The stories keep coming now, so while I have posted in several threads, thought I would headline it.
American FATCA punishes law-abiding Canadians
Last time the United States tried to rule us, we sent them packing.
Yet 200 years later, our government is about to surrender without a fight.
The assault comes under America’s new Foreign Account Tax Compliance Act (FATCA).
Aimed at those using foreign havens to dodge taxes, this law will punish law-abiding Canadian citizens and residents.
When I taught and paid tax in Korea, I notified Canada Revenue about my move and didn’t need to file or pay Canadian taxes while away.
But my American teaching colleagues faced a double burden, still paying U.S. taxes, even if they’d been away for years and weren’t planning to return any time soon.
Now they’re putting the squeeze on Canadians, too.
Eric can be followed on Twitter @ErichTheGreen
