— U.S. Citizen Abroad (@USCitizenAbroad) July 4, 2014
You will find the article referenced in the above tweet here.
— Marvin Van Horn (@FATCA_Fallout) January 14, 2014
This is a nicely done clip that appeared (in all places) on Toronto news at 6.00 p.m. The news starts off with a continuation of the Mayor Ford Chronicles (as the mainstream media continues its desperate campaign to re-elect Rob Ford).
This video continues with a familiar cast of characters. But, the part that I found particularly interesting was a representative of the Canadian Bankers suggesting that to protest FATCA is the same as protesting winter. Seriously, yes!
“Saying NO to FATCA is like saying no to winter, both will arrive.”
He then confirms his view that the only relevant issue is the well being of the banks and their customers.
“If we were to be non-compliant there is a great financial risk the banks would face and a great financial risk their customers would face.”
I used to think that @CdnBankers were unprincipled wimps. I now think they are completely mindless wimps and are therefore incapable of any principle.
It’s important to remember that the Canadian Bankers Association is basically begging the Federal Government to sign an IGA to protect the Canadian banks!
Two very good articles from Amber Hildebrandt of CBC.
Article 1 – Introducing FATCA
— U.S. Citizen Abroad (@USCitizenAbroad) January 13, 2014
The article referenced in the above tweet, by Amber Hildebrandt, is good because it IS NOT focused on U.S. citizens in Canada. The focus is more on Canada and Canadians! This is a welcome relief and an indication that, slowly the media is beginning to realize what FATCA really is.
Who is affected by this law?
The short answer is almost every Canadian. It is expected to cost banks substantial amounts of money to implement the systems required to find residents with U.S. connections, costs the banks may well pass along to all their clients.
Some estimate it could cost $100 million for each financial institution.
Those directly affected by the law include dual citizens, Canadians with Green Cards and some snowbirds who spend considerable time in the U.S.
Article 2 – The Absurdity of Citizenship-based taxation
— U.S. Citizen Abroad (@USCitizenAbroad) September 4, 2013
The article referenced in the above tweet was published in the fall of 2011. At the time it had 809 comments. Comments have been disabled.
Looks like things have gotten a lot worse for U.S. citizens abroad.
— U.S. Citizen Abroad (@USCitizenAbroad) June 12, 2013
You may want to get over to today’s article in the Toronto Globe and Mail and add your thoughts. I would say it is one more in a long series of weak articles that seems to miss the point(s). Perhaps you can help educate.
It begins with:
The deadline for Americans living in Canada to file a tax return with the U.S. Internal Revenue Service is less than a week away, but not everyone is scrambling to get their paperwork in order.
You can guess the horror that follows!
There is one comment that seems to make some sense: