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Tuesday, January 14, 2014

FATCA: The Topic of the Day at the CBC

An outstanding interview with Allison Christians.  Clear as a bell and what she says applies to "US Persons" in other countries as well (not just Canada):

And for a look at how FATCA is impacting regular people the world over, here are two "minnows" caught in the FATCA/citizenship-based taxation net.  Can we not agree, ladies and gentlemen, that these two are about as far from being "tax evaders" as you can get?  And yet, U.S. law as applied to these two people who do not live in the US or earn income there, says they are.

Now, either Carol or her disabled son really did something nefarious or there is something seriously wrong with those laws.  I cannot stress strongly enough that it is the latter. The way these laws are written is way too broad and are making the 99% suffer for the sins of the small fraction of the 1% who intentionally moved their money out of the United States to evade taxes.

That is the real story behind FATCA and CBT.  Not tax evasion.


Anonymous said...

the data gathered under FATCA is specifically exempt from US privacy laws and will be shared with US intelligence agencies.
FATCA is another spy program disguised as an anti-tax evasion scheme

Anonymous said...

Looks like this is creating mass panic in Canada. This might force the Canadian government to issue a statement sooner rather than later.
This is good. But I feel bad for the people who are just having their OMG moment. I went through that, and they need some sound advice as to not to make bad decisions which would devastate them financially.
While each situation is different, the Canadian government owes it to its duals to provide some guidance and advice. It needs to be official cannot just come from web sites like IBS or Maple Sandbox.

Marvin said...

Here is what media coverage will do for you. Isaac Brock recorded 10,000 hits the day after the story. Wonder how ACA and AARO compare?

When I look at their sites there is NOT A MENTION of the 4 TV stories (3 CBC and I CTV), 2 internet articles and countless CBC Radio FATCA stories that happen in this almost blanket coverage.

Canadian FATCA implimentation stealth policy just ended!

The differences is a story of active web blog vs passive web sites when it comes to activism and getting a story out. Hope these groups can learn some lessons for this.

Victoria FERAUGE said...

@anonymous, I suspect you are right. At least from everything else we've heard lately, it would be naive to assume that this private wouldn't be shared.

@anonymous, I know what you mean. It's areal pity that there isn't more help out there - the kind people can actually afford. But would more info really help? There is no easy path to compliance (assuming that people want to comply) and renunciation is not easy either.

@TeNgaere, I know. I'm an AARO board member but in this respect you are preaching to the choir. It's a serious problem with these older organizations who in my opinion have not adapted well. They are stuck in the "control the message" mode and the reality is that they can't. If they don't put the information out there then someone else will. If they aren't agile someone else will cut them off at the knees. I will say that there is a proposition right now to put me in charge of the website (I just started handling the social media.) If it works out then it will be my job to keep all of things timely and relevant and to put stuff out regularly. If it ahd been within my power, yes, those stories would have been up there. As it stands I did make sure they were up on FAcebook and Twitter.

And you are absolutely correct that my view of all this has been greatly influenced by Brock and by Marvin. I hope that this experience will serve if I actually start managing their communications.

Anonymous said...

I think that all organizations can contribute.
Some organizations are effective, some are not.
Some persons are effective, Some are not
Some tactics are effective, some are not.
You can see hundreds of different actors going at it from different angles
Good guy / bad guy
Democrats Abroad / Republicans Abroad
Republicans Overseas
Protests with 2 people
Protests with 10 people
Visits to Congress
Visits to Parliaments
Lawn Signs

No one knew why we couldn't break through.

The key that is shown is that for some unknown reason, a couple of major media outlets broke the enforced media silence upon the issue---and it got on TV and instantly into the CAN Living rooms.

With so much working against us, the odds of breaking into the maintstream were way lower than 1%.

But with more than a 5000 efforts, one of them seemed to have worked.

We haven't had that many efforts here in Europe yet, and the odds indeed are stacked, and we aren't breaking in yet. Neither is NZ or AUS. Nor the East. Let's take this breakthrough as a sign.

EU invader from Scandinoovia

Christophe said...

I can see how organizations like AARO or ACA are walking a fine line. If they do too much that could lead to some sort of panic/ civil disobedience, I wonder if they are afraid of possible retaliation from the US if they did too much.

Anonymous said...

It is incredible that millions of Americans, Dual Citizens and Greencarders cna noit get together to demand representation and fair treatment. Let´s do it!

Anonymous said...

This is all so unreal - or perhaps surreal. Isn't there anyone HUMAN (Nina?) who could help this poor woman and others like her ?

Blaze said...

When all was said and done, it came down to one mosquito lives in the same neighbourhood as one of the reporters for an investigative news program on CBC.

She contacted him. That program was not able to do the story for a variety of reasons, but he passed the information on.

Within a few days, CBC TV, Radio and website was reporting across Canada from 7:00 am to 10:00 pm

The next day CTV was on the story on Canada A.M. and on their website.

I suspect we will hear more. Parliament reconvenes in about 10 days and the Finance Minister will be required to respond to the Brison and Hsu Order Paper questions (more than 50 from each).

Keep buzzing mosquitoes!

Anonymous said...

If Canada gets a "carve out" for dual Canadian citizens living in Canada, do you guys think that this is going to apply to all other IGAs as well?

Blaze said...

@Anonymous: Britain and perhaps other countries have a clause in the IGA that their IGA can or will be amended if anothercountry gets more favourable conditions.

Canada has a long-standing information exchange with US for residents of each country with income from the other. Our Finance Minister initially was "cautiously optimistic" Canada would get a complete exemption from FATCA because of the history of cooperation. That was 28 months ago. It didn't happen.

Anonymous said...

Victoria, do you know if the French IGA has the more favorable clause as well?