Two very good articles from Amber Hildebrandt of CBC.
Article 1 – Introducing FATCA
#FATCA facts: What Canadians need to know about new U.S. tax law http://t.co/fOP2hnCPo5 – Decent article from CBC that conveys the danger!
— U.S. Citizen Abroad (@USCitizenAbroad) January 13, 2014
The article referenced in the above tweet, by Amber Hildebrandt, is good because it IS NOT focused on U.S. citizens in Canada. The focus is more on Canada and Canadians! This is a welcome relief and an indication that, slowly the media is beginning to realize what FATCA really is.
Who is affected by this law?
The short answer is almost every Canadian. It is expected to cost banks substantial amounts of money to implement the systems required to find residents with U.S. connections, costs the banks may well pass along to all their clients.
Some estimate it could cost $100 million for each financial institution.
Those directly affected by the law include dual citizens, Canadians with Green Cards and some snowbirds who spend considerable time in the U.S.
Article 2 – The Absurdity of Citizenship-based taxation