URGENT WARNING U.S.A. to Invade Canada - AGAIN! any american abroad around the world be warned.

[riverbendviewgal]

Last edited Mon Dec 2, 2013, 12:00 PM - Edit history (1)

The Foreign Account Tax Compliance Act is a U.S. law effective July 1, 2014. FATCA will force all financial institutions in the world to report to the IRS
the account records of anyone the U.S.A. considers to be a US person.

How could I be a U.S. person?

The U.S.A. considers you to be a U.S. person if you:

* were born inside the U.S.A.

* were born outside the U.S.A. to U.S. parent(s)

* are a naturalized U.S. citizen

* hold a U.S. green card

* are a visitor to the U.S.A. and meet the substantial presence test (some Snowbirds)

You are a U.S. person even if you are also a Canadian citizen or permanent resident and have lived in Canada most of your life.


What happens if I’m married to a U.S. person?

If you have joint accounts with your U.S. person spouse, those accounts will be subject to FATCA reporting.


What information will FATCA collect?

FATCA requires all Canadian financial institutions to compile annual reports for the IRS which include the account balances of
all their U.S. person clients.

What will the U.S.A. do with the FATCA reports provided by Canadian financial institutions?

The IRS will use FATCA reports to verify the information that U.S. persons provide on their FBAR (Foreign Bank Account Report)
and other tax forms. It will then assess penalties for unreported or incorrect information. The IRS will exchange this information
with other U.S. agencies such as the NSA, FBI, CIA and DHS. The vast majority of U.S. persons living in Canada are not aware
that U.S. tax law requires them to submit these annual FBAR reports and many are not even aware that they are required to file
and pay U.S. taxes, in addition to their Canadian taxes.

For more information visit: isaacbrocksociety.ca - maplesandbox.ca - repealfatca.com

What does FATCA have to do with me if I'm not a U.S. person?

Your bank or credit union will search your accounts looking for indications that you or anyone with signing authority on your
accounts, such as your spouse, might be a U.S. person. For example, receiving funds into your account from a U.S.
source is viewed as having a ‘‘U..S.. connection’’.. You will be
required to present evidence that you are not a U.S. person.

Failure to provide this evidence could result in your account being deemed a U.S. person’s account and subject to FATCA
reporting. It might result in closure of your account.

Why should I care about FATCA if I’m not a U.S. person and have no U.S. connection?

FATCA is extremely expensive for financial institutions and the Canadian government to implement and maintain. It is likely in
violation of the Canadian Charter of Rights and Freedoms (article 15) so affected Canadian citizens could launch class
action lawsuits against Canadian financial institutions and/or the Canadian government. It is foreseeable that the costs of
implementing and enforcing FATCA will be passed on to all the clients of the financial institutions and all Canadian tax payers..

Why would Canadian financial institutions and the government agree to FATCA?

FATCA will impose 30% withholding on all U.S. source income to financial institutions if they do not agree to FATCA. Canadian
banks are pressuring the government to sign an Inter-Governmental Agreement (IGA) with the U.S.A. to legitimize FATCA in Canada.

FATCA can be stopped!

Contact your MP and ask what he or she is doing to STOP FATCA!

[gordianot]

1. Missing is the escape clause if your last name is Romney and your Father is an immigrant.

In that case you can do what you want as well as not pay taxes and keep offshore bank accounts. I do feel for our cousins in Canada it might help if they did business with the United States exclusively in French.

[riverbendviewgal]

4. If you are an immigrant to the USA

you must report all your bank accounts, pensions and assests in the countries you have resided . Even Green card holders must do t his if they do not turn in their green cards.

Many immigrants do not know this .

[gordianot]

7. That truly is outrageous it is aimed at Canadians.

It appears some U.S. citizens can hide what they want.

[riverbendviewgal]

9. No one can hide anything that is connected to the USA

no doubt the very wealthy can get their expensive tax consultants to find loopholes.. the filing charges by these specialists are only affordable to the wealthy. The IRS penalties are very hefty and are in the thousands, even for a little mistake or something left out.

[riverbendviewgal]

5. This sheet is addressed to Canadians but ALL the world is to be under the thumb of IRS

and if the IRS can look at the world's banks they will be looking at the American ones too.

Will those PO Box addresses survive in Delaware and Nevada and Wyoming ?

[riverbendviewgal]

2. April 13, 2013 letter to US ways and means committee.

DU brothers and sisters. do you stand for justice and fairness? You can write to your congressman too on behalf of the world.
Do you want this one world government?


She is not a Mrs Romney or a rich tax evader...read her letter


http://waysandmeans.house.gov/uploadedfiles/patricia_anderson_daddario.pdf


It is a very very sad case and many around the world will be in her shoes

To file US income taxes while living abroad you must be very wealthy to afford the extremely high filing costs by specialized tax consultants. I can run yo u into the thousands per year This is why a big peak of renunciations and relinquishments are being made now. And it costs too. as you have to file 3 years of taxes and 6 years of FBURS...many filed their taxes on their own but never heard of FBURS....and they are penalized 10 grand each year return... more than they have . and when they don't own a cent. Most Americans living abroad as dual citizens live in higher taxes country than the USA. They are not tax evaders. The USA is losiing their Ambassdors who live year round in foreign countries. They are also losing business now too.

This is not just a tax grab . It is a US control the world's banks grabs.
There is no reciprocity as House Rep Posey from Florida wrote July 1, 2013 to Treasury that the US congress will not allow US banks to reciprocate.
http://freedomandprosperity.org/2013/press-releases/congressman-posey-rebukes-secretary-lew-on-fatca/

[riverbendviewgal]

3. FATCA Is a crazy law

4 minutes of Jon Stewart/Stephen Colbert Humour.. but you will get a true understanding of FATCA...pay particularly close to the ending.

#t=24

[nenagh]

6. Thank you riverbendviewgal..

For the information, unbelievable.

[riverbendviewgal]

8. Did you know?

Most people don't know because their governments and bank institutions are doing this in secret and quietly. One day people are going to be asked if they are somehow connected to the USA, even businesses. Imagine the IRS is going to know every banking transaction they do.

I will feel good that even one person is aware of this.
Read the lady' s letter - ways and means committee. It is frightening.

[riverbendviewgal]

13. That is what everyone says now

It is so incredible and hard to believe that people think I am making this up.
It is the real deal. What gets me that countries are so afraid of losing money that they are signing up even thought the USA congressman POsey wrote the treasury that the US government and banks will not reciprocate.

Now Germany is thinking of changing to a citizen based taxation like the USA. 193 countries in the world are resident based taxation. What this means is that there will be no emigrating, no investments other than the country you live in as a citizen.

One government ...and how long will the USA stay the power in charge? China is licking for the position of number one. and then what? you want the Chinese looking at your bank accounts?

[riverbendviewgal]

15. Get your Cdn passport now.

You can have both.
They are checking at the border now. and asking if you filed taxes. You like a lot of duels thought that USA was resident based or you didn't have to file because you never made enough ...Not true, unfortunately.

I would suggest you log on to this website..http://isaacbrocksociety.ca/2011/12/14/about-the-isaac-brock-society/

You can lurk before you make any comments. you don't have to join. You will get a wealth of information.


There are others just like you . Lots of grannies. and grandpas.
and young adults finding they are american....just accidently because their parents lived on the border and they had to go to the US hospital to birth their child.

Don't worry. You are not alone

[riverbendviewgal]

17. the custom agents look at passports

and they also ask you where you live. Recently they have been asking if those who live in canada when entering into the USA if they have filed taxes. They may say you must file your taxes and say they have made a note that they told you. Entering into the USA is required if you are a US citizen even living in Canada Many duals did not know this.

The border custom agents will not ask you about your banking information.
Many like you are now not going back into the USA.

Look into the website. You can get other websites from that website. There is continuous information.

It is sad it has come to this.

there is a new border control now. Check it out.
http://www.cbsa-asfc.gc.ca/media/release-communique/2013/2013-06-28-eng.html

no problem I am happy to alert people...It will be a shock for many when this FATCA starts in 2014

[RAFREE]

18. FATCA says it does one thing and does something entirely different

nenagh, I know Patricia. She is a 68 year old woman on a modest income living in a small town in Ontario. She is married to a Canadian who is outraged at all of this since it has cost them so much. They are NOT rich. This has cut into their modest retirement and now she is worried how they are going to make it. She is also not very well at all with multiple serious health issues. I will be seeing her again this coming Thursday.

My spouse too is Canadian. He makes all of our income at his Canadian job on Canadian soil. We pay our taxes gladly and in full to Canada. I would never owe any U.S. tax but, I got swept up in this too. My spouse refuses to give the U.S.A. a foreign nation to him his bank account data just because he is married to me. Had he married someone from any other nation on this planet except the U.S. and Eritrea this wouldn't be required of him or our son who is also not American. I renounced U.S. citizenship at the age of 55 years old to protect my family from this over reach. They could not bank the same as every other Canadian citizen any longer because of me and we are FAR from rich nor are we tax cheats.

I also spoke this week with a 77 year old man in my town. He was brought back to Canada at two months of age by his Canadian parents. As the U.S. did not used to allow dual he did not ever think he was a U.S. person. Because of FATCA he found out that he was and it cost him20,000 dollars to get out of this trap. I know the section of my town he lives in and it's not where the elite live by a long shot. Now he too is worried that this has cut into his retirement and how he will pay for it.

I also spoke just this week with someone whose 90 year old mother is in this mess. He has paid over 4000.00 to deal with this for her and is taking her to renounce her U.S. citizenship in the next ten days. She too would not ever have owed any taxes.

These people are NOT the Romney's of the world. Those people can pay expensive international tax attorney's to deal with whatever they need dealt with.

FATCA goes after a problem with a hammer and the problem with that is that it is whacking the innocent and many low to middle income seniors living in high tax countries like Canada are getting slammed hard. I have seen so many horrible situations over this now that I cannot believe this is what the U.S. intended. It seems they are saying "We're going after tax cheats" while who they are really harming is those with little power or influence to fight back. The uber wealthy and bankers are let off the hook. Bankers will pass any costs along to all their customers and the IGA's will cover their butts legally. Unfortunately for the lowly well, they will get slammed with fines and fees. 82 percent of all U.S. expats will never owe any U.S. taxes so what's up with all these penalties on foreign seniors, their foreign spouses and children too. FATCA is Orwellian in the extreme.

[RAFREE]

20. Too many complicated fall out issues with this

I too am in a small city in Ontario. You'll find a lot of help at that site.

In a LOT Of cases what FATCA has done is to force the "U.S. person" in the family to have to choose between their foreign family or country of birth but, you cannot afford to be dual any longer. The rich can still do it but, not people like us.

My spouse was really angry that the U.S. wanted his banking information. Wondering why the U.S. is so offended about NSA reading emails and listening to phone calls but, it's okay for a Canadian to have their banking data turned over. Even the crafters of this legislation said in many cases FATCA was not about taxes but, about collecting data and that this data could be shared with other U.S. agencies. What agencies? And would a foreign person even know who had their banking account numbers, transactions and balances? Our local checking account up the street is NOT "off shore" to us. It's where we live.

They are playing whack a mole and the moles getting it are the 99 percent. Those who are uber wealthy will continue on as usual with their five hundred dollar an hour attorney's and planners.

Banks are getting bailed out with these IGA's and the customers are getting sold out American or not. Best not have ANY "U.S. indica" at all or renounce. My bank told us that I could take my name off our home and checking account. So if something happened to my husband I'd be a pauper. Either that or renounce, that's it. But you can't have an education savings fund for your child, a disability savings fund and many other things Canada encourages you to do or allows. ALL taxable in the U.S. You'll be a liability in many ways if you try to be dual anymore.

[RAFREE]

23. Sorry about the bad news nenagh

U.S. indicia means any sign that you have ANY U.S. connection and that doesn't mean you have to be a citizen of the U.S. For instance foreign spouses and children will have their bank data turned over too. It has nothing to do with U.S. assets. You do not have to have ANY U.S. assets to be reported on by your bank.

If you or your family have any U.S. indicia then TFSA's are NOT a good savings vehicle for you or your family. RRSP's will have to be reported if you share one with a Canadian or have one yourself.

For some people the only way to continue to bank normally where you live or save for your future or your kids future is to renounce. Yes, it takes time. The consulate in Toronto is backed up with these right now but, it's not impossible. Sad to say that's what it has come to.

I suggest if you are Canadian that you go look up support from perhaps Maple Sandbox or Isaac Brock Society as there are questions on the side bar to guide you through the process of some of this. Also, you could pm me any questions. I've known about this for two years. My spouse objected strenuously to having his banking data turned over to the U.S. and he's the only wage earner in our family since I stayed home our son who has disabilities. Therefore we went though quite a time figuring out what to do. We just couldn't justify his not being able to save, bank or live just because he married me. Also couldn't justify decades more of compliance for our family including our son who the U.S. claims as also American for tax purposes. Yes it's kind of a big fat mess in many, many ways.

[riverbendviewgal]

21. RAFREE Welcome to DU

You just signed on today and can give DU a wealth of information. Most of DUrs are Americans but they can benefit from your information and experiences on FATCA.


WELCOME!!!!!

[Posteritatis]

25. Given how broadly the law defines "US person," would renouncing citizenship help at all? (nt)

[riverbendviewgal]

27. It will help you.

Read the links I wrote below....There are many like you.

[dipsydoodle]

10. What if I own an American made banjo

and drive a US designed car ?

[riverbendviewgal]

11. You are making light of a serious situation

a bad law that will end up hurting the USA. DId you watch the video to the end.

I am sorry dipsydoodle. there is no humour here where many are being financially ruined and losing jobs.

I do suggest you read this too.

The author made the video. this essay is not at all humorous.
http://www.amazon.ca/FATCA-New-Birth-American-Empire-ebook/dp/B00GVFLO3U/

[riverbendviewgal]

12. I would like to point out to you

That UK was the first country to sign on to FATCA

[Posteritatis]

24. Extraterritoriality, ain't it just grand?

I'm going to get hit by this - I was born in the US, to Canadian parents, who moved back north a few months after I was out of the hospital - and I wish I could feel even the slightest hope that Harper isn't going to give in to US demands in every last particular on this one.

[riverbendviewgal]

26. Write to your MP.

Talk to your friends and family . go to http://isaacbrocksociety.ca/2011/12/14/about-the-isaac-brock-society/

The sidebar will give you access to the Petition to MP Ted Hsu. print it out . follow the instructions and mail it to him with signatures. We need as many signers as possible...
I am glad you found out before getting the shock of your life when your banks ask you the question are you an American person.

Join us in the fight against FATCA

also you can find information on http://maplesandbox.ca/

and http://www.repealfatca.com/

spread the word. your knowledge strenghtens the fight. This is for you, Canada and the world.

[1monster]

29. So what is to compel Canadian (or other) finacial institutions to comply with US law? Last I heard,

Canada was a sovereign nation and the US could not make laws that Canada had to adhere to.

[CHIMO]

30. The US

Wants Canada to take over North America!

[riverbendviewgal]

31. extortion and threats

Read the FATCA fact sheet. Actually the US wants to control the world throug the banks.

[RAFREE]

32. The U.S. Threatened with

a 30 percent with holding charge on the banks who did not go along on every U.S. transaction the bank does. This put the banks in a bad position here because they would be violating our Charter of Rights if they went along and face the charge from the U.S. government if they did not.

Hence the banks push the Canadian government to sign and IGA which legally would cover their behind but, do nothing for the customers. Of course and again the banks will get a bail out on this and average customers will get nothing except sold out. Banks pushed the government to sign. Canadians NDP, Green Party, Liberals, The Canadian Civil Liberties Association and others lobbied against it. Who do you think will win?

Also, if Harper caves and signs on which he will be forced to do even if we have to change OUR laws to do it then he will get his damned and hated Keystone pipeline deal for going along is the speculation here. So, I look for them to all join hands, smile at the camera whilst selling out the Canadian public and say "all is well, we got the tax cheats in line! All hail the pipeline deal too. Isn't that lovely how Canada loves the U.S."

Meanwhile nothing more will be said until the majority of the public finally finds out that a.) your bank rates are going up to pay for this. and B.) It does violate our Charter so we'll have to change some of our laws to do it and C.) Canada will get diddly squat for the millions they spend on it except Harper will get his hated Pipeline deal.

And thus is how the Banks, The U.S. government and Harper will sell out Canada to the bullies and in order to get whatever he wants while protecting the bankers. All will be sold as "going after tax cheats"

I don't know how they will explain Flaherty's previous outburst and remarks against this entire idea probably with some platitudes about how he got some compromises that will protect the innocent while nothing of the sort was done at all.

This whole thing reeks to high heaven.

What should have happened was full public debate here *all talks have been done behind closed doors* Parliamentary review, and full disclosure of what this means for Canadians. However, had they done that this never, ever would have passed.

I miss the elder Trudeau so badly right now because I know what he would have told the U.S. government they could do with their "FATCA"

[riverbendviewgal]

33. I miss our prime minister Trudeau who would have told the USA to fuddle duddle themself

There is a rumor out that Harper will resign after he signs the FATCA act in return for The pipeline agreement. Then he can go off in the sunset and not be humilated being out voted by Justin Trudeau voters. Harper will maybe go on to head Keystone or Transcanada and get rich while Canadians lose their sovereign rights. SICKENING!!!!

[RAFREE]

34. Alas

The elder Trudeau years are no more. My first years in Canada and I miss him now more than ever. He and Jack Layton too!

Yes, Harper will use signing this in order to get his pipeline deal. There is no way on earth he will miss that opportunity. If he signs something so unpopular here he will get something else unpopular but, that he personally sees as a victory. I've lived through a lot of PM's here and this man is the worst. I hardly recognize Canada anymore. It's too bad it will be nearly impossible for anyone following him to undo this FATCA crap OR this pipeline.

Don't say you weren't warned though people. It's a trade off and it's not good for anyone.

He'd have to resign after signing off on two of the worst damned things Canada has ever done or hide away forevermore due to possible stoning! How did we end up with this weak, weak man!

People say liberals are weak but, when I compare what Trudeau would do and not do now...it's looking like Harper..he's just a boy who can't say NO!!

[riverbendviewgal]

35. Harper is a bad boy

a bully as it seems even with his own caucus...Maybe the RCMP will find something criminal. and even he is not charged he will be forever associated with it.

He is a Leo Straussian. who believes the elite should rule