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.”
Americans abroad find citizenship too taxing to keep
USA Today (8 Mar 2014)
Two extraterritorial US persons in Switzerland tell their stories. One has already renounced, and the other is considering that action. US citizenship renunciation totaled 3000 in 2013, a 221% rise from the preceding year. Two tax professionals describe the difficulties and costs of filing. “A poll conducted by the de Vere Group, a financial consultancy, late last year revealed that 68% of American expatriates have considered giving up their U.S. citizenship as a result of FATCA.”
James George Jatras
Enforce Canadian law, not FATCA
Toronto Star (3 Mar 2014)
A Washington-based lobbyist sees Canada’s capitulation to FATCA’s “expensive, invasive and anti-sovereign demand” as unnecessary. He refutes Canada’s excuses under five points of failure: to lobby, to negotiate the best deal, to protect privacy, to avoid costs, to obtain reciprocity.
FATCA in Canada: constitutional challenge mounting
Tax, Society & Culture (28 Feb 2014)
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.”
‘Chaotic’ US tax stampede overwhelms specialists
swissinfo.ch (25 Feb 2014)
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).”
Canadian warns U.S. citizens abroad of new tax collector
Toronto Observer (24 Feb 2014)
Comment from Peter Dunn features prominently in this story on FATCA.
Snowbirds, citoyens américains: sortez la tête du sable!
La Presse (19 Feb 2014)
A Quebec writer picks up the FATCA story.