Here's an informative article for US expats in Canada, from The Globe and Mail. As people in the comment section point out, it's not a change of tax policy on the part of the IRS. What's notable is this part, particularly what I've bolded:
Starting in 2013, the IRS will require financial institutions outside the United States to disclose all accounts held by current and former U.S. citizens and green-card holders. They will likely have to file years of U.S. tax returns and detailed annual account disclosure. Finance Minister Jim Flaherty said Friday that Canada is not a tax haven and that the U.S. Foreign Account Tax Compliance Act will place an onerous burden on Canadian financial institutions.
I have tried to stay in compliance with IRS requirements to the best of my ability since we've been expats. Now I'm hoping the Canadian banks we use won't mind keeping us on as clients if they need to report every account we have to the IRS.
Proof and Certainty
16 hours ago
4 comments:
Seems a bit presumptuous of the U.S. to require a company not doing business in the U.S. to comply with a U.S. law. Of course, if there is an agreement between the countries, then that's different.
Yes, and the article seems to imply that the IRS is going to require this of all countries. I don't see how they will enforce this. I don't think one of our banks even realizes that we are US citizens.
I'm renouncing my U.S. citizenship because of this. I have dual and my husband is not even American yet they can make us disclose HIS income and details. I've never broken the law and I resent being treated like I am a criminal. It's no ones business what accounts we have. For years the U.S. has had me paying taxes without representation since I get no benefit from the taxes paid as I do not live in the U.S.
No other country taxes it's citizens that don't live in the country. That alone is bad enough but, these new laws are over the top. I resent the president calling every one who lives outside the country "overseas tax cheats" without disclosing what these draconian measures mean to average working families.
I've had dual citizenship for 30 years and nothing else has pushed me so hard as to make me want to just give up my U.S. citizenship. I'm done though. I don't want my Canadian kid to have to deal with these stupid and punitive tax laws and ever increasing measures when I die.
No more. It's a lot more than presumptuous. It's invasive and has had consequences for most working people not intended but, also not cared about. Thank god, for Canada. I'm tired of this hounding, assumptions and constant punitive measures.
Anon, that's understandable. Still, I've heard that even after renouncing US citizenship, the IRS can tax you for up to 10 years. Not sure how they would, but I'd look into it.
Post a Comment