Warning! USA invading Canada and other countries. be aware if you are an US person living abroad. [View all]
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!
Watch this 4 minute funny video to help you understand.
Read about a tax compliant US dual citizen and the fines that wiped out her savings.
http://waysandmeans.house.gov/uploadedfiles/patricia_anderson_daddario.pdf
If you know any US person as described above living abroad then please let them know about FATCA.
Would you want the IRS to see EVERY banking transaction you make?
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