I just noticed a comment from EmBee, who passed on to Brock a Maple Sandbox comment from “Anthony”, apparently a “Canadian lawyer”.
— Anthony actually says that the U.S. is planning to have homes of U.S.-tainted Canadian citizens FBAR’d (annual resale values etc. reported). Nonsense? Just a scare tactic?
If true, would this be that final straw that finally pushes affected, previously FBAR-obedient and quietly compliant Canadians into mass resistance, self-certification-without-permission-renunciation, and high anger?
Would you be willing to let FINCEN (Financial Crimes Enforcement Network) know the annual resale value of your Canadian-made family home in your yearly FBAR reporting?
“… This problem will only get worse in the near future.
I have been told that plans are underway to include the annual resale value of all non-U.S. property holdings, including your own home, on future FBAR reports.
That means that your primary residence will soon be fair game for the IRS.
Second, plans are underway to also include on the FBAR report any business that a designated U.S. person may own outside the U.S., including all personal details of non-U.S. partners in the venture.
So, if you are a Canadian with U.S. taint, you will soon have to report your Canadian home’s resale value, year of purchase, personal identifying details on those who also own the home, as well as the same sort of details for any business that you may own in Canada…”