Americans in Canada face complex situation
Just Me suggested a separate post of this Star Phoenix (Saskatoon) article that badger highlighted.
I was happy to see the acknowledgement of the problem with account and asset reporting:
…”The problem is not in-come tax. The problems are the punitive IRS penalties and criminal prosecution threats for failure to complete the many required annual information returns.”…
In this Saskatoon, SK, Canada news article the author, Terry McBride (a member of Advocis, who works with Raymond James Ltd.) said he has USP clients for whom he did research to learn more about this US tax and reporting issue. After doing so, he wrote and has now submitted two articles to this newspaper.
I had given Mr. McBride some feedback after his first news article. He was limited to only 700 words to convey this huge story. He’s to be commended for condensing it well and, especially, for going the extra mile or two in an effort to assist his ‘USP’ clients!
Calgary wrote:
He did research to learn more — exactly what a professional should do, and too many don’t! And he’s submitted articles about it to the press to accurately clarify the situation for the general public. Excellent work all around, Mr. McBride!
Further, I am very impressed how Mr. McBride was able to get this across when constrained by the space limit of 700 words. He really gets it across.
Thanks, too, Calgary, for writing a comment to his first article that piqued his interest.
Thanks @Just Me, for putting the post here.
@calgary411, thanks for the clarification that it was from Saskatoon Canada, and not from Arizona! I guess I saw the word ‘Phoenix’, and thought it was directed at Canadians buying into retirement communities in AZ US. Thank you for writing to the author and getting him interested in the complexities of this to begin with. I wish other practitioners would do the same.