Comments on this excellent article here and there at Isaac Brock, so will heed “JC” request to post:
The Canadian-US tax treaty covers all aspects of taxation between the two countries. The current treaty cedes Canadian sovereignty to the U.S. and permission to double tax by not specifying exemptions such as for retirement accounts, the family home, life insurance, mutual funds, outrageous noncompliance penalties for Canadian tax residents, etc.
Everyone: there is a highly relevant new article here in regards to the injustice that has not had sufficient attention on this website: WSJ, David Kuenzi: American Expats Tax Nghtmare.
Or, if you have cannot access, the article is here
Another reference to the WSJ Kuenzi article: The Tax Treatment of U.S. Citizens Abroad Is Absurd and Unfair, and Getting Worse By Veronique de Rugy
Note: David Kuenzi, Certified Financial Planner,® Founder, Thun Financial Advisors, Madison, WI spoke at the May 2, 2014 Toronto Forum Debate on CBT vs RBT (we’re still awaiting an ACA video of this forum).
@calgary411 There has been a surge in articles in the past few weeks. Thanks for positing. I believe this is one of the best articles as it describes a range of people impacted in different ways by FATCA/CBT.
Here is one interesting comment I read on one of the articles: “It will also mean fewer people outside the U.S. will have personal and business relationships with Americans [and American banks]. The world will have less America and America will have less of the world. The drawbridge is being pulled up, and the moat is being filled. This is bad.”
Is there a facility on this website to keep a positing of such articles? Such as on: http://americansabroad.org/news-and-events/media-articles/ A listing and the comments associated with the articles would be better than americansaboard.
Then maybe a listing of useful links including to ADCS, Maple Sandbox, and others.
Here is another one I did not see on IBS: http://www.newsweek.com/why-americans-abroad-are-giving-their-citizenship-256447
On the right hand side of the main board, there is a section, “Take Action!” with a board called, “Comment at Current Media & Blog articles – links here” It is used to list items that people can go make comments on… I have also used it to put links to interesting articles I have found that don’t have a comment section… not sure I am doing the right thing but I assumed others may find it interesting to read as I do.
Also at the bottom of the main board… there are links to other organizations for more info.
Not sure if this is the type of info u were referring to.
@US_Person_Foreigner Thanks for the navigational tips. Lots of articles here.
Your welcome. There is tons of useful info to wade through… feel free in asking… Just a note… when an article or something is important… it has been pulled from the sub-boards & placed on the main board for more attention by the monitors so always check there then proceed to the right side of the board to see the current comments…
Some legislator in the U.S. mentioned not long ago that they expected a lot of uproar when FATCA first comes into play but, that it will all “die down” That is not so. We’re not going away and the media is only going to get more interested as more and more people are damaged after this “comes into play” How can they not? This is a snowball rolling down hill becoming an avalanche with innocent people in the way. We’re not going to “die down” or go away. Many thanks to the author of this article and to all the others who have made this issue front and centre where it belongs.
You’re welcome, JC. Yes, the Newsweek article is a good one also and appears in the “Media and Blog Articles” thread, as many others. Last night I put one link there that I hadn’t before run across: Headline News Online — Lots of FATCA links: http://www.headlinenewsonline.com/fatca/ may be another place to check out now and then.
Leafing through the Isaac Brock Society “Archives” on top of the main page, you will find many good posts and discussions from those who read and comment here. And, by the way, thanks for your participation here — good comments.
Perhaps Homelanders are starting to wake up to the fact that they’ve lost their human right to cash out of the US and move abroad as well.
The deal the US gives its citizens now is ‘Yes it’s OK to go wherever you want as long as you leave your money inside of US borders.’
Senators Levin and Schumer both know where they can put it.
The only thing that’s going to die down are the number of Americans living abroad.
@JC & USPF
There’s another place where articles specific to FATCA are posted, with or without comment sections, but since the Media one was created, there are fewer ones with comment sections being posted there.
But even leaving it in the U.S. Seems to be discouraged now. I am thinking about the raft of mutual fund cos that are imposing lots of restrictions on Customers who have moved outside the U.S.
@Publius. Fidelity said I could not buy any more with them starting about a year ago. Now they make specific mention of not allowing Americans with an overseas address to buy mutual funds. I had thought that they already cleared out their nonUS address customers.
You cant leave it in the U.S. with no physical address there. I tried to open an account there in 2011 for the purpose of putting my portion of my mother’s estate into that account until all was settled. I wasn’t allowed to at any bank, they took my U.S. passport as I.D. but, would not allow me to open even a small savings account because I had no physical address there. So if you can’t leave it there, can’t have an account where you do have a physical address then those seeking to move elsewhere in the future are going to have very limited options. A person has to be able to bank where they live, save for the future, and pay their mortgage all without threat of confiscation or closure. FATCA builds a wall around the U.S. While they are so worried about what to do with those seeking to get in…anyone trying to get out will find that incredibly difficult to impossible if they want to go long term. “Just renounce” is not an answer to this real problem…not from a country that is supposed to be a beacon of “freedom” it’s not.
Many thanks for the info… I read whatever comes up on the side menu when I log on but I will make it a point to check there more often.
I had no problems opening an account before 2011 with my canadian address in the US… it was a savings account since I don’t want to convert money back & forth… I had problems a few months ago… depositing cash in one of my relative’s account.. ID is required to deposit even if its $1.. they say for safety… but come on… If I was going to launder money… wouldn’t it be more then a few hundred bucks? Also… banks in the US generate a report to the gov’t for 10K+… deposit or withdrawal… Use of currency control is used in the US/Canada without our knowledge…
When my husband’s mother passed away (2012) her US credit union did an address workaround of some kind so that he could leave the inheritance there in his name. (The account is non-interest bearing.) He needed to be able to dispense it easily in US$ to US relatives (mostly children of his cousins). Anyway there is still some left in that account and he brings it up to Canada in less than 10K transfers. No problems … so far.
Today’s Tages-Anzeiger has an article called “Americans give back their passports: Increasing numbers of Americans abroad feel pressured by the American tax authorities and would rather give up their passport”. The article is primarily based on statements from David Kuenzi and also input from the Nigel Green at the Devere Group and seems to be more a re-hash rather than an original work. The Tages-Anzeiger has the second largest readership among non-free newspapers in Switzerland (after the Blick tabloid). Article is in German:
Several reader comments:
“… And four months ago I was at a bank to open a new account. There I was then asked whether I, for example, had ever lived in the USA, etc.”
“We closed the bank accounts of both of our children who were born in the USA and opened them again in the names of my wife and me. We have no desire to pay high attorney’s fees because of an amount less than CHF 4,000. Unfortunately our children may only give back their US passports first at age 18. What kind of a dreamland is that …”
“Some things are still to come to Swiss society. When thousands of US citizens would like to remain in our country. They are unfortunately such people who by and large don’t give a sh.. to integrate.”
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