Monthly Archives: December 2012

#FATCA – Freedom is never more than one generation away from extinction, so it must be the “road taken”

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Freedom is never more than one generation away from extinction

Ronald Reagan

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“The price for this freedom at times has been high, but we have never been unwilling to pay that price. … I do not believe in a fate that will fall us no matter what we do. I do believe in a fate that will fall on us if we do nothing.”

Ronald Reagan

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“But a Constitution of Government once changed from Freedom, can never be restored. Liberty, once lost, is lost forever.”

John Adams

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“When people fear their government, there is tyranny. When government fears the people there is liberty.”

Thomas Jefferson

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#FATCA and the Canadian Charter of Rights and Freedoms

Love him or hate him (and there was very little in between) former Canadian Prime Minister Pierre Trudeau left his mark on Canada. The Trudeau Liberals brought Canadians a set of entrenched constitutional rights. From April 1, 1982 the history of Canada was forever changed.

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Democrats Abroad are like The Stepford Wives

stepfordwives

The Stepford Wives is a 1972 satirical thriller novel by Ira Levin. The story concerns Joanna Eberhart, a photographer and young mother who begins to suspect that the frighteningly submissive housewives in her new idyllic Connecticut neighborhood may be robots created by their husbands.

 

Democrats Abroad is a frighteningly submissive group of automatons who believe it’s their job to carry on the work of the Democratic Party outside the United States. In their “robotic way” they believe in the “goodness” of the Democrats and ignore:

“FATCA, FBAR, OVDI, OVDP and the rest of the Treasury/IRS/HIRE/IGA alphabet-soup train wreck that is coming down the tracks to destroy the lives of U.S Persons abroad, and ultimately the homeland United States as well”.

They are, in their robotic way, completely asleep at the wheel and will be judged by their complete inaction in this matter. Continue reading

The Sun Life Betrayal Part 3 – Converting the non-willful into willful

This is my third post discussing the decision of Sun Life to throw its clients “under the IRS Bus”. The first two posts were:

Sun Life Prepares To Turn Clients Over To IRS for Processing – Bitter End to a company with a proud history

The Sun Life Betrayal Part 2 – The Possible Consequences of Pension Plans Being PFICs

Today I continue my discussion of the friendly message from Sun Life. Part of the message says: Continue reading

The Sun Life Betrayal Part 2 – The possible consequences of pension plans being PFICs

foxhunt

Prologue:

If you are a US citizen or permanent resident and have been living and working outside the US and investing your savings through a non-US financial institution, you need to learn what a Passive Foreign Investment Company (PFIC) is very quickly.

Why? Because the passage of the Foreign Account Tax Compliance Act (FATCA) in 2010 is ushering in a new era of dramatically heightened enforcement of US laws regarding taxation of and reporting on investments held outside the country by US Citizens or permanent residents

PFIC rules generally apply to investments held inside foreign pension funds, unless those pension plans are recognized by the US as “qualified” under the terms of a double-taxation treaty between the US and the host country.

If you don’t know what a PFIC is, here is PFIC 101.

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Sun Life prepares to turn clients over to IRS for processing – bitter end to a company with a proud history

 

[https://www.youtube.com/watch?v=rNtIDy78DdE]

 

Once upon a time there was a Canadian life insurance company. It’s name was Sun Life. Sun Life was founded  in 1865 in Montreal (predating Confederation by two years). It was a proud Canadian institution. It was in the business of protecting families. The story of Sun Life parallels the history of the world since 1865. It is an international company with a presence in most of the developed world. It saw itself as a “good corporate citizen”. During World War II the wealth of Great Britain was stored in the Sun Life building in Montreal. During World War II the company provided entertainment for Canadian troops abroad. After World War II it helped “protect” the middle class of North America. The name “Sun Life” meant “trust”. If you want to learn about Sun Life, review a bit of history and understand Sun Life’s important role in Canadian history, I urge you to watch the video history of Sun Life financial.

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US tax and penalty club makes US citizens risky to accept as immigrants