Are you a Canadian citizen and resident and have you renounced U.S. citizenship and have paid or are subject to the U.S. Exit Tax (IRS 877A)? [No, I do not mean the $2350 fee.]
If so, we ask you to consider being a Witness in our Canadian FATCA IGA lawsuit.
You might have renounced U.S, citizenship but own, for example, a now valuable house (i.e., Canadian-made IRS asset eagerly waiting to be confiscated) in Toronto/Vancouver/London etc. and have (because interest rates are now very low) a very valuable IRS-asset-company pension (IRS wants percentage of cashed out total value of your CANADIAN pension)— and had/have to pay a U.S. exit tax.
From the Toronto Star: “In a sign that Toronto’s real estate market is off to a hot start this year, a home on Palmerston Ave. north of Bloor St. near Bathurst St., has sold for 62 per cent more than the sellers paid two years ago. The three-bedroom semi went for $1.375 million on Tuesday. In December 2014, it sold for a mere $851,750 — $523,250 less.
— The value in U.S. dollars of your CANADIAN house, plus CANADIAN company pension, plus a few CANADIAN investments, might put you into “covered” territory where you, a CANADIAN, will be be punished for your success.
Information on the exit tax and examples of the exit tax can be found at the citizenshipsolutions.ca site.
We are specifically seeking as a possible Witness in our Canadian FATCA IGA lawsuit a person who:
— Has renounced and has paid an exit tax (the ideal witness);
— Has renounced and will be subject to exit tax;
— Is intending to renounce and know that they will have to pay exit tax; and
— Cannot afford to renounce because they have no way of paying the exit tax
If interested, and perhaps a little bit feisty like our Plaintiffs and Witnesses, email me at: Stephen.Kish.Chair@adcs-adsc.ca Your name and situation will be made public in a submission to the Federal Court of Canada.