#FATCA #IGA ALL British trusts will be reviewed at expense of client; even w/out ANY US indicia http://t.co/2hL3nOXMes Please RT widely
— U.S. Expat Canada (@USExpatCanada) August 23, 2014
“Some individual customers are being contacted by their banks or other financial providers if, for example, they appear to have links with the US or own property there. But tens of thousands of other families are beginning to receive letters, and invoices, simply because they have established run-of-the-mill family trusts.”
The family in the article owes at least $635 CDN plus VAT. This is beyond outrageous. At what point will people begin to take action?
Article is HERE
I don’t know how serious the Republicans are about this issue… they are dragging their feet…. this could be a play for votes… since I am not american just an idiot who got the US taint via a GC… can’t vote for them.. but will make every effort in Canada with ABC… anyone but conservatives… we have become a 1 issue family.. Read somewhere that the Republicans plan to have Fatca & CBT as their platform 2016… umm… too little too late… by then US will have the info… if they are told to destroy the info… bet u they will have it in every gov’t database because there is no privacy covering this… sure… we got rid of the info… psst… check the other alphabet branches… we will use their databases… In Canada… everyone who has a database will also have free access to the info…. which they wouldn’t have been able to get without a warrant to show cause…
I share your sense that it is hard to tell how serious the Republicans are. I am ready to get involved to help when they are. I do still have some hope for that effort as the website was briefly live yesterday–and there was some substance to it showing that people ARE working on it. It is true that 2016 is too late. The right year for this legal challenge was 2010, actually. FATCA–stateside–was passed within days of Obamacare. The Obamacare challenges–some of them at least–have already made it all the way to the US Supreme Court whereas the FATCA challenge struggles to get out of the starting gate. But hopefully we will learn more soon.
@Anne Frank @Shunrata
I just double checked with my friend….NONE of the people involved with the trust have US indicia, but the trust itself is in the $700,000 range. She called her local RBC branch to get help in filling out the form. The employee she spoke to was completely unfamiliar with both the form and FATCA.