Thursday, 27 March 2014 from 6:00 PM to 9:00 PM
Burlington Public Library – Holland Room
2331 New St
Burlington, ON L7R 1J4
On February 5, Canada signed an Intergovernmental Agreement with the United States concerning the Foreign Account Tax Compliance Act. This will enable the US to receive enhanced financial information concerning those deemed US citizens, US Persons, green card holders and will affect the families of anyone considered as such by the US. Starting July, 2014, Canadian financial institutions will begin to determine what accounts are “reportable accounts.” Information regarding those accounts will be passed on to the CRA who will, in turn, pass this information on to the IRS. Minister Flaherty emphasizes that the CRA will not collect taxes for any person who was a Canadian citizen at the time the tax was incurred, nor will any penalties be collected concerning FBAR (Foreign Bank Account Report). This situation is causing confusion and concern for anyone who may have a US connection, whether it be actual citizenship, a member of the family, etc. This information session will focus on these issues which include:
-Are you a US citizen?
-Are you STILL a US citizen?
-Are your children US citizens?
-What is an Accidental American?
-Filing US tax returns
-What is involved?
-Filing information returns (FBAR, 8938, 3520A & 3520, 5471, etc.)
-Reasonable cause (avoiding penalties)
Financial Planning Issues:
-Treatment of Canadian tax-deferred savings plans (RRSP, TFSA, RESP,RDSP,etc)
-Treatment of Canadian Mutual Funds (PFICs)
-What might FATCA mean for me?
-Will FATCA make it harder for me to cross the border?
Does it make sense to give up U.S. citizenship?
Presenter: John Richardson, LL.B., J.D
John Richardson is a Toronto lawyer and a member of the Ontario Bar. He is also a member of the American Citizens Abroad (ACA) Professional Tax Advisory Council (PTAC).
Admission: $20 cash payable at the door (to cover costs).
Information presented is NOT intended or offered as legal or accounting advice specific to your situation.