Liberty and justice for all United States persons abroad

Solving US Citizenship Problems – Toronto, Saturday, July 19

 

Life planning, Career planning and the Reality of U.S. Citizenship for Americans Abroad including Life Preparation for U.S.Citizen-children of U.S.Citizens

 
These seminars will include discussion and analysis of the IRS “relaxed opportunities” for people to come into compliance.
 

It is estimated there are 7 million U.S. citizens living outside the United States. Some of these people don’t know that the U.S. may consider them to be citizens. The vast majority of these Americans abroad (according to U.S. law), are required to file tax returns and complete information reporting forms to the United States. Although “citizenship-based” taxation has existed for years, what is new is the enforcement.

On February 5, Canada signed an Intergovernmental Agreement with the United States concerning the Foreign Account Tax Compliance Act. This enables the US to receive enhanced financial information of Canadians (account numbers, balances, deposits, withdrawals); information the Canadian banks were never permitted to send to the CRA due to our privacy laws. This reporting applies to those deemed “US Persons” which includes citizens, green card holders,”Accidental Americans,” “border babies,” and will affect the families of anyone considered as such by the US. On Canada Day, July 1, 2014, Canadian financial institutions began 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. The late Finance Minister, Jim Flaherty emphasized 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:

Citizenship Issues:

  • Are you a US citizen?

  • Are you still a US citizen?

  • Are your children US citizens?

  • What is an Accidental American?

Tax Issues:

  • Filing US tax returns

  • What is involved?

  • Filing information returns (FBAR, 8938, 3520A & 3520, 5471, 8621 etc)

  • Reasonable cause (avoiding penalties)

Financial Planning Issues:

  • Treatment of tax-deferred savings plans

  • Treatment of Mutual Funds (PFICs)

Privacy Issues:

  • What might FATCA mean for me?

Border Issues:

  • Will FATCA make it harder for me to cross the border?

Does it make sense to give up US citizenship?

  • Relinquishment

  • Renouncing

Presenter: John Richardson, B.A., L.L.B., J.D CitizenshipSolutions.ca

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).

3 thoughts on “Solving US Citizenship Problems – Toronto, Saturday, July 19

  1. Pingback: Solving US Citizenship Problems – Toronto, Saturday, July 19 | citizen-usa.org

  2. Does anybody know whether you can renounce if you are still just a Canadian permanent resident, but have applied for citizenship?

  3. The US doesn’t like to do it but they are not supposed to be able to refuse. Supposedly statelessness is risky.

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