Possible indication of #FATCA causing banking problems for #americansabroad in Canada

Cdn resident's #RRSP account frozen bc of self-identification as one of #americansabroad in Canada - isaacbrocksociety.ca/2013/05/27/tra… – Likely #FATCA—
U.S. Citizen Abroad (@USCitizenAbroad) June 06, 2013

A comment at the Isaac Brock Society included the following:

On Oct. 18th, 2012 I applied at the Royal Bank to become a signature to my husbands direct investing account. The question of my birth place was on the application form and as always I advised I was born in the U.S. At the time I was unaware of FATCA.
During that meeting, via phone, I was advised by RBS Direct Investing that my RRSP account was frozen and I could no longer trade within that account. The individual I dealt with at RBC Direct Investing was a Senior Manager. My account would be frozen until such time as I completed a “w-9″ form which required a SSN which I have never had. I have made appts. twice at Toronto Consulate to apply for SSN but have cancelled as I am not sure it is the right move for me to make at this time.
I did write letters to the PM, Jim Flaherty and my MP….in fact, just mailed them yesterday regarding my situation and I did relay the issue with the Royal Bank.
My husband and I will be attending the meeting on June 15th ….bit of a distance for us but we will be there.

http://isaacbrocksociety.ca/2013/05/27/traumatized-by-the-irs-and-us-reaching-into-canada/comment-page-3/#comment-374381

Asking the right questions about #FATCA

What about #FATCA impacts on resident EU citizens of dual US citizenship? @SophieintVeld drives home the question bit.ly/18zGj5t—
Marvin Van Horn (@FATCA_Fallout) May 30, 2013

 

 

 

This is excellent! Thanks to Just Me for tweeting the conference!

 

#IRS abuse of Americans Abroad – The greater the effort! The greater the punishment!

 God, grant me the serenity to accept the things I cannot change,
The courage to change the things I can,
And wisdom to know the difference.

More on #IRS abuse of #americansabroad

Reports of #IRS abuse of #americansaborad isaacbrocksociety.ca/2013/05/25/rep… – Homelanders would not believe this was possible! Its a #FATCA – #FBAR 2—
U.S. Citizen Abroad (@USCitizenAbroad) May 27, 2013

The following comes from a post at the Isaac Brock Society.

A government of laws or a government of Levins? #Standwithrand

Mike Kelly explains why investigation into IRS just starting

Congressman Goes On Berating Rant At Ousted IRS Commissioner And Gets A Standing Ovation businessinsider.com/mike-kelly-ran… – Rep. Mike Kelly (R-Pa.)—
U.S. Citizen Abroad (@USCitizenAbroad) May 19, 2013

All U.S. citizens everywhere should watch this video of Mike Kelly and Steve Miller. I predict that (as the Carpenters sang):

“We’ve only just begun!”

Roger Conklin: This battle is far from over. In fact it hasn’t really begun.

@USCitizenAbroad Answer must be Congressional ignorance of the facts. Any other reason is too terrible to contemplate.—
Peter Dahlen (@peterdahlen) March 02, 2013

@uscitizenabroad Don't know Nunes. @ACAVoice is doing great work educating (which is lobbying at its core) Congress. ow.ly/icT3U—
Peter Dahlen (@peterdahlen) March 02, 2013

This post is a “follow up” to an earlier post called: “Why are we so cruel to U.S. citizens living abroad.” That post also referenced the above Twitter Exchange. That post included the following poll:

The preceding twitter exchange identified at least part of the reason for citizenship-based taxation as “Congressional ignorance”. The exchange also referenced the need to get the message to the Ways and Means Committee. With the help of the advocacy of American Citizens Abroad and others Congress received many submissions on the topic of citizenship based taxation. Thanks to AbusedExpat for taking the time to transcribe excerpts from the submissions in comments starting here.

As Patrick Henry notes the comment from Jackie Bugnion of ACA rated a 10 on the “emotion scale” and was a true “Declaration of Independence” for Americans Abroad. Patrick Henry comments that:

Michael Miller on the 877A Exit Tax – Applies Prospectively

Expats Live in Fear of Malevolent Time Machine

Of relevance is the following:

It should be self-evident, however, that such a result is absurd, and cannot have been intended.

Congress cannot possibly have meant to treat individuals who had long since relinquished their U.S. citizenship, and whose expatriations had always been respected for federal tax purposes, as if they had been citizens all along.

Undoubtedly, Code Sec. 877A was meant to apply solely to individuals that, on (or after) the date of enactment, were otherwise treated as citizens (or long-term residents) for federal tax purposes.

Any individual who took all steps required to successfully terminate citizenship for federal tax purposes, under the tax laws as in effect immediately prior to enactment of the 2008 Act, would not again need to relinquish U.S. citizenship and thus could not be within the intended scope of Code Sec 877A(g)(4).

Possible Canadian tax relief for US persons in Canada

@Moodystax Might the 2013 Canadian Federal budget lay the groundwork for a #FATCA IGA?—
U.S. Citizen Abroad (@USCitizenAbroad) March 05, 2013

Will the 2013 Canadian Federal Budget include some references to Canadians who the IRS defines as U.S. persons? As we all know the US is currently trying to get Canada to surrender part of its sovereignty by signing a FATCA IGA.

In its prognostications on the 2013 Budget, Moodys Tax Advisors considers:

Nice list of blog posts about U.S. Citizenship Abroad

Nice list of articles about citizenship-based taxation by Victoria: …efranco-americanflophouse.blogspot.fr/p/the-diaspora… #FATCA #FBAR #americansabroad—
U.S. Citizen Abroad (@USCitizenAbroad) February 12, 2013