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.
“Assuming anything about AmCham in this situation is simply based on assumption.”
? I’m not making any assumption about AmCham.
“Please make sure you are fully conversant with all the facts before you pronounce what is a waste of time.”
Which facts, specifically? Happy to hear of any factors I may have missed.
“It would be nice to show some support for even the shred of possibility that RO will accomplish what they say they hope to do.”
Sorry, I don’t believe they can, for the reasons I’ve stated. If legislation does get passed, I’ll be very pleased to see it.
@plaxy – I really do not know where you get your information but it is quite erroneous. Please do supply your sources in links.
I work closely with Solomon Yue / Republicans Overseas on these issues and proud to do so. You do not know me but I am far from being a dye in the wool Republican. In fact, I am more aligned in the centre and on some issues to the left BUT when it comes to American overseas issues, I work side by side with Solomon Yue and Republicans Overseas because they are making progress AND they are trying to do what is correct for Americans overseas. It is unfortunate you et your negativity cloud any semblance of progress for Americans overseas. We have come the farthest we have every come.
Please do try something novel and express encouragement versus negativity and cynicism. It will serve you better on many fronts. Should you feel that more needs to be done – GET INVOLVED – as that will be more beneficial than spreading negative energy through your words.
Voilà. I have said my peace.
“I really do not know where you get your information but it is quite erroneous. Please do supply your sources in links.”
I do try to give a link to sources. If I’ve been remiss, please tell me the statement or statements you are asking for sources for.
Repeal FATCA and CBT. Thank you Ladies and Gentleman for all the hard work, amazing progress thus far, and working together to rid this horrific usa piece of legislation that crippled US tax persons abroad. If we can change this this would be great and should affect so many overseas.
Keep up the positive attitudes and don’t listen to the negative nellies!
Sorry, I mis-worded what I was trying to say.
You know, when any of us write, it is not possible to reduce everything to mere accuracy of words or positions. Insisting that nothing more can be inferred than a “plain reading” of something is really not honest. Judging from the people responding to you, there is something in how you say things, that people are clearly offended by.
It does come across as if you really dislike RO. This does not make sense to a lot of people who are actively working in this area. Out of all the people connected to the government, we have ONE person who has consistently, for at least the last 4 years, been working on our side. It’s as if that fact gets glossed over by issues about what is in Bloomberg or what is or isn’t in Holdings proposal. (It is not surprising that there is not a perfect stream of information and the timing of statements matters). Regardless, it remains the fundamental and it has not changed and should be noticed and appreciated.
There is information that can be gleaned from reading. But that is not the whole story. When people are working together, lots of things happen, become “information” that doesn’t get relayed for whatever reason. For example, I don’t believe I have ever written how much I appreciate Solomon Yue’s efforts based upon a statement he made to someone, relayed to me (a person who I trust implicitly). Solomon said that when he read my story and Donna Lane Nelson’s stories, he thought it was awful and decided to try and do something. That means a great deal to me. It is why I do not place much store in people saying that RO is only interested in us to try and get us to vote for them. (Both Donna Lane and myself are long-renounced. Solomon will get zero votes from us). And he works hard. He doesn’t gain anything from within the party for this. He has had to put up with seeing his hard work be omitted from bills. He has to put up with endless criticism from trolls on Twitter and Facebook. It is a very difficult job. His job description does not include getting paid for trying to help us.
These are facts. It isn’t that you are remiss, it is just that you are not aware of them because you are not connected to the work. A lot of us are busy and at the same time, trying to move on with our lives. There is no way we could write about every detail that is going on.
Brock has over 1000 views already today. Is it really fair to depict the effort of RO as hopeless because you believe they cannot succeed? Is it really fair to the expats who volunteer/sacrifice their time to try and get this to work?
Sorry but I don’t believe either the measures described in the “Framework” or can get through Congress, for the reasons I’ve stated.
“Is it really fair to depict the effort of RO as hopeless because you believe they cannot succeed? ”
Is it fair for me to say what I think? Why yes, oddly enough, I take the view that it is.
Oops – I said
or can get through Congress
Should have said
or a TTFI bill can get through Congress
Well of course, you have the right to air your opinion but do you ever consider the damage that can be done?
Could you please direct me to a site where Mr S is advocating the abolition of CBT or FATCA.
Otherwise,put those rose-tinted glasses away.
It’s electoral arithmetic, not comments in forums.
Why all the negativity and in fighting? Some Folks appear at each other’s throats with little vous/civility. Apologists, Tit-rating, ones up man ships, and typical American mud slinging please. Solomon is awesome—good man—repeal that FATCA and CBT empire horrid “law.”
This appears to what America wants us to do (infighting distractions) rather than focus on what’s really important. Warped identity politics.
We are gonna repeal CBT and FATCA! Keep up the hard work, position be attitudes, and relax that US attitude please. Thank you to Mr. Redmond, Parent, Richardson, Solomon, Etc etc. we’re on the move now. Keep up that positive momentum to rid one of the US shakles!
@ Patricia Moon
For my particular situation , you have been very helpful but for plaxy , I believe that he is one of more knowledgeable contributors on IBS and his comments are very helpful indeed . Looking at what has transpired over the last two years and the tighteninng of the screws , I wonder where your optimism is coming from. Certaiinly, not from any recently passed congressional bills, supreme court judgements,etc Also,raising false hopes time and again surely is as damaging ,if not more so.
If Mr. Yue states it’s part of the « framework » for next round of us tax cuts, a separate bill TTFI, I trust him. He’s honorable and has done so much other than negative Nellie talk.
He’s a man of honor and integrity as are the countless others who are working to repeal putrid FATCA and CBT.
we need to focus and fight the USA manifest destiny powers!
On a positive note:
Yes the US has only tightened screws on Americans Abroad.
Yes nothing may happen immediately to change things.
Yes failure will not stop us.
Yes Americans abroad’s voices are starting to get heard.
Yes things must change.
Yes giving up now will only assure failure.
What are DA and other liberal, progressive clubs doing for massive change for those folks afflicted with US person scarlet letter?
Out of ~8,000,000 overseas Americans, there has to be folks wanting sweeping changes to FATCA & CBT?
Here is a December 2017 with members of ACA as distinct from RO. Another good example of advocacy.
@Plaxy: I also don’t want to turn this into an in-fighting bash, but I do wonder why recently you so prolifically respond to every single post on Brock with cynicism and negativity and very little else. By all means, let’s discuss and argue tactics. By all means, let’s evaluate and talk about what actions may or may not be the best use of resources, time, and money. But all I read from you can be summed up as: “Nothing’s going to change, so why bother?” or “Everyone involved is crooked; they’re in it only for ego/money/votes.” That’s aside from your cynical tearing apart of my and others’ semantics. It begins to feel like we’re all fighting a troll.
I’m as cynical as they come when it comes to US government inaction, ineptitude, and pure malevolence. I hold no false hopes of an easy or quick resolution to any of these matters. I sometimes think Solomon Yue and others are like Don Quixote tilting at windmills. Which is precisely why I work even harder to fight! I have no tolerance or patience for those who simply say, “Give up,” and then challenge the resolve and integrity of those who choose, of their own free will, to fight on.
I fully expect a response in which you tear apart some semantic terms and phrases in this post. Please surprise me instead.
“I have no tolerance or patience for those who simply say, “Give up,” and then challenge the resolve and integrity of those who choose, of their own free will, to fight on.”
Thanks for your kind comment. I was completely unaware of any such thing.
I have a strong disagreement with plaxy’s position but that does not mean I think she is not helpful, intelligent, etc. Brock has developed a prominence in the expat world and it matters what is said here. A lot of us no longer spend time commenting and in this particular situation, feel the other side needs to be voiced.
I don’t see my position as “optimistic” or that it “raises false hopes.” That is because my position is not related to whether or not RO’s proposal is successful.
My concern is who is going to be motivated to contribute to the work when the RO effort either succeeds somewhat or doesn’t succeed at all, or whatever. Let’s say it does not succeed. Is everyone going to give up if the Democrats gain control of the Congress? Certainly a lot of people will remain in the same awful situation with a strong need for it to change.
Some of us are very, very tired and see whatever happens at the end of this year as a “bowing-out” time. I have already begun to limit the time and energy I spend on this. It has been a very long 7 years (for me, by Oct). I know of a few others who are thinking the same as I am.
Some other people are going to have to step up to the plate. Nobody is going to be inclined to do that when a strong message coming out of Brock is that RO’s efforts are “a waste of time.” Remember that a lot of people reading here are doing so for the first time. They have no perspective whatsoever on “who is who” and “who is doing what.” The sincerity of RO’s efforts have even been questioned. That is really very disrespectful. It simply dismisses a lot of work done not just by Solomon but others as well (some of who have responded).The plaintiffs for the FATCA lawsuit for example, regularly spent hours and hours with RO on conference calls, at the Meadows hearing etc etc. I’m sorry but I don’t see how their experience and perception count for nothing.
Again, the point is not to believe that this particular effort of RO is going to succeed. The point is to not give up. The picture is larger than just these particular efforts of RO. That is what I am trying to address.
I am tired too, and would like nothing more than to “give up”, but at what cost?
What is giving up anyway when none of the options are attractive.
As someone who is so-called US tax compliant but subject to the Transition Tax and GILTI, what is “giving up”?
Do I just pay the tax?
Do I tell the US to pound sand and run the risk of banishment from the US when doing so means ruining my livlihood as a Canadian?
Do I jump off a bridge?
If one doesn’t feel they should do anything to fight the injustice, at least don’t get in the way.
One has to fight this injustice. One just has to. CBT was introduced as a PUNISHMENT for soldiers who were dodging the draft in 1864. It remains a punishment. It is an outdated and cruel law which deserves to be dropped from the books. And it is a huge accomplishment that such a bill is even up for discussion in congress. Thats quite a long way to have come. My question is : what are the chances of TTFI being passed? Isn’t it so that we are sending an appeal to their sense of justice? That we hope CBT will be abandoned “simply” because it is so totally unjust to fellow citizens? I wonder how many congress voters will let their hearts lead them in such a decision to give up the revenue in a time where America needs cash because it is so highly in debt. When we look at our world of rhetoric today, where every word has to be reviewed in every sentence in order to be politically correct down to a comma or exclamation mark- how is it that such laws – which are the epitome of unjust and politically incorrect still exist? I think in the end, it will be about money or honor? Thats the real conflict here. Will this bill touch anybody in congress in their sense of justice or honour?
Out of ~8,000,000 overseas Americans, there has to be folks wanting sweeping changes to FATCA & CBT?
This is part of the problem. These laws aren’t affecting that many people because people simply aren’t complying with the law. I have encountered indifference from Americans I meet. either they are clueless and don’t want to know or they aren’t filing and have no intention to start. They know that no one is coming to get them. There needs to be more education on non-compliance. There is plenty here at Brock but in general. This is the only true fix. preferably non-compliance from the start. The people complying are in the minority and even the people renouncing are in the minority. The wealthy have an army of council and tax accountants to solve any problems and probably don’t give CBT that much thought. They are also the ones likely to be making use of dual citizenship.
If everyone had to comply you can imagine that noise that would be made. Having said all this, nothing was ever solved by doing nothing. All past injustices were solved by people fighting and not giving up. So people fighting are to be admired. small steps at a time. It is too late for me. I already renounced and would not take citizenship back even if the law changed but there are others who need this fight to go on.
@Bubbles @Pat moon…Et…al
Old George has been lurking but staying away from posting but figured he needed to post about now as my and our glass remains half full.
Bubbles bubbles you do know what we say about those that think they are compliant…..I am laughing with you and not at you.
Plaxy is likely burned out……nothing more or less.
In my own mind I am just trying to grapple who is more at fault…..the USA or the EU.
George is simply figuring out the right way to blend into the forest as one of a million trees.
PS The USS IBS is a motley ship with a motley crew yet it is the best ship on any ocean.