Archive for the ‘British Columbia’ Category
U.S. tax laws: the long arm of Uncle Sam
B.C. Business (5 Oct 2012)
This is the first general-interest article in a Canadian publication to dig into what FATCA means for Canadian banks and credit unions who must also comply with Canadian privacy legislation. The story is personalized with an account of the difficulties encountered by B.C. resident Maury Williams. “The number of expatriate U.S. citizens renouncing their citizenship, while still very small, is growing rapidly. Lawyer [Ron] Zisman confirms that his business is booming and traffic at the Vancouver consulate is getting higher.”
U.S.-born Campbell River senior fears Uncle Sam’s tax wrath
Campbell River Mirror (3 Jan 2012)
An unnamed resident of Campbell River BC, male aged 65, Canadian citizen for 40 years, views IRS policy as entrapment “smokescreen.” He fears travel to US to visit family. “Once I showed my Canadian passport at the border and the U.S. border guard told me ‘you are a U.S. citizen until we tell you you’re not’.”
American tax hunt haunting Victorians
Victoria Times-Colonist (23 Sept 2011) B1
The story features the “panic and anxiety” of a dual citizen who has lived in Canada for two decades without filing US tax returns. “Statistics Canada’s 2006 census information showed nationally that 226,755 people reported they held either single or dual U.S. citizenship. In B.C., that number was 48,945, and in Greater Victoria it was 5,215.” Accountant Terry Dyer reports “up to 65 calls a day … in late August as the initiative deadline approached.” He estimates that professional fees alone to achieve compliance “could reach $20,000 to $30,000.”
B.C. residents among dual citizens targeted by IRS
CTV News Video (17 Sept 2011) 2:26
Maury and Linda Williams face a $30,000 expense to become compliant with the US tax regime (eight years of filings) and they also fear for their children. Maury “left the U.S. in 1973 and has been a Canadian citizen for 25 years.”
Obama asked to intervene in IRS assault on Canadian residents
Vancouver Sun [Matters blog] (6 Sept 2011)
“Today the American government has apparently become what it despises. Through its tax collection arm, the Internal Revenue Service, it has launched a campaign against its own non-resident citizens that’s every bit as arrogant and uncaring as the Brits ever were to the Americans.” Cayo goes on to publish the text of a letter that UBC history professor Maurice Williams of Kelowna has sent to President Obama.
Deadline for disclosure
Vancouver Observer (30 Aug 2011)
The Sept 9 OVDI deadline approaches. Two personal stories: Dawn C. in Vancouver “never lived or worked in the U.S.” Clarissa came to Canada in 1975, became a citizen in 1980, and has a single-nationality Canadian husband. Tax accountant Steve Flynn points to the option of quiet disclosure with risk of review or audit.
Tax penalties on U.S.-Canadian citizens in Canada “outrageous,” MP Don Davies says
Vancouver Observer (19 Aug 2011)
Case cited of West Vancouver dual citizen resident in Canada for 35 years. “This is about a transfer of wealth from Canadian citizens to the U.S., and it’s affecting hundreds of thousands of people in Canada,” says Davies.