U.S. Citizens in Canada InfoShop

Archive for June 2011

2011 June 24 – McKenna

 
Barrie McKenna
Privacy Commissioner eyes the long arm of U.S. tax law
Globe and Mail (24 June 2011) B1

No link available.

Canadian federal Privacy Commissioner Jennifer Stoddart “is monitoring moves by U.S. tax authorities to
force all foreign financial institutions to identify Americans.” FATCA seeks to have Social Security numbers and financial account balances reported to the IRS. “Under Canadian law, customers are only required to provide identification that shows where they live – not their immigration status or citizenship.” The article concludes with news that the U.S. is “open to the idea of exempting certain registered accounts, such as RRSPs and corporate pensions.”
 

Written by usxcanada

24 June 2011 at 6:00 am

2011 June 20 – Luciw

 
Roma Luciw
U.S. tax crackdown hits Canadian residents
Globe and Mail (20 June 2011)


http://www.theglobeandmail.com/globe-investor/personal-finance/us-tax-crackdown-hits-canadian-residents/article2067393/

Kerry Kroll’s two teenage daughters have never lived or worked in the United States, yet they may face penalties and lose thousands from their RESPs. The story closes with seven tips from accountant Warren Dueck.
 

Written by usxcanada

20 June 2011 at 6:00 am

2011 June 16 – Rampell

 
Catherine Rampell / Andrew Mitchel
More (wealthy) Americans are renouncing citizenship
Economix — New York Times [Blog] (16 June 2011)

http://economix.blogs.nytimes.com/2011/06/16/more-americans-are-renouncing-citizenship/

A chart showing quarterly renunciations by US citizens 2004-2011 prepared by tax attorney Andrew Mitchel is accompanied by text from his email pointing to “two technical tax-related changes [that] inspired more people to give up their citizenship”: a 2008 change in expatriation rules that eliminated a ten-year filing requirement; complexity and penalties that have “caused many individuals with dual citizenship to conclude that their U.S. citizenship is not worth the stress and hassle of the U.S. tax filing rules.”
 

Written by usxcanada

16 June 2011 at 6:00 am

2011 June 14 – McKenna

 
Barrie McKenna
U.S. taxman reaches north
Globe and Mail (24 June 2011) B1

No link available.

Many Canadian financial institutions “have already signed Qualifying Intermediary Agreements with the IRS, a first step toward giving U.S. tax authorities access to client data.” Janet Selby 47, accountant and corporate recruiter, spent only the first four days of her life in the United States. A query from her online broker only recently made her aware of “sweeping tax and reporting obligations.” Canadian Anthony Smith of Kelowna BC spent eleven years in Dallas as a network designer for Nortel. “Ending his obligations to the IRS after he surrendered his green card and returned to Canada in 2004 took years and cost him thousands of dollars.”
 

Written by usxcanada

14 June 2011 at 6:00 am