Author Archives: Joe Smith

However, before making this decision, you should be aware that individuals rescinding their US citizenship after June 2008 may be subject to considerable US income tax upon
expatriation. In addition, gift tax may be imposed on the recipient of a gift from an expatriate. Unless you qualify for a specific exception to the rules, the “exit tax” provisions are imposed on expatriating individuals who meet any one of the following criteria:
1. Have a net worth over $2 million on the date of expatriation, or
2. Average US income tax liability for the 5 years preceding the date of expatriation exceeds a certain amount that is indexed to inflation (US$155,000 for 2013), or
3. Have not complied with all US federal tax obligations for the 5 years preceding the expatriation date.

BMO Nesbitt Burns: US Citizens Living in Canada, Income Tax Considerations

and an oldie but a goodie.

One of us — not me — asked a great question tonight in Toronto-Danforth of Thomas Mulcair regarding FATCA. The answer: The NDP caucus has not discussed it but we will and then we will have a position. I believe he also said that any US extra-territorial law would be inappropriate or a word to that effect.

Democracy Day on the Danforth – featuring
special guest NDP Leader Tom Mulcair

Bring your questions and ideas for remaking our democracy.
Starts: September 19th, 2013 – 6:30pm
Ends: September 19th, 2013 – 8:30pm

Where: Auditorium, Eastminster United Church,
310 Danforth Avenue
near Chester TTC Station

The good news is that she will now have to reconcile her FATCA position with the NDP position that FATCA is a fundamental violation of Canadian citizens’ rights! Consider emailing this to her! lmcquaig@sympatico.ca

Nothing against the United States, until now

Jennifer Hollett is running again Linda McQuaig (FATCA supporter) for the NDP federal nomination. You can reach her about FATCA at her website:
http://jenniferhollett.com/

FATCA Details Slowly Emerging
Gary Rogers, Vice President, Financial Policy, Credit Union Central of Canada

This highlights the need to keep pressure on Canadian government.

At an NDP event last night I met a fellow whose son has written this.

Do not take this as an endorsement as much as potentially useful info for those who wish to “not remain hidden.”

American citizens abroad have always had an obligation to file U.S. income tax returns. In recent years the IRS has stepped up enforcement of this obligation against U.S. citizens who live in Canada. For the first time, many American citizens in Canada who have little or no connection with the U.S., other than their citizenship, have become aware of their U.S. tax responsibilities. Filing dual tax returns can appear daunting, but need not be difficult. Most people’s tax situations are not complicated. But instead of completing their returns themselves, they pay financial professionals hundreds of dollars.

This book provides an alternative solution. This plain language guidebook helps American citizens in Canada complete and file their U.S. tax returns.

Tax Guide for “US Persons” in Canada