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<blockquote data-quote="Marlow Wilson" data-source="post: 51721" data-attributes="member: 47"><p>Re: The Facebook guy</p><p></p><p></p><p></p><p></p><p>I haven't read this whole thread properly, but i know lots of Dual Canadian-American citizens feel forced to renounce their US citizenship because the IRS is after them. Relief to the draconian penalties was granted, but many are still uneasy. One example:</p><p></p><p style="text-align: left"><span style="color: #000000"><span style="font-family: 'Verdana'"><em>Failure to file so-called Foreign Bank Account Reports can result in penalties of $10,000 (U.S.) a year for every account – fines that can quickly reach hundreds of thousands of dollars. In some extreme cases, the IRS can seize up to half the contents of accounts. Neglecting to file certain tax schedules also triggers fines.</em></span></span></p> <p style="text-align: left"><span style="color: #000000"><span style="font-family: 'Verdana'"><em></em></span></span></p> <p style="text-align: left"><span style="color: #000000"><span style="font-family: 'Verdana'"><em>Mike Vance, a 26-year-old doctor from Nanaimo, B.C., who moved to Canada as a child, said the partial amnesty is good news. But he said he no longer trusts that the United States won’t come after his assets in the future as the country struggles to deal with its massive debt.</em></span></span></p> <p style="text-align: left"><span style="color: #000000"><em></em></span></p> <p style="text-align: left"><span style="color: #000000"><em>“I’m using this as a warning sign,” explained Mr. Vance, who recently began the complex process of renouncing his U.S. citizenship. “I’m just starting out as a young doctor and going to have a fair bit of money invested in Canada.”</em></span></p> <p style="text-align: left"><span style="color: #000000"><em></em></span></p> <p style="text-align: left"><span style="color: #000000"><em></em><span style="font-family: 'Verdana'">From <a href="http://www.theglobeandmail.com/report-on-business/us-taxman-to-go-easy-on-american-residents-in-canada/article2257395/" target="_blank">U.S. taxman to go easy on American residents in Canada - The Globe and Mail</a></span></span></p> <p style="text-align: left"><span style="color: #000000"></span></p> <p style="text-align: left"><span style="color: #000000"></span></p> <p style="text-align: left"><span style="color: #000000"><span style="font-family: 'Verdana'">This was the earlier story:</span></span></p> <p style="text-align: left"><span style="color: #000000"><span style="font-family: 'Verdana'"></span></span></p> <p style="text-align: left"><span style="color: #000000"><span style="font-family: 'Verdana'"><em>The U.S. citizenship ceremony is an iconic rite of passage for immigrants. </em></span><em><span style="font-family: 'Verdana'">Would-be Americans gather to pledge allegiance to the Stars and Stripes. There are cheers and often tears, patriotic speeches, sometimes music, and plenty of flag waving.</span></em></span></p><p><span style="font-family: 'Verdana'"><em></em></span></p><p><span style="font-family: 'Verdana'"><em>Now, a small but growing band of Americans in Canada is doing it in reverse – gathering en masse to begin the process of becoming un-American. <p style="text-align: left"><span style="color: #000000">It was a sombre affaire at the U.S. consulate in Toronto last month as 22 Americans waited in the rain before being ushered in to what is believed to be the first citizenship renunciation meeting ever held in Canada.</span></p></em></span></p><p style="text-align: left"><span style="font-family: 'Verdana'"><em><span style="color: #000000"></span></p></em></span></p><p style="text-align: left"><span style="font-family: 'Verdana'"><em><span style="color: #000000"></span></p><p></em><p style="text-align: left"><span style="color: #000000"><em>Unlike most countries, the United States requires its citizens to file annual tax returns with its Internal Revenue Service regardless of where they live and work. Many of the roughly one million Canadian-American citizens long ago stopped filing, assuming they owed no tax. Many are worried now they’ll be hit with punishing penalties as a result of recent U.S. efforts to prevent its citizens from hiding assets in offshore tax havens.</em></span></p></span></p><p style="text-align: left"><span style="font-family: 'Verdana'"><span style="color: #000000"><em></em></span></p></span></p><p style="text-align: left"><span style="font-family: 'Verdana'"><span style="color: #000000"><em>New rules require all Americans to report their foreign bank and brokerage accounts every year. And by 2014, Canadian financial institutions will have to identify accounts held by U.S. citizens to the IRS. <strong>The crackdown has provoked outrage among Canadian-American citizens in Canada.</strong></em></span></p></span></p><p style="text-align: left"><span style="font-family: 'Verdana'"><span style="color: #000000"><em><strong></strong></em></span></p></span></p><p style="text-align: left"><span style="font-family: 'Verdana'"><span style="color: #000000"><em><strong></strong></em><a href="http://www.theglobeandmail.com/news/world/americans-in-canada-driven-to-divorce-from-their-country/article2229969/" target="_blank">Americans in Canada driven to divorce from their country - The Globe and Mail</a></span></p></span></p><p style="text-align: left"><span style="font-family: 'Verdana'"><span style="color: #000000"></span></p></span></p><p style="text-align: left"><span style="font-family: 'Verdana'"><span style="color: #000000"></span></p></span></p><p style="text-align: left"><span style="font-family: 'Verdana'"><span style="color: #000000">One way of looking at this is to say that some of those 'leaving' may have left long ago. Canada is certainly no tax-haven either!</span></p><p></span></p></blockquote><p></p>
[QUOTE="Marlow Wilson, post: 51721, member: 47"] Re: The Facebook guy I haven't read this whole thread properly, but i know lots of Dual Canadian-American citizens feel forced to renounce their US citizenship because the IRS is after them. Relief to the draconian penalties was granted, but many are still uneasy. One example: [LEFT][COLOR=#000000][FONT=Verdana][I]Failure to file so-called Foreign Bank Account Reports can result in penalties of $10,000 (U.S.) a year for every account – fines that can quickly reach hundreds of thousands of dollars. In some extreme cases, the IRS can seize up to half the contents of accounts. Neglecting to file certain tax schedules also triggers fines.[/I][/FONT][/COLOR] [COLOR=#000000][FONT=Verdana][I] Mike Vance, a 26-year-old doctor from Nanaimo, B.C., who moved to Canada as a child, said the partial amnesty is good news. But he said he no longer trusts that the United States won’t come after his assets in the future as the country struggles to deal with its massive debt.[/I][/FONT][/COLOR] [COLOR=#000000][I] “I’m using this as a warning sign,” explained Mr. Vance, who recently began the complex process of renouncing his U.S. citizenship. “I’m just starting out as a young doctor and going to have a fair bit of money invested in Canada.” [/I][FONT=Verdana]From [URL="http://www.theglobeandmail.com/report-on-business/us-taxman-to-go-easy-on-american-residents-in-canada/article2257395/"]U.S. taxman to go easy on American residents in Canada - The Globe and Mail[/URL][/FONT] [FONT=Verdana]This was the earlier story:[/FONT] [FONT=Verdana] [I]The U.S. citizenship ceremony is an iconic rite of passage for immigrants. [/I][/FONT][I][FONT=Verdana]Would-be Americans gather to pledge allegiance to the Stars and Stripes. There are cheers and often tears, patriotic speeches, sometimes music, and plenty of flag waving.[/FONT][/I][/COLOR][/LEFT] [FONT=Verdana][I] Now, a small but growing band of Americans in Canada is doing it in reverse – gathering en masse to begin the process of becoming un-American. [LEFT][COLOR=#000000]It was a sombre affaire at the U.S. consulate in Toronto last month as 22 Americans waited in the rain before being ushered in to what is believed to be the first citizenship renunciation meeting ever held in Canada. [/COLOR][/LEFT] [/I][LEFT][COLOR=#000000][I]Unlike most countries, the United States requires its citizens to file annual tax returns with its Internal Revenue Service regardless of where they live and work. Many of the roughly one million Canadian-American citizens long ago stopped filing, assuming they owed no tax. Many are worried now they’ll be hit with punishing penalties as a result of recent U.S. efforts to prevent its citizens from hiding assets in offshore tax havens.[/I][/COLOR] [COLOR=#000000][I] New rules require all Americans to report their foreign bank and brokerage accounts every year. And by 2014, Canadian financial institutions will have to identify accounts held by U.S. citizens to the IRS. [B]The crackdown has provoked outrage among Canadian-American citizens in Canada. [/B][/I][URL="http://www.theglobeandmail.com/news/world/americans-in-canada-driven-to-divorce-from-their-country/article2229969/"]Americans in Canada driven to divorce from their country - The Globe and Mail[/URL] One way of looking at this is to say that some of those 'leaving' may have left long ago. Canada is certainly no tax-haven either![/COLOR][/LEFT] [/FONT] [/QUOTE]
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