President Obama gave a speech to the Canadian House of Commons on Thursday, June 29, 2016. I thought his message deserved a response from a US-born Canadian. Here are my replies to excerpts of his remarks.
In his opening statement Mr. Obama addressed the “people of Canada”.
He was certainly not addressing those of us who actually hail from his country originally. In 2010 he signed into law the Foreign Account Tax Compliance Act (FATCA) by which he began the extortionate enforcement of an antique law from over 100 years ago that nobody knew about, the law of “Citizenship-based Taxation” (CBT). There are many in the Canadian population reckoned to be American by virtue of birth in the USA even though we have subsequently become Canadian citizens, and are as Canadian as the Prime Minister! Yet because of the law of CBT we are also judged to be US taxpayers until the words “I renounce my United States citizenship” comes out of our mouths at the cost of $2,350 USD, five years of back taxes, and potentially bankrupting penalties.
Belying the festival of brotherly love in the House of Commons on the 29th of June, divorcing their connection with the United States is now the primary goal of many so-called “US Persons” in Canada. This is because FATCA demands that all Canada’s banks notify the Canada Revenue Agency (CRA) of any clients suspected of being US citizens. The CRA will, in turn, hand over that information (which includes the clients’ names, their account numbers, and the balances in their accounts) to the American Internal Revenue Service (IRS). The record of a client’s birthplace is enough to set this scheme rolling.
In the few seconds it took each of us to read that dreadful news when it first hit the newspapers in Canada in June 2011 our lives were changed forever.