Of particular significance is the following excerpt:
Trouble in ‘the True North Strong and Free’
One of the priority countries identified by Treasury as a must-have signatory on an IGA is Canada. It would be a sharp setback for FATCA if Canada were to refuse to agree to an IGA or to allow extraterritorial enforcement of FATCA against Canadian institutions. At the same time, given the high degree of overlap between the U.S. and Canadian economies (including the financial systems of the two countries) and the large number of U.S. citizens resident in Canada (many of them dual nationals), FATCA’s enforcement against Canada – whether with an IGA or without one – promises to be particularly expensive and invasive.
While Canadian Finance Minister Jim Flaherty has been blunt in expressing his negative opinion of FATCA, his Department of Finance recently asked for public comments on a possible IGA amid reports from both Ottawa and Washington that a deal would be finalized soon. This news prompted circulation of an Appeal against FATCA and a U.S.-Canada IGA by The Isaac Brock Society (IBS), in cooperation with Repeal FATCA. (The full text of the IBS Appeal follows this commentary, below).
As is clear from the comments on one site posting the IBS appeal, Canadians who support FATCA or an IGA are few and far between. When the silence about FATCA is broken, and people can assess what is being imposed on them, FATCA comes up short.
The question is, will enough Canadian patriots get the facts before it’s too late – and will the Canadian media stop ignoring this assault on their country’s sovereignty and prosperity? Continue reading →
Roger Conklin is an incredibly articulate proponent of abolishing citizenship-based taxation. Time after time he has demonstrated the linkage between the US trade deficit and its tax policies (including citizenship-based taxation).
Here are two of his best comments from the Isaac Brock Society:
OTTAWA, Ontario, Nov. 14, 2012 /CNW/ – The following is released by the Isaac Brock Society:
Recently the Department of Finance invited comments on what was characterized as “an agreement to improve cross-border tax compliance through . . . the provisions enacted by the United States commonly known as the Foreign Account Tax Compliance Act (FATCA).” This eleventh-hour invitation came as sources in both Ottawa and Washington announced that they were close to finalizing an intergovernmental agreement (IGA) that would, in effect,deputize the Canadian government to enforce this American law in Canada. Continue reading →
1. The Professional Future of the Cross-Border Professional – Their right to make a living depends on their getting along with the IRS.
2. The Economic “Well Being” of the Cross-Border Professional – Their ability to make a living depends on their being able to extract enough fees from clients (or is the IRS the real client?).
3. The facts specific to the client – What kind of job will/can they do for the client that is consistent with the interest of the cross-border professional? Code: There is only so much money the client can pay.
Check out the following description of a US citizen abroad trying to be tax compliant.