U.S. Citizens in Canada InfoShop

2011 Sept 26 – McKenna

Barrie McKenna
IRS tars law-abiding expats with same brush as tax cheats
Globe and Mail (26 Sept 2011)


After a survey of the effects of FBAR, FATCA, and OVDI, McKenna reports: “The IRS won’t say how many Canadians are among the 12,000 amnesty-seekers [in the second round of OVDI]. But accountants with dual Canadian-American clients say most have opted to stay in the shadows.” Two solutions are then proposed: coming into compliance without penalties, and unrestricted renunciation of citizenship. Without a reasonable possibility of resolution, “tens, and perhaps hundreds, of thousands of Canadians will continue to live like fugitives in their own country.”

Written by usxcanada

26 September 2011 at 7:00 am

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