In addition the meeting mentioned below, we would like to have a second, more informal program for expats and their families and friends. This format would be a more intimate question and answer which will be focused on individuals subject to the CBT regime. This would take place on Sunday, August 12, from 2:00 – 4:00 pm on the U of T campus. We need a confirmed number of individuals before booking a room. If you are interested, please email nobledreamer16 at gmail dot com Cost: $20
A LIGHT AT THE END OF THE TUNNEL OR ANOTHER ONCOMING TRAIN: THE POSSIBLE END OF U.S. CITIZENSHIP-BASED TAXATION
If you are an American citizen residing and doing business in Canada, you bear the pain of the heavy tax burden endured by all U.S. citizens due to the fact that the U.S. is the only major country that imposes worldwide taxation on its citizens no matter whether they live in the U.S. or in another country. In addition, the U.S. imposes significant penalty laden reporting requirements on U.S. citizens living in Canada and abroad.
Change is a possibility.
Did you know that there is a possibility that the U.S. Congress may introduce, debate and vote upon a bill that may ease this worldwide taxation burden on U.S. citizens living and working in Canada? This bill would enact ‘Territorial Taxation for Individuals (TTFI)’. It is a tax cut for 9 million overseas Americans by ending double taxation.
Solomon Yue, CEO of Republicans Overseas has been involved with drafting the TTFI bill. Mr. Yue, who is currently working with AmChams throughout the world, will present publicly shareable information about the TTFI bill, and discuss its progress as it journeys through the legislative process. He will be encouraging AmCham Canada to lend its support in the global effort to encourage Congress to move forward with this legislation.
Elena Hanson, Managing Director of Hanson Crossborder Tax Inc. and a member of Democrats Abroad. Elena will be speaking on the logistics and burden of U.S. tax filing obligations as an American in Canada.
John Richardson, a Toronto Lawyer of Citizenship Solutions, will also be joining Elena and Solomon to speak on the lost opportunity cost of being a dual U.S.-Canadian tax filer: Canadian residents who are subject to the U.S. tax system do not have the same financial planning and other opportunities that non-U.S. citizens have.
Date: Thursday, August 16, 2018
Time: 6:15pm to 9:00pm
Place: St. Michael’s College, Alumni Hall, Room 400; 121 St. Joseph Street, Toronto (paid parking near building; nearest subway station is Museum) MAP
Cost: $20 +tax (AmCham members); $35 +tax (non-members).
Pre-registration is required. Registrations due August 13.
@ George, the O, O & O
Good to see your comment today. Best wishes for a successful blending, my friend. 🙂
USCitizenAbroad talks absolute bunk.
NZ Super is often fondly referred to as a universal pension, inclusive and adequate.
However the Social Security Act 1964 contains a draconian trap for unwary superannuitants. Under Section 70, the Direct Deduction Policy (DDP) the Ministry of Social Development may deduct the value of any partner’s overseas state pension from their entitlement to NZ Super. No warning of this penalty is given to New Zealand senior citizens or intending immigrant seniors. In effect some unlucky seniors suffer a discriminatory income test that is not applied to the majority. Pre-election Jacinda Ardern called this “an injustice and in her mind, a Human Rights Violation.” Why have we heard nothing since?
How can one avoid this penalty? Well don’t look for companionship in a new relationship or fall in love with a foreign citizen who receives an overseas state pension. If you do team up with such a person, don’t live together in NZ. If you do decide to live in NZ, don’t live together in the same house. Welcome to NZ
“In effect some unlucky seniors suffer a discriminatory income test that is not applied to the majority. ”
Indeed. I’m not a NZer and am not personally affected, but it does seem very unfair. Is there any chance of this being challenged in court? I would think such a worthy cause could attract funding contributions from other NZers and from abroad.