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
@Just Me
Oh foo,, I am so wanted it to be true. Thanks for the reality check.
@Just Me, Just for fun have you read Antifragile: Things that gain from disorder by Nassim Taleb? Damn good read and I find that using his model: fragile, robust and antifragile gives some interesting insights into our situation (and that of the US government).
I was a democrat and contributed to Democratic Party. But they abandoned me and treating me like a criminal for living in India, where I make very little and taxes are more than the USA. So I decided to write and join in Republican Party for encouraging RNC to be more understanding to dual citizens living in their other country of nationality.
http://www.washingtontimes.com/news/2014/jan/15/rnc-join-rand-pauls-fight-protect-privacy-american/?page=all
If Republican Party keeps this promise, I will organize US citizens in my town to contribute and vote for Republican Party.
I strongly request more people from Isaac Brock society to contact RNC and to encourage RNC to save US citizens living abroad form persecution and violation of constitutional rights of US citizens living abroad.
Warm Regards,
Goutham
Hi,
I just wondered if there were any further updates on the session in London UK on 2 March 2014? I’m very interested in going and would be willing to help out as well.
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@Goutham
Thanks for your comment. Really appreciate you making the effort.
I try hard NOT too be partisan, but frankly when the only opposition in town seems to be Republican, you have to take note and do what you can to undo the harm that the Dems have caused. If that means joining ranks with them, you do what you have to do! Keep up your hard work, and spread the word about Isaac Brock. Just posted a new article on FATCA and NZ…
The link is here.
We would love to do one on India, if you can help provide material about what is happening there! I know from personal contacts the harm the OVDP has done to many India immigrants living in America, but theirs is a BIG untold story I think. Don’t know where they hangout on the internet sharing information, but if you know of any links, do provide please 🙂
@Victor…
Who has time to read?! LOL. Thanks I will add it to my list of Victoria recommend ‘reads’. I promise I will get to them!
Victoria…. I am in such a hurry this morning, I am now calling you the male gender, Victor! Sorry about the insult, it was totally unintended!
@Goutham
@Just Me
Sorry. I don’t believe the Republicans anymore than the Democrats on this issue, and really, the biggest crux of the issue is citizenship based taxation itself. Otherwise, without it, there would be no FBARs, FATCA, double taxation issues, etc….
Face it. Both parties will hold onto CBT to rally their base for votes, using us ‘tax dodgers’ as scapegoats for their agendas. Meanwhile, I have neither the time, nor the patience, to play the role of the useful idiot, for either party. Far as I’m concerned, they are simply two cheeks of the same crooked ass.
I’m done. I just want out. I have one more year until I can apply for Canadian citizenship, and once I get it, then it’s off to the US consulate to tell them of my expatriating act.
Well, I’ve said many times this is NOT a partisan issue. In Canada we’ve had nearly every single party come out and say something negative about FATCA from the current government to the Green Party, and NDP.
In the U.S. even Democrats Abroad made a half attempt to oppose it and now the Republicans are on board to fully oppose probably because since the Dems didn’t come out and shut this down and because it’s such an AWFUL law it was handed as a silver platter. The perfect issue to run with against them in upcoming elections. Frankly, I could care less WHO is going to oppose it. My entire family are democrats save one person and always were…those who are in the U.S. that is. Yet no one likes this law and all think it is utter nonsense. And if I hear UBS one more time I”m going to scream! Go after those living in the United States of America with actual “off shore” accounts then and leave expat families alone who neither live there nor gain any benefit there. It IS doable.
I’ve had an email just this week end from someone wanting to attend the meeting in Kingston saying that someone they know wants to attend but, was put off by some of the right leaning remarks here on Brock. We’ve also had others say it was too left leaning and complain on these comment sections!!
From the way I’m reading this just about EVERYONE is against this monstrosity in Canada. Your bank isn’t going to look for what party in this country or that one you belonged or belong to. All they want is any “U.S. indicia” In order to stop this or get it amended there’s no way we’re not all in the same boat!
@Attticus
It is beyond my comprehension how anybody could see FATCA in partisan terms. Furthermore, how anybody could see these “Solving the problems of U.S. citizenship sessions” in a partisan way is even harder to understand …
@USC, well it’s hard for those who are just now waking up to this issue to sometimes get how over reaching this is. Besides that I’m so over the way the U.S. media has really trained everyone to be at each others throats these days. Look folks, these parties get a lot of traction out of partisanship and there’s money to be made when everyone is in an uproar at their neighbour.
Nobody is saying you need agree with everyone on every issue but, there’s a lot to be lost in not being able to respect another’s point of view, work with them when you do agree, give them the right to believe differently than you do on other things WITHOUT being insulting to them. I don’t even read comment sections anymore that are U.S. based because people have become so nasty and childish with one another. Most people believe what they do because they truly think in their hearts it’s the right thing as do you. A LOT more respect of that concept is needed these days.
FATCA is an equal opportunity destroyer.
@USCitizenAbroad
The only way it can be a ‘partisan’ issue is when the parties use it for partisan interests. I have no reason to believe that the GOP will really do anything to get rid of FATCA once they get into power. However, they’ll definitely hammer the issue for votes.
Meanwhile, I definitely don’t see either party ever getting rid of CBT. In their minds, they’re just too exceptional to adopt the rest of the world’s RBT scheme.
@mjh, I agree with you. It will be used for their dog and pony circus during the election. That’s all.
Meanwhile here in Canada…I’m waiting for Ted Hsu’s very well written and well posed questions to be answered in our Parliament! He was supposed to answered and then it was delayed till January 27th. I prefer to focus on what CANADIAN politicians are doing about this. My MP certainly has some pointed questions and concerns. As do many others.
I just can’t stomach the political climate in the U.S. anymore. No need for me to focus much on it. I’m no longer American.
Atticus
I doubt that if the NDP were in power they will not sign an IGA, if the USA implemented FATCA. The damage to our economy will just be too great.
I also think that the Supreme Court of Canada will rule against most of FATCA. The 30% witholding on recalcitrant US assets account will be hard to prevent.
@GeorgeIII, any speaking up against it is alright by me, no matter who would’ve signed what. lol…
Hope you are right about the Supreme Court of Canada! That would make my entire year if they struck down most of FATCA here! We can hope!
@Atticus
For many of the uninitiated, any remarks that are anti-Obama are too “right leaning”. For the still Democrats out there – the Obama administration has been far worse in its treatment of US persons abroad than any other in the history of the US. Deal with it.
“The 30% witholding on recalcitrant US assets account will be hard to prevent.”
Time for the foreign banks to unload all of their US assets then. No US assets, no 30% withholding. Why should we prop up the US’s TBTF problem?
“For many of the uninitiated, any remarks that are anti-Obama are too “right leaning”.”
That is another major problem with US politics: There is no rational middle ground.
For example, I must be a tea party nutcase because of my disdain for Obama, even though I know I’m actually a liberal minded person that has a problem with statism.
The USA S&P 500 rose 30% last year the Canadian TSX 300 rose 8% do you think all those investor in Canada are going to be happy not owning US equities. I doubt Petros has dumped all his USA holdings.
The 30% withholding would only apply to people who are USA Persons.
@GeorgeIII
I got out of mutual funds and US stocks a decade ago. I don’t have blood money.
GeorgeIII, expect a recover in the Canadian market, especially the resources sector which is oversold. I have even rid myself of CDN companies that have bought major holdings in the US, ERF and CPG. I don’t have any holdings in the US.
@George III
I’m pretty sure Petros has indicated he has dumped all his USA holdings.
Voting in the 2014 Primary says
January 16, 2014 at 5:29 pm
It is ironic that a friend of mine in the U.S. who has much more money than me can set up a trust to protect her children’s inheritance, but the IRS will take 40% of everything over $144,000 going to my foreign spouse. I warn who I can, but there are a lot of people who just don’t want to know.
If this information is correct, it appears to be worth a separate posting, and fleshed out with reference. If anyone out there has the capacity.