Alex Atamanenko comments on FATCA in the Boundary Sentinel, Feb 11, 2014, (found and passed along by bubblebustin): “Alex Atamanenko . . .all Canadian citizens should be entitled to constitutional rights to privacy and fair taxation“.
His description is straight forward and easy to understand of what FATCA is, who in Canada would be tainted as ‘US Person’ and how that will affect them — and their country.
Consider the implications for those Canadians deemed “U.S. Persons” and for the Canadian economy of the following:
– savings and investments of more than $200,000 ($400,000 for couples) must be reported to the IRS
– homes valued at more than $250,000 are considered foreign investment and are liable for U.S. capital gains tax on the appreciated value when sold
– possible double taxation on wills and estates
– higher Canadian tax (financial planners advise clients to divest themselves of Canadian mutual funds and direct their investments to U.S. sources).
– annual reporting requirements are complex and expensive – even when no taxes are owed, legal and accounting fees can amount to thousands
– erosion of the tax base in Canada as investments and retirement security funds shrink
It’s another of the resources I’ll pass along to others.
See http://alexatamanenko.ndp.ca/ for other FATCA information on his “Issues Blog”.