem. In fact the older you get, the bigger the problems become. For those who have not been compliant with the “Rules of U.S. Citizenship Abroad”, the aging process is one of accumulating tax and penalty liabilities.
For those who DO understand the “rules of U.S. citizenship abroad”, it is possible to life a successful life. It’s just that it will require specific and specialized planning.
An awareness of the “rules of U.S. citizenship abroad” will equip you with the knowledge you need to:
• Live your life in compliance with U.S. rules; OR
• Decide that the “rules of U.S. citizenship abroad” are simply not worth the trouble.
Read this letter of a Canadian businessman to his dual U.S./Canada citizen son on the occasion of his high school graduation.”
Who: John Richardson, L.L.B., J.D – CitizenshipSolutions.ca
When: Wednesday June 25, 2014 – 6:00 – 8:00 pm
Admission: $20 individual or $40 for a family of up to four people
Hope to see you and your families on June 25. Spread the word!