Then: On September 16, 2011 the National Post was writing about Mr. FBAR
— U.S. Citizen Abroad (@USCitizenAbroad) August 17, 2019
In a brilliant and historically important post, Patricia Moon canvassed what happened during the summer of 2011 – The OVDI reign of terror.
Now: On August 16, 2019 the National Post was writing about Mr. FBAR
An #FBAR penalty is NOT a TAX penalty within meaning of Canada/US tax treaty which is the reason why the CRA won't assist the USA in enforcement: "Potential for massive IRS TAX penalties still hangs over U.S. citizens living in Canada" https://t.co/wt1v5RRs9S via @nationalpost
— U.S. Citizen Abroad (@USCitizenAbroad) August 16, 2019
Although the title of the above article is about “Tax Penalties”, the article is really about FBAR. When referring to the U.S. tax compliance burden of U.S. citizens living in Canada, the author states:
One such filing requirement that can cause particular hardship for U.S. citizens, whether they are living in the U.S. or abroad, is the requirement to annually disclose to the U.S. Department of Treasury all foreign (i.e., non-U.S.) financial accounts, including bank, brokerage, mutual fund, trust or other types of foreign financial accounts where the total, in aggregate, exceeds US$10,000.