Author Archives: zucchero81

http://www.thestar.com/business/article/1241600–chinese-companies-pulling-out-of-u-s-stock-markets-amid-accusations-complaints

Hi folks. I know I haven’t posted anything in quite a while. It’s been a busy time at work over the summer but I’ve been to the site off and on.

Anyway, I thought you all might find this interesting. Could this be a sign of things to come? Do you think companies in other countries could follow suit? Note the paragraph stating:

“Some Chinese companies say they are pulling out of U.S. markets because a low share price fails to reflect the strength of their business. Withdrawing also eliminates the cost of complying with American financial reporting rules.”

www.cbc.ca/video/

So now we know that Canadian banks not only received bailout funds (in other words taxpayer money) from Canada but also the US.

Let’s do a thought experiment. What are the implications of this? The loans were repaid, but what if another financial crisis arises and banks have to go begging for money again? Could the US government use it as leverage to force Canadian FIs to comply with not only FATCA but who knows what other crazy laws they come up with?

Thoughts?

Bank of Israel wants to negotiate tax deal on U.S. citizens with Israeli accounts – Haaretz Daily Newspaper | Israel News.

The next domino to fall?

Has anyone else here seen this story in the media? It seems like faulty reasoning for CIC to say that an autistic child would over-burden the health care system when so many other immigrants with health problems get into the country easily, or even sponsor their elderly parents who may have a host of health issues.

Maybe I’m reading too much into this, but I feel like there is something else going on in the story that Immigration is not telling the public. What do you all think? Is there anyone out there who knows more details? Anyone care to offer up theories as to why this professor and his family were denied? I have a couple of my own, but I’d like to know more before saying anything…

There’s a bit more scope in this article here:

http://ca.news.yahoo.com/blogs/dailybrew/american-uvic-prof-forced-leave-canada-immigration-rules-175808035.html

If anyone could use a laugh, I highly recommend watching this episode of Roseanne called “April Fool’s Day.” It’s about dealing with the IRS and I think we can all relate to the sentiment expressed here.

Here’s an excerpt:

Banking privacy is dead. Completely, totally dead. Murdered, really. The US government is the assailant, and FATCA is the murder weapon.

Continue reading →

Occupy the SEC: Former Wall Street Workers Defend Volcker Rule Against Banks' Anti-Regulatory Push.

Folks on the blog have talked about the Volcker rule before, but I am at a loss as to how this would affect regular working folks like myself. As you can see from the segment, Occupy protesters feel that a strong Volcker rule would inhibit or prevent financial institutions from engaging in the kind of risky trading behaviours that were instrumental in creating the current financial crisis. But how would this regulation affect foreign financial institutions? Can someone explain this in plain English?

It seems Flaherty and Carney are raising more objections both with FATCA and the Volcker rule.

Jim Flaherty steps up to object to U.S. banking rule

The Taxpayer Advocate Service posted a link on their Twitter feed asking for people to offer suggestions on how to reform the US tax system. Maybe everyone should send them some concerns they have? You won’t receive a response but the page says “Your suggestions are compiled and reviewed by the National Taxpayer Advocate.” It certainly wouldn’t hurt to let them know what we all think of FATCA and FBARs, and it is anonymous. I’ve already put in my two cents. Hope you all will too!

http://www.taxpayeradvocate.irs.gov/Home/Contact-Us

Hi folks. I created a shiny, new Facebook page for the blog and it should automatically pull new posts from here. The one thing I’m scratching my head over is how to get a Like button on the blog to link back to Facebook. Apparently WordPress only allows certain features to be linked on personal FB profiles rather than organization or community pages.

In any case, tell all your friends about the new page and Like us over at FB! Click on “Our Facebook Page” link at the right-hand menu.

Or simply search Isaac Brock Society through your account. “Like” us and feel free to share posts on your personal pages. Let me know if anyone has suggestions on how to make this integration better.