Archive for the ‘Legal’ Category
Arthur Cockfield / Allison Christians
How the U.S. pulled off the great Canadian privacy giveaway
Globe and Mail (10 Apr 2014)
Two Canadian law professors succinctly outline unprecedented FATCA giveaway of Canadian sovereignty to the United States. They propose: “Canada should only transfer data associated with U.S. persons who are not Canadian residents.”
Roy A. Berg / Kim G.C. Moody
Leaked guidance notes threaten to invalidate Canada’s FATCA
STEP Resources (1 Apr 2014)
“Canada’s legislation and leaked guidance notes threaten to invalidate the IGA and cast certain Canadian entities, including private trusts, out of the walled garden of the IGA and into the inky blackness of FATCA.”
Virginia La Torre Jeker
The tax non-compliant American abroad: what are your choices?
Angloinfo (10 Mar 2014)
“The typical client I assist owes little, or no tax after taking into account foreign tax credits and foreign earned income and housing exclusion amounts … [but] is potentially subject to huge penalties.” Options are outlined: voluntary disclosure, quiet disclosure, streamlined procedure. Specific comment also focuses on high/low risk classifications and what qualifies as “reasonable cause”
Canada’s draft legislation undermines FATCA agreement with U.S.
Financial Post (10 Mar 2014)
Tax lawyer Roy Berg of Calgary’s Moodys Gartner Tax Law warns that Canada’s intended implementation of FATCA legislation may prove invalid because of definition of “financial institutions.”
Roy A. Berg
Canadian snowbirds beware! Border crossing rules for 2014 increase stakes for “day count”
Moodys Gartner (25 Nov 2013)
On 30 June 2014 new procedures will lead to precise days-of-residence counts available to both Canada and the United States. Snowbirds may encounter undesirable tax consequences.
Kevyn Nightingale / David Turchen
The US implications of a tax free savings account
Wealth Management Times no. 77 (Aug 2013)
31 footnotes. “Most of the larger accounting firms are taking the conservative position that a TFSA is not treaty-protected. … The IRS has not pronounced on this question, and the issue has not yet been litigated.” [This article first appeared in the CCH newsletter Tax Topics No. 2146 (April 25, 2013).]
Renouncing your US citizenship: failed amendment may signal that now is the time to get out!
Moodys Gartner (4 July 2013)
14 footnotes. Recent failed legislative attempt to bar “covered” expatriates from entering the United States indicates that “the issue of renouncing one’s US citizenship is again front and center on Congress’s radar and the only guarantee moving forward is that any potential changes will not make things any easier to get out.”