In a new article at CNBC, Mark Mazur, assistant secretary for US tax policy writes:

Governments across the globe are recognizing the growing support for tax fairness, and with the United States at the lead, the world community is making important progress to expose these hidden financial accounts and stop offshore tax evasion.

Over the past few years, FATCA has become the global standard for fighting international tax evasion. The U.S. has partnered with like-minded governments to find efficient ways to implement the statutory reporting requirements. Progress has been substantial: The U.S. has signed intergovernmental agreements with 22 countries, and many more have either reached agreements in substance that are awaiting signature, or are well along in the process.

Read full article here: http://www.cnbc.com/id/101452453

McCain additionally calls for strongly increased CRIMINAL prosecutions of non filing non resident dual citizens.

http://www.hsgac.senate.gov/download/?id=DD609B36-94AB-44B5-AABA-97B2AB08E058

This may make some of you Obama 08 voters feel better.

Tim

I spoke to David Kennedy of the Toronto Observer about The Isaac Brock Society. Here is the money quote:

I’m scandalized by the fact that the Canadian government signed the IGA,” he said, “and basically, in writing, accepted that the U.S. has the right to assert their sovereignty over Canadian citizens… The Isaac Brock Society is doing what the government won’t do—and that is protect people living in Canada.

Canadian warns U.S. citizens abroad of new tax collector

The Strengthening Canadian Citizenship Act will formally empower the government of Canada to revoke the Canadian citizenship in certain cases. According to the Toronto Star, certain crimes may result in the stripping of Canadian citizenship from dual citizens:

Under the proposed changes, citizenship can be revoked from dual nationals convicted of terrorism, high treason and spying offences, or who take up arms against Canada. As well, permanent residents who commit these acts will be barred from applying for citizenship.

The Star failed to mention one crime which has already resulted in effective stripping of Canadian citizenship: Being of US national origin.

Continue reading →

Robert Wood reminds us who’s the boss off the ice:

Canada Defeats U.S. In Hockey & Gold Tally, But Not At FATCA

Hockey rivalries and FATCA all in one convenient package – this should generate some interesting comments.

In order to best serve all needs, this post is for any further questions, comments and updates for the London UK Info Session.

Please note that The Church Hall is a separate location to the church
itself and is located about 100m north of Euston Road and about 30m east
of Eversholt Street on the southern side of Lancing Street.

For access, please ring the “Church Hall” buzzer to the right of the
entrance. The Church Hall is located on the second floor of St. Pancras
Church House.

Transport: The nearest train station is Euston. The location is also
within short walking distance of King’s Cross/St. Pancras train station.
The nearest Tube stations are Euston (Northern and Victoria), Euston
Square (Hammersmith & City, Metropolitan and Circle) and King’s
Cross/St. Pancras (Piccadilly).

Today’s CARP Newsletter: Federal Finance Minister’s Letter to CARP about Foreign Account Tax Compliance Act Flaherty: Canada Won Privacy Protection, Exemptions and Other Relief from FATCA

Editor’s Note: Finance Minister Jim Flaherty announced earlier this month that Canada and the United States have signed an intergovernmental agreement under the Canada-U.S. Tax Convention on US access to financial accounts held by dual US-Canada citizens. Since the announcement, CARP has heard from numerous members who are dual Canada-US citizens concerned with the financial and privacy implications regarding the new Foreign Account Tax Compliance Act (FATCA) agreement. CARP has shared with Finance Minister Flaherty’s office the views expressed by our members Minister Flaherty has responded in a formal letter to CARP members. Below you will find the full contents of the letter: – See more at: http://www.carp.ca/2014/02/22/federal-minister-finances-message-carp-members-canada-won-privacy-protection-exemptions-relief-fatca/#sthash.o374vF8J.dpuf

It is true, as Finance Minister Flaherty points out, the actual requirements for US Persons to file and report (paying ‘compliance industry professionals’ if they are not capable of dealing with the complexity in fear of penalties) and to remit to the IRS actual taxes owed that are not covered by the US / Canada Tax Treaty are not within the power of Canada to change — EXCEPT there should be immediate revisions to that US / Canada Tax Treaty to REALLY EXEMPT much of what we will continue to be faced with.

…
What We Won

Continue reading →