Excellent FATCA coverage by Siri Srinivas at The Guardian, based in London. Siri quotes Isaac Brock Society regulars about bank account closures and renunciations. Comments are open.
‘I was terrified we’d lose all our money’: banks tell US customers they won’t work with Americans
Thousands of Americans abroad are giving up their citizenship as the implementation of a complex new tax law causes banks to shut down accounts for US expatriates
Angry Canadians are rare. But Patricia Moon qualifies.
Until 2012, Moon was actually an American – albeit one who had lived in Canada for 32 years. She settled in so well that in 2008, she added Canadian citizenship to her US one.
But Moon cut ties with America three years ago, after new banking laws aimed at tax evaders required expats like her to file more thorough US tax returns. She was five years behind on the news. “I was terrified we’d lose all our money,” she says.
After back-filing years of tax returns, Moon renounced her US citizenship in 2012. It was a defiant act she describes as being one of the first canaries to leave the coalmine as US banking laws make life more difficult for American expatriates. She wasn’t pleased she had to do it.
“It was like cutting off my right arm,” to not be American any more, says Moon, who only became a Canadian citizen in 2008. “Now, I’m simply angry.”
Good coverage, but unfortunately many of the commenters can’t get past the headline and assume that people are renouncing solely because of money. It’s unfortunate how the headlines set the tone.
Big thanks to those Brocker’s who agreed to be interviewed, and those participating in the comment section.
Had a hard time getting comments in …. I suspect that most will never see the light of day.
Clearly, it’s not easy getting people to understand. And even the most unenlightened comments are probably from people who are a lot smarter than their representatives in Congress!
It is good to have another article on why we *US Persons* Abroad are renouncing our US citizenships. We get the same comments over and over regarding the phenomenon.
I really think we need media article content to step it up from “interest” to “responsibility”. I bcc’d this to some media representatives, as I ask my Canadian government MP why she has not discussed Canada’s implementation of the FATCA IGA with her constituents, many of whom will be *US Persons* residing in Calgary, which is in this once sovereign country, Canada. (I *borrowed* a few of your words, Deckard.)
Michelle Rempel’s too busy engaging ISIS from her bedroom to care about any of her constituents threatened by FATCA:
http://www.cbc.ca/news/politics/michelle-rempel-responds-to-isis-threat-with-securebedroomselfie-1.2774238
You have to read the comments by DNando from Switzerland on how he struggles to do the right thing regarding his small business filings and gets nothing but grief. And then he goes on to describe the US vendetta against Swiss banks. What a story! His first comment is at 25 September 2014 9:14am. Of course there are the usual naysayer counter-commenters — idiots! But our tireless Charl (Pastbeyond60) manages to inject a welcome dose of sanity.
When my husband and I moved to the small town we are in we toyed with the idea of starting a small business. Thank the doGs we didn’t do it.
The Phishing story on The Hill, is a good place for Brockers to make comments, as that publication gets read by Congressman and Staffers… Only 4 so far…
http://thehill.com/policy/finance/218765-irs-scammers-taking-advantage-of-new-law
Good article but for a novice on the FATCA issue a bit much to take in at once and really understand.
Canada is the most mature market in terms of media coverage. In the UK there’s been a few articles in the broadsheets but zero TV or radio.
The debate in Ireland is just starting. The French Assembly passing the IGA is another outrage and I hope someone in France starts a campaign.
The biggest issue in Europe I think is creating a following on this issue by dual US / EU citizens to band together the necessary legal, IT, fundraising, media coverage necessary to raise awareness of this issue.
Is anyone in the EU ever been a political fundraiser, a journalist, IT software developer, social media expert, or a TV or Radio presenter and being affected by FATCA. If so perhaps an EU version of IBS can be banded together to get deal with FATCA across the EU.
For fundraising there needs to be a corporate and high worth individual donations to get real money. Even if an IGA is struck down, you’ll need the extra funding to lobby in Parliament to stop IGA Version 2 being passed the dead of night, and have to start legal action all over to get that struck down.
The fundamental question of citizenship needs to be answered? Are we going to allow countries to simply become de-facto US States and lose financial autonomy to the US Government?
These are the real questions to be settled.
To Canadians All,
If you don’t want to again see the audacity of omnibus Bill C-31 passed by lockstep vote of Conservative (or any other Party) MPs, here is another avenue to voice your concern of that practice: http://democracywatch.ca/campaigns/stop-muzzling-mps/?t=message_sent#top
What happens with the majority Harper government in power is NOT democracy in action.
“EMBee
You are right to draw attention to DNando’s contribution. It is so funny, … if it were not actually so painful for him. Read it here: http://discussion.theguardian.com/comment-permalink/41377623
He talks about the “help” he received from IRS helplines, saying
I have heard some great ones too from IRS helplines, I’ve been told “No one understands Form 1116. Ignore it, It’s only for big shots. Just write down what you think you owe us and we’ll tell you if you’re wrong.”
Yes, our Nobledreamer was terrified and I found myself trembling just placing a comment there. I keep thinking I’ll be the first FATCA’d extraditee to a US prison after the NSA completes my comment dossier. The only thing that eases my anxiety is sending twigs to the ADCS. However, if we don’t keep commenting then the putrid FATCA tree will most definitely continue to stand in the dark forest and no sound will be heard as victims are crushed by its assaults of gnarled branches and shrivelled foliage.
Thanks for the info Calgary 411
Here is a Heritage Moment from Rick Mercer Report
https://www.youtube.com/watch?v=Hf73hNrnQus
Democracy Watch – Stop Muzzling MPs
http://democracywatch.ca/campaigns/stop-muzzling-mps/
Reading those comments made me angry, but then every time there’s a story published the same thing happens in the comments. I put a response to one on http://fanaticbarf.blogspot.ca/ not that it does anything, but because it made me feel better to write something down.
So, as much as I loathe Fatca, I think that frankly the only solution is going to be to get the US tax system changed. I know the odds of this are infinitesimally small, but it would at least make me feel better to have the problem acknowledged both in the media and by elected officials. I was listening to a congressman being quite frank and criticizing his own parties current campaign against ISIL on CBC this week, and it made me wonder if there’s any chance they could get someone from Washington on their program to discuss US policy regarding taxation of nonresidents. Anybody have an idea how to pitch a story to them?
@BillT
Really enjoyed reading what you wrote on your blog and discovering the blog. I feel just the same.
I believe those on the Brocker side have far more passion in regards to the topic than the naysayers.
Just need to get the word out early on these articles. Do people know about that Take Action section on the right sidebar: Comment at Current Media & Blog Articles – links here.
There:
Wildlife Photog @pro_photog1970 now
@CPC_HQ It’s blatantly evident that you guys DO NOT have spines! http://youtu.be/Hf73hNrnQus #FATCA and abuse of the Charter. #pissedoffCDN!
I DID receive a response from my MPs office. We are to assume that all in our Canadian banks will NOT inadvertently pass any information on to theoretical scammers. I hope this IRS alert, now that the Canadian government knows, will be passed on to all local CANADIAN “foreign financial institutions”.
[ The Anti Fraud Centre seems to tell me the protection of my identity is up to me but I can minimize my risk:
@Calgary 411 – Honourable Michelle Rempel, P.C., M.P., Calgary Centre-North, (or her office) is clearly evading the point at issue. What an asinine comment that Canadian Banks will not disclose anything to scammers since they are reporting through the CRA. LOL if the world was so innocent.
I feel only marginally safer in Canada in that we are English speaking, allies with the US in a general sense and less corrupt than a lot of countries, but the fact that we are being discriminated against can lead to a lot of negative consequences. Ask yourself if Canadian bank employees capable of extortion. Are they also immune to bribery?
“I feel only marginally safer in Canada in that we are English speaking, allies with the US in a general sense and less corrupt than a lot of countries”
I’m sorry, with Harper in government colluding with the USG in order to fleece innocent citizens of their money? I don’t feel safe at all.
@calgary, thanks for sharing your comment at The Hill; “…….The new IRS warning really concerns many *US Persons* Abroad. For the IRS to issue this public warning means that things must really be bad: http://www.irs.gov/uac/Newsroo…. “The IRS has reports of incidents from multiple countries and continents.”…….”.
You’re right – they never release information unless it is advantageous for them. They are not interested in the wellbeing of those whose data they have directly put at risk. What was that, a disclaimer of all responsibility? “Not our fault if you’re scammed because we’ve set up a method to extort masses of data from millions of people and millions of financial accounts held legally in sovereign countries around the globe”. “We warned you, so; que sera sera.”
and, thanks for sharing with us MP Rempel’s idiotic comment – which is just repeating the robotic and meaningless Conservative propaganda that the personal and financial data of Canadians under the FATCA IGA is protected because it is going to the CRA first – before it goes to the IRS. What crap. The whole point is that our data shouldn’t be leaving Canada in the first place – because as MP Rempel should know, and which the Harper government DOES KNOW – the data is subject to the Homeland Security and Patriot Act once it crosses the border – and after that – absolutely no control, no recourse, no notice, no recompense, no accountability, no transparency, no anything except tyranny and oppression and exploitation of those the US shackles and burdens via the birthplaceandparentagetax status conferred without our consent – whatever the US wants to do with the data it has extorted, it has the power to.
@bubblebustin,
What makes Rempel assert that we have nothing to fear from the CRA itself in terms of the safety of Canadian’s data?
http://www.thestar.com/news/canada/2012/01/28/canadas_worst_federal_employees_and_why_some_still_have_their_jobs.html
A disproportionate number of CRA employees are being suspended for taxpayer data leaks. Yikes.