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Archive for February 2014

2014 Feb 28 – Christians

 
Allison Christians
FATCA in Canada: constitutional challenge mounting
Tax, Society & Culture (28 Feb 2014)

http://taxpol.blogspot.ca/2014/02/fatca-in-canada-constitutional.html

Law professor Christians identifies Canada’s core FATCA problem as “serious mismatch between the goals targeted and what will be attained by FATCA when law on the books meets law in practice.”
 

Written by usxcanada

28 February 2014 at 6:00 am

2014 Feb 25 – Allen

 
Matt Allen
‘Chaotic’ US tax stampede overwhelms specialists
swissinfo.ch (25 Feb 2014)

http://www.swissinfo.ch/eng/politics/Chaotic_US_tax_stampede_overwhelms_specialists.html?cid=38035476

A bank gave one dual US-Swiss citizen 18 days to produce US tax paperwork going back to 2008. “A streamlined service that cleans up clients’ standard tax returns since 2008 costs around CHF7,500 ($8,365).”
 

Written by usxcanada

25 February 2014 at 6:00 am

Posted in Uncategorized

2014 Feb 24 – Kennedy

 
David Kennedy
Canadian warns U.S. citizens abroad of new tax collector
Toronto Observer (24 Feb 2014)

http://torontoobserver.ca/2014/02/24/canadian-warns-u-s-citizens-aboard-of-new-tax-collector/

Comment from Peter Dunn features prominently in this story on FATCA.
 

Written by usxcanada

24 February 2014 at 6:00 am

2014 Feb 19 – Grammond

 
Stéphanie Grammond
Snowbirds, citoyens américains: sortez la tête du sable!
La Presse (19 Feb 2014)

http://affaires.lapresse.ca/opinions/chroniques/stephanie-grammond/201402/18/01-4740047-snowbirds-citoyens-americains-sortez-la-tete-du-sable.php

A Quebec writer picks up the FATCA story.
 

Written by usxcanada

19 February 2014 at 6:00 am

Posted in Uncategorized

2014 Feb 11 – Caldwell

 
Theo Caldwell
Canada’s U.S. tax capitulation
Financial Post (11 Feb 2014)

http://opinion.financialpost.com/2014/02/11/canadas-u-s-tax-capitulation/

“Canada’s leaders … have committed a craven surrender of national sovereignty.”
 

Written by usxcanada

11 February 2014 at 6:00 am

Posted in Canada, Uncategorized

2014 Feb 8 – Christians

 
Allison Christians
Canada-US Agreement Reached on FATCA Data Sharing
Tax, Society & Culture (8 Feb 2014)

http://taxpol.blogspot.co.nz/2014/02/canada-us-agreement-reached-on-fatca.html

McGill-based taxation expert Christians provides “some of the most useful links” to matters relating to the Canada-United States agreement on FATCA.
 

Written by usxcanada

8 February 2014 at 6:00 am

Posted in Canada, Uncategorized

2014 Feb 7 – Tedesco

 
Theresa Tedesco
Ottawa had little choice in signing controversial deal with U.S. tax man
Financial Post (7 Feb 2014)

http://business.financialpost.com/2014/02/07/ottawa-had-little-choice-in-signing-controversial-deal-with-u-s-tax-man/

Canadian bank clients in Canada will be required to certify that they are not US persons. The large costs of compliance will be borne by customers of Canadian banks.
 

Written by usxcanada

7 February 2014 at 7:00 am

Posted in Canada, Uncategorized

2014 Feb 7 – Whiteley

 
Don Whiteley
Canada capitulates on FATCA agreement
BC Business (7 Feb 2014)

http://www.bcbusiness.ca/finance/canada-capitulates-on-fatca-agreement

“Arguably the most successful assault on Canada since the War of 1812,” FATCA “drastically complicates tax compliance for more than seven million U.S. expats living and working in other countries.”
 

Written by usxcanada

7 February 2014 at 6:00 am

Posted in Canada, Uncategorized

2014 Feb 6 – Saunders

 
Laura Saunders
Expatriations rose to record last year
Wall Street Journal (6 Feb 2014)

http://online.wsj.com/news/articles/SB10001424052702304450904579367323461396020

http://www.bank-offshore.co/expatriations-rose-to-record-last-year/

“Last year saw a record for expatriation by U.S. taxpayers, exceeding by two-thirds the previous high set in 2011.” Context is US campaign to snare offshore accounts, drag offenders into OVDP, and implement FATCA.
 

Written by usxcanada

6 February 2014 at 8:00 am

Posted in Uncategorized

2014 Feb 6 – Vignaud

 
Marc Vignaud
Axa Banque ferme les comptes de ses clients amé en France!
LePoint.fr (6 Feb 2014)

http://www.lepoint.fr/economie/axa-banque-ferme-les-comptes-de-ses-clients-americains-en-france-06-02-2014-1788961_28.php

Axa bank in France unilaterally terminates accounts of about 250 American citizens (total clientele 720,00) on 15 days notice, stating in a letter: “Axa banque a décidé d’interrompre toute relation d’affaires avec des clients américains (citoyens ou résidents).” Daniel, 35, French born in U.S., had been a client for ten years.
 

Written by usxcanada

6 February 2014 at 7:00 am

Posted in Uncategorized

2014 Feb 6 – Wood

 
Robert W. Wood
Americans renouncing citizenship up 221%, all aboard the FATCA express
Forbes (6 Feb 2014)

http://www.forbes.com/sites/robertwood/2014/02/06/americans-renouncing-citizenship-up-221-all-aboard-the-fatca-express/

The official list of renunciations of US citizenship for 2013 shows a total of 2999, an increase of 221% over the 932 recorded for 2012. “No group is more severely impacted [by U.S. tax and disclosure laws] than U.S. persons living abroad.”
 

Written by usxcanada

6 February 2014 at 6:00 am

Posted in Uncategorized

2014 Feb 5 – Canada

 
Canada and U.S. reach agreement on Foreign Account Tax Compliance Act
Canada, Dept. of Finance (5 Feb 2014)

http://www.fin.gc.ca/n14/14-018-eng.asp

Government of Canada news release on FATCA agreement with United States.
 

Written by usxcanada

5 February 2014 at 12:00 pm

2014 Feb 5 – Egan

 
Louise Egan / Patrick Temple-West
U.S., Canada forge deal in global anti-tax dodger push
Reuters U.S. (5 Feb 2014)

http://www.reuters.com/article/2014/02/05/us-usa-fatca-idUSBREA141U820140205

“Under the [FATCA] agreement, Canadian tax authorities will collect information from the country’s banks and share it with the IRS under an existing bilateral tax treaty.”
 

Written by usxcanada

5 February 2014 at 11:00 am

Posted in Canada, Uncategorized

2014 Feb 5 – Fitz-Morris

 
James Fitz-Morris
FATCA tax deal with U.S. takes some heat off Canadian banks
CBC News (5 Feb 2014)

http://www.cbc.ca/news/politics/fatca-tax-deal-with-u-s-takes-some-heat-off-canadian-banks-1.2524444

“The most contentious aspects of the law remain intact … the requirement for financial institutions to flag the account information of “U.S. persons” for the U.S. Internal Revenue Service to then verify if all taxes have been paid.”
 

Written by usxcanada

5 February 2014 at 10:00 am

Posted in Canada, Uncategorized

2014 Feb 5 – McKenna

 
Barrie McKenna
Ottawa to give IRS information on Americans living in Canada
Globe and Mail (5 Feb 2014)

http://www.theglobeandmail.com/report-on-business/ottawa-to-give-irs-information-on-americans-in-canada/article16710461/

Canadian Minister of Finance Jim Flaherty claims Canada’s “lengthy negotiations” resulted in “significant exemptions and other relief” before Canada signed a FATCA agreement with the United States. According to accountant Kevyn Nightingale, “The flow of information to the IRS is going to be computerized and comprehensive.”
 

Written by usxcanada

5 February 2014 at 9:00 am

Posted in Canada, Uncategorized

2014 Feb 5 – Schechter

 
Barbara Schechter
Canada signs agreement to dull impact of U.S. crackdown on tax cheats
Financial Post (5 Feb 2014)

http://business.financialpost.com/2014/02/05/canada-signs-agreement-to-dull-impact-of-u-s-crackdown-on-tax-cheats/

FATCA implementation will result in Canadian banks examining their files for data on US persons and passing their account information to Canada Revenue Agency, which will act as proxy for IRS.
 

Written by usxcanada

5 February 2014 at 8:00 am

Posted in Canada, Uncategorized

2014 Feb 5 – Vieira

 
Paul Vieira
Canada, U.S. reach tax deal — officials
Wall Street Journal (5 Feb 2014)

http://online.wsj.com/article/BT-CO-20140205-710192.html

“Canadian government officials, speaking at a background briefing, said Ottawa won several exemptions to ensure the country’s privacy laws weren’t violated. Further, they said a set of key savings vehicles … would not be affected.”
 

Written by usxcanada

5 February 2014 at 7:00 am

Posted in Canada, Uncategorized

2014 Feb 5 – Whittington

 
Les Whittington
Bank account data of Americans in Canada will be sent to U.S. taxman
Toronto Star (5 Feb 2014)

http://www.thestar.com/news/canada/2014/02/05/canada_reaches_deal_with_us_meant_to_reduce_irs_intrusion.html

“Under Wednesday’s agreement, Canada’s banks will send this [US person financial accounts] information to the IRS via the Canada Revenue Agency, a move meant to address possible violations of Canada’s privacy laws.”
 

Written by usxcanada

5 February 2014 at 6:00 am

Posted in Canada, Uncategorized

2014 Feb 4 – Jeker

 
Virginia La Torre Jeker
NIIT-picky nuances for Americans overseas with offshore investments
TaxConnections (4 Feb 2014)

http://taxconnections.com/taxblog/niit-picky-nuances-for-americans-overseas-or-with-offshore-investments/

The 3.8% Net Investment Income Tax imposed on high wage earners will impact some extraterritorial US persons.
 

Written by usxcanada

4 February 2014 at 6:00 am

Posted in Uncategorized

2014 Feb 2 – Wood

 
Robert W. Wood
FATCA fuels IRS amnesty, but advocate calls it harsh
Forbes (2 Feb 2014)

http://www.forbes.com/sites/robertwood/2014/02/02/fatca-fuels-irs-amnesty-but-advocate-calls-it-harsh/

Despite the predictability it offers, 2012 OVDP “isn’t a very good deal for many.” The IRS taxpayer advocate says “the program imposes excessive penalties on taxpayers whose failure to file were not willful.”
 

Written by usxcanada

2 February 2014 at 6:00 am

Posted in Uncategorized