— Patrick Cain (@pcaintoronto) November 18, 2014
Thirty-five-year-old Rocky Martin travelled from his home in Sundre, Alta., to Tijuana, Mexico to get rid of his U.S. citizenship.
And he saved himself about $1,800 by doing so.
Martin, born in Canada, inherited U.S. citizenship from his mother, who registered him as an American born abroad when he was a baby.
“I’d heard rumblings that I was supposed to be filing taxes, but I’d never taken action on it. Then about a year and a half ago, I decided I should look into this a little further,” he said.
He didn’t like what he found.
The first quote he got from a Calgary accounting firm was that he’d need to pay $15,000-$20,000 to become U.S. tax-compliant.
“I didn’t sleep well for days,” he said. “That’s all my life savings, all for the purpose of showing them I don’t owe any taxes.”
After shopping around for accountants, the lowest quote he got was for about $4,000.
But as the Internal Revenue Service prepared to crack down on U.S. citizens abroad who weren’t paying taxes, Martin became uneasy.
“I just didn’t feel comfortable with the bully on the block having this big stick, and threatening to beat me the whole time with it.”
He was thinking of renouncing his U.S. citizenship – his ongoing tax preparation bill was going to be $500 a year.
Read the complete article here.
The article includes links to the Alliance For The Defence of Canadian Sovereignty FATCA lawsuit.