WHERE:University of Toronto, St. Michael’s College, Carr Hall Room 405
100 St. Joseph Street – Toronto ON M5S 2C4 MAP
WHEN:SESSION ONE: 9:00 – 11:00 am Info Session
“2015- Solving U.S. Citizenship Problems-Have You Received a FATCA Letter?”
ADMISSION: $20 per individual or $40 for a family of up to 4 people
Payable in cash at the door, please (to cover costs).
WHEN: SESSION TWO: 12:00 – 6:00 pm Open Forum
“Have You and Your Family Been Harmed by U.S. Government Tax Policy?“
WHO: John Richardson, B.A., LL.B, J.D.
Member of the Ontario Bar
“Have you received a FATCA letter or been warned of the consequences of being a U.S. person?”
Why am I getting letters from my bank all of a sudden?
The “FATCA Hunt” – the hunt for U.S. persons (whatever that is) began on July 1, 2014 which was “Canada Day.” Although both the definition of “U.S. person” and whether one meets the definition is not always clear, the search has begun. The level of FATCA awareness has begun. Some organizations are actively warning people that “U.S. Person-ness” matters. The purpose of the warning is presumably to encourage people to “come clean” and deal with their U.S. tax situations. In some cases, there is no particular warning – just a letter indicating that they are suspected to be a “U.S. person.” Often one must prove to the institution sending the letter that one is not a U.S. person.
What individuals are U.S. taxpayers? Who is a U.S. citizen?
There are individuals that the U.S. government would define as “U.S. citizens” who:
- do NOT agree that they are U.S. citizens because they have performed a “relinquishing act” under applicable U.S. laws;
- do NOT even know that they may be U.S. citizens because they have never lived in the United States
- are citizens and residents of countries that do NOT allow multiple citizenships
To put it another way: one’s status as a U.S. citizen is NOT always clear.
I have never heard of these requirements! What determines the income that must be reported to the IRS? What “Information Returns” are required to be reported to the IRS?
- FBAR (Now called FinCen 114)
- FATCA 8938 – Report of Specified Foreign Assets
- 5471 – Information return for Foreign Corporation
- 3520 – Information return for a “Foreign Trust”
- 3520A – related to the 3520
- 8621 – for CDN Mutual Funds
- 8965 – for exemption from ACA insurance
I am only a snowbird! Why does this affect me?
- Substantial Presence Test
- Form 8840 Closer Connection Exception Statement for Aliens
- Caution: Streamlined Programs & 35 day rule – Catch 22
What are the ways I can become compliant?
- Offshore Voluntary Disclosure Program – AKA “OVDP” – Not appropriate for the vast majority of people
- Streamlined Compliance – A pre-packaged way to “clean up” past compliance problems
- Obeying the law – filing amended tax returns outside the “IRS Created” programs
- Delinquent FBAR Submission Procedures
What costs are involved in renouncing U.S. citizenship?
- The costs of a total of 6 years (5 years prior to the year of renunciation plus the year of renunciation) of tax compliance and information returns
- The cost of any back taxes and penalties
- A $2350 administrative fee
- possibility of having to pay an “Exit Tax” (which can be the biggest problem)
We want you to send your stories and videos of harm done to you by CBT to us by February 14, 2015. These will be sent to WASHINGTON DC
Requests from other sites to unite all our efforts have prompted a renewed call for submissions to the Senate Finance Committee!
All “US Persons,” American citizens, Accidentals, Border Babies, LPRs
FROM ALL ACROSS THE GLOBE
Open Forum– “Have you and your Family been Harmed by US Government Tax Policy?”
This session will be a Forum, moderated by John, where we will discuss the reality of what we are experiencing as US Persons abroad. Everyone is encouraged to come and participate or just listen if you like. Those who wish will be invited to speak directly to the Senate Finance Committee. You will have the opportunity to appear on camera. You will have the opportunity to describe in detail how difficult it is to both comply with the U.S. laws governing U.S. citizens abroad and have any kind of life. You don’t need to have a memorized statement, John will “interview” you and it will be as if you were just conversing with someone. Our goal is to create a number of video testimonials. (For those who are fearful of revealing your identities arrangements will be made so that your faces are obscured.) Each video testimonial will be paired with a written statement. If you don’t want to appear on video or if you don’t want to come to Toronto, you can prepare your own video testimonial and forward it to us. If you don’t want to appear on video, we still want your written statements.
We must commit ourselves to the goal, of ensuring that the reality of “U.S. Citizenship Abroad” is understood in the legislative process. We must take the positive and affirmative steps of educating the Senate Finance Committee. Our goal is to guide the Committee to recommend “residence-based taxation” for DNA American citizens abroad.
We do not believe that that Congress is either malicious or vindictive. We do believe that they are ignorant and have been seduced by the “Myth of The American Abroad.” The opposite of the truth is NOT the lie. The opposite of the truth is the “Myth.” Therefore, we must dispel the myths. We can achieve this only if you are willing to share your story.
We can achieve this only if you can convey your pain, your fear, your terror, and how the policies of the U.S. Government have destroyed the lives of you and your families. They must understand that people are being forced to renounce their U.S. citizenship to protect themselves and their families from the tyranny of the U.S. government.
To put it simply: Congress must understand how the community of U.S. citizens abroad (the best ambassadors that America could ever have) is being destroyed. This is not about tax compliance. It’s not about accountants and lawyers. It’s not about academics. It’s not about partisan politics. It’s not about class warfare. It’s certainly not about tax evasion and offshore accounts. It’s not about a bunch of theoretical garbage. It’s about people.
It’s about people with real lives, who are trying to exercise their constitutional liberties to pursue happiness in the form they desire. Instead they are being forced to renounce (either formally or informally) their U.S. citizenship. It’s about the right of people to live normal lives. It’s about being able to “live as a U.S. citizen abroad”
Please do NOT assume that your contribution doesn’t matter! Your contribution does matter!
Everybody matters. Therefore everybody has an obligation to contribute! Don’t get me wrong. I don’t mean “equal contribution”. I do mean that I want you to do what you can! We need your story. There are (apparently) 7.6 million Americans abroad. That’s a population bigger than many U.S. states. The votes of Americans abroad are believed to have made George Bush president in 2000.
You can make a difference.
People will be on video ONLY is they want to be. You can attend anonymously and contribute to the discussion. Come one! Come all!
Please forward your contributions to nobledreamer16 at gmail dot com