ADMISSION FEE $20 UNLESS OTHERWISE NOTED (to cover costs)
- Toronto, ON U.S. Citizenship & Young Adults: Navigating The Special Rules Imposed On U.S.Citizens Abroad Sat, June 7, 10 am to 12 noon, Univ of Toronto, St. Michael’s College, Carr Hall, 100 St. Joseph St, MAP NB: $20 individual or $40 for a family of up to four people
Vancouver notes (Feb 22) Updated on March 28 here
Toronto group Saturday, January 25, 2014, Carr Hall
I received the following announcement about information sessions, provided by Toronto based lawyer, for people affected by the USA’s extra-territorial tax overreach which violates Canada’s sovereignty. I think it is a good idea. If you are an alleged US person and you have become aware that the US claims that you should be filing your taxes, please do nothing, do not enter the OVDI program, and above all, do not call a US cross border tax specialist (neither a lawyer nor an accountant), but educate yourself first. The paid experts will scare the hell out of you. There are many options besides allowing a cross border specialist lead you as a lamb to the slaughter.
If you are a Canadian citizen or resident of Canada, you have specific rights and protections that even FATCA cannot revoke. This is why these informational sessions will be useful to you. They will lay out and explore all your options.
Sincerely, Petros
Please note that the speaker would like help finding venues that are inexpensive or free. Perhaps those living in the various cities could ask if a Church or other may be able to offer space. Please keep returning for updates.
Here is the announcement:
Recent CBC Coverage of FATCA and Citizenship-based taxation:
The recent CBC coverage of FATCA and U.S. extraterritorial taxation has raised awareness/concern over the plight of Canadian citizens of U.S. origin. Those who are learning about this for the first time (the OMG moment) will be experiencing a combination of shock, fear, betrayal and more. There will be lots of people interested in understanding the situation and determining whether and/or how to respond.
The following comment appeared on the blog:
Looks like the recent media coverage is creating mass panic in Canada. This might force the Canadian government to issue a statement sooner rather than later. This is good. But I feel bad for the people who are just having their OMG moment. They need some sound advice as to not to make bad decisions which would devastate them financially. While each situation is different, the Canadian government owes it to affected Canadians to provide some guidance and advice and fast. It needs to be official cannot just come from web sites like IBS or Maple Sandbox. Maybe the administrators should add some notes like they can’t be held responsible for actions that people take by following advice on these blogs. This is common sense, but might protect you from lawsuits.
We agree! The important thing it to stay calm! Do NOT panic! Do not react to this situation! Take your time to make the decisions that are appropriate to your situation! Above all else, do NOT even consider entering the Offshore Voluntary Disclosure Program or any other kind of disclosure program unless you are certain that it is right for you (which it almost certainly is NOT)!
Obviously NO blog or web site can provide reliable legal advice. No seminar for the general public can provide reliable legal advice! Your job is simply to begin gathering information and beginning to understand the new reality of U.S. citizenship.
What follows are a list of “Solving The Problems of U.S. Citizenship” information sessions that you can attend, for a nominal fee and anonymously! The sessions are NOT intended to provide legal advice. But, they are intended to help you identify the issues that may apply to your situation.
Do NOT engage the services of an accountant or lawyer before equipping yourself with some basic knowledge!
Solving The Problems of U.S. Citizenship – Exploratory Sessions
The topics covered are designed to alert you to issues and are NOT offered as legal or accounting advice specific to your situation.
They include:
Citizenship Issues:
– Are you STILL a U.S. citizen?
– Are your children U.S. citizens?
– What might FATCA mean for me?
Tax Issues
– Filing U.S. tax returns – what’s involved?
– Filing information returns (FBAR, Form 3520, 5471, etc.)
– Reasonable cause (avoiding penalties)
Financial Planning Issues
– investment products that are cancerous for U.S. citizens
Does it make sense to renounce U.S. citizenship?
– Renouncing U.S. citizenship
____________________________________________________________________
How To Attend …
Once a session has been marked “CONFIRMED” you are free to attend. Each session will have a $20 admission fee (to offset the cost of the room) which is payable in cash at the door. Neither taping nor video of any kind will be permitted.
first published 14 January 2014
@FromTheWilderness fair enough comment that i may have been a bit harsh
i however take exception about the below statement
File these 3 factoids into your subterranean brains
and why he/she is a jab at me just because it differs from his point of view
you are right … we are all in this by ourselves and what works for me does not work for you or you or you however we all need to understand and respect each others decision as to what they are going to do given their each and own unique circumstances.
i certainly am not going to bash anyone for complying, renouncing, relinquishing or doing the honey badger thing…..to each their own. period
Cheers mettleman.
@Mettleman,
You call that harsh?
If you really want to get riled up, checkout the comment from ‘You’reReaching’ at Petros newpost regarding singing O’Canada as an oath of allegiance.
@WhiteKat
yup read the comments from You’reReaching and petros over at that thread. Petros and others set him/her straight as i knew they would.
funny how in the short time i have been posting and reading here (4ish months) there have been many bashers/trolls come flame this site, its comments, its members and then are never heard from again but the people true to the cause take on each and every one of these bashers/trolls and are still here day in and day out fighting for the cause.
ultimatly i believe that is why we are going to win. because of those of us who are willing to take a stand and call b.s. when they see it, stick to the facts and are not willing to back down because they believe in what is being fought over.
Some where on this blog I found a link that described the actions that could be untaken by the IRS to collect from US-persons. The link describe that the IRS could demand that a international bank operating in the US seize the assets of an individual account in foreign country. Can anyone point out that link?
If you are living in Mexico, and banking with HSBC, the IRS can issue a levy to a U.S. branch of HSBC, and it must be honored by the branch in Mexico…and your money is gone.
How can Harper and Flaherty say with a straight face that the Canadian Government will not collect tax or penalties of a Canadian citizen when they know it will not be the CRA that hands over the goods. It will be the RBC, CIBC, BMO, HSBC, etc that will do it.
@Worldwide,
Offhand, I don’t remember any link like that but will try to find it later.
@ Worldwide
This might be what you are looking for (see GeorgeIII comments) …
//isaacbrocksociety.ca/2014/02/18/canada-an-easy-mark/comment-page-1/
I found in the section in Internal Revenue Manual 5.21.3 Collection Tools for International Cases
5.21.3.2 (12-04-2013) Levy on a Domestic Branch of a Financial Institution
“If the taxpayer is not within the jurisdiction of the U.S. court at the time the levy is made, then:
The notice of levy must specify that the Area Director intends to reach such deposits,
That the bank is in possession of (or obligated with respect to) such deposits in an office outside the United States or a possession of the United States, and
That such deposits consist, in whole or in part, of funds transferred from the United States or a possession of the United States in order to hinder or delay collection of the tax imposed by the Code.”
Are people on this blog moving their accounts to Canadian only banks or Credit Unions to prevent this forfeiture?
Again,
http://isaacbrocksociety.ca/2014/02/18/canada-an-easy-mark/comment-page-1/
@Worldwide
Perhaps you were referring to this?
http://taxconnections.com/taxblog/home-sweet-home-for-international-tax-collection/#.UwXK5c5Nk-U
Solution
Go to Credit Unions and GOLD
Closing gold up CAD 1467.00 !!! moving up
Rare book by Isaac Brock on ebay
http://www.ebay.com/itm/1845-Isaac-Brock-First-Edition-British-Army-Upper-Canada-War-of-1812-Military-/271402133115?pt=Antiquarian_Collectible&hash=item3f30d3e67b
@Disgusted The Rick Mercer Report skit that touched on FATCA.
@bubblebustin Looking forward to Vancouver on Saturday!
@ChearsBigEars
Are Credit Unions a place to hide in the shade? I thought only if the assets (or US assets?) of the CU are under 175 Million. My CU has assets of over a billion 🙁 Not sure how much of that is tied to the US. Is there actually an edit for Canadian Credit Unions to avoid investing in US assets?
@notamused
Though there are five MCAR countries, it is important to check out the details of each one. For example, under Article 28 (point 5) of the French-US tax treaty, France will not grant assistance in collecting against its own nationals. A technicality but good news for the French in the midst of all the gloom…
With regard to the MCAR provision in the Canada-U.S. Treaty, I think you have to keep reading down to this part, which must be the basis (?) for the Finance Minister’s statements that Canada will not collect taxes or penalties for the U.S. if the person was a Canadian citizen at the time of a claim by the U.S.
“8. No assistance shall be provided under this Article for a revenue claim in respect of a taxpayer to the extent that the taxpayer can demonstrate that
(a) where the taxpayer is an individual, the revenue claim relates to a taxable period in which the taxpayer was a citizen of the requested State”
@Phil
Teach the transnational banks a lesson and move to local credit unions who are not easily intimidated since they are not allowed to do business in the US. The ITS can do next to nothing to our CU empire because an attack on one will be met with united reaction from the rest. They wouldn’t dare. So YES a credit union adds an extra layer of protection but by all means put about 50% of you liquid assets in gold which is beyond their reach as long as you don’t keep it in lock boxes at the financial institution. A person is foolish if they don’t do this. It only needs to be declared in the even of a capital gain or loss (?) and is 100% legal. Buy ONLY .999 reputable coins (Maple Leafs etc.) and bars ie credit suisse
Remember the credit unions have “members” not clients like the banks do. Also Credit Union Central HATES Fatca
gold 1,470.00 CAD oz. up 2.00
Buy smaller denominations but expect a little premium
Premiums change with the size and weight. When you see gold it is always quoted in ounces
…until the French rewrite the laws? Like the Conservatives are doing in Canada even now.
IGA-AIG@fin.gc.ca
Tax Policy Branch
Department of Finance
140 O’Connor Street
Ottawa, Ontario
K1A 0G5
Regarding Canada’s Plan to Sign a FATCA IGA
Dear Department of Finance,
I am writing to object to Canada’s plan to sign the IGA with the
United States of America related to the USA FATCA law. I believe
that by signing this law, my own government might render me
subject to thousands of dollars in penalties and legal fees that I
can not afford to pay. The basis of America’s plan to reign in rich
folk who are using tax havens has become a nightmare for US expats
of modest means like myself.
I am a long time permanent resident of Canada and a naturalized
Citizen. Though I was born in the USA, I have lived virtually my
entire life as a Canadian. I have paid my taxes. Followed the law. I
lived on a farm in Quebec at the age of 5 and we made maple syrup,
froze our toes and lived through Prime Ministers from Trudeau,
Clark, Mulroney, Chretien and now Harper. I was raised from scratch
in Canada from 3 years old and have lived my entire life here.
This January while listening to the CBC I heard something about a law
in the US called the Foreign Account Tax Compliance Act (FATCA). From
there this lead me to the realization that even though I consider
myself Canadian, having lived on Canadian soil since basically my
inception, I was unfortunately bound to an American law from 1913.
From what I understand, the IGA that we plan to sign is
non-reciprocal, probably unconstitutional, comes at a time when
there is doubt even in Congress about FATCA, and prematurely before
an international arrangement announced last week. Not to mention the
adverse effects on families across Canada.
Will you let the US dragnet haul in and tax my daughters RESPs?
That’s EXACTLY what the IGA will do won’t it?
Overall it seems that the IGA is a major concession by Canada and a
real loss to 1/30th of our populace. Consider, you are signing us
over to the IRS.
Please do not rush to sign a bill that has so obviously not been
properly considered.
Regards
Phil
Good letter Phil. It’s much more concise than what I sent in. I think Fin. Can. will appreciate that. I wonder if we’ll be doing this again when Canada signs a GATCA or what the OECD likes to call an “automatic information exchange” agreement. (sigh)
@Phil,
Great letter!
In case you don’t know, RESPs (along with several other registered accounts including RDSPs, TFSAs, and RRSPs) are not FATCA reportable. However they are (with the exception of RRSPs providing a special form is filed every year) taxable, and they are also required to be reported on FBARs and as foreign trusts annually. Thus our government is touting this as a ‘good deal’ and misrepresenting these as non-taxable,non reportable accounts.
@Phil
I’ve been petitioning Rick Mercer since December to give us a FATCA rant.
If you would like to encourage Rick in this endeavour please do info@rickmercer.com
Suda from Victoria going to forum in Vanvouver, Feb.22, but confused as to location and time. Seems to change due to increased attendance.I would like to join carpool if possible. Otherwise will try by bus and ferry. I am not very apt with a computer, so would appreciate a reply that you got this. Please confirm location and time of forum discussion as I will have to leave Victoria early AM tomorrow to manage to get there in time. Manythanks. Suda
Suda from Victoria going to forum in Vanvouver, Feb.22, but confused as to location and time. Seems to change due to increased attendance.I would like to join carpool if possible. Otherwise will try by bus and ferry. I am not very apt with a computer, so would appreciate a reply that you got this. Please confirm location and time of forum discussion as I will have to leave Victoria early AM tomorrow to manage to get there in time. Manythanks. Having trouble posting that I would like email followup.