I have been looking for this for a long time but there was a series of meeting back in 2000 between official in then Canadian Finance Minister’s Paul Martin’s Office and US Treasury Secretary Larry Summers over US Canada cross border migration. I was led to believe there was a joint statement by both the US and Canada at the time but most of the statement is quoted from Paul Martin. (The press release is rather interesting fodder as to whether the current government of Canada is any better on these issues than the previous).
For individuals, the changes will ensure the appropriate tax treatment of an emigrant’s gains. Specifically, where one country’s tax rules treat an individual as having disposed of a property immediately before the individual emigrates to the other country, the individual will be able to choose to be treated under the other country’s rules as also having disposed of and reacquired the property at its fair market value.
In most cases, this will mean that no tax is payable in the destination country on any pre-emigration gain. Where tax is payable in the destination country – for example, where the property in question is real estate situated in that country – the new rule will ensure appropriate tax crediting.
What I understand this to be is there is no negative effects as a matter a Canadian tax policy for a someone resident in Canada who renounces there US citizenship and has to pay exit tax.(The US Treasury going all the way back to 1995 had been pushing the “HEART” style exit tax as a preferred policy). My biggest disappointment is there seems to be no remarks or specific commitments from anyone in the US government at the time.
We have the smoking gun right here. I believe the fact that TD is now publishing this document is enough to now start making formal complaints to the Privacy Commissioner’s Office both in Ottawa and her provincial counterparts. If the Privacy Commisioners office won’t do anything then I believe the courts are now an available avenue. Lawyer up as they say. It might also be worthwhile to forward this form to the lawyer I recommended several months ago for his take.
I believe that by publishing the above linked form TD is now in VIOLATION of Canadian law and is now subject to whatever legal action IBS members want to throw at them. (Note: there is no definition at this point of who exactly even is a US citizen and I suspect many of us don’t even consider ourselves to be ones in our own minds).
A very good question and we have photographic proof. (This piece is very satirical and I am not good at writing satire so I apologize upfront)
To those on Capital Hill who think this site is just extremist they are wrong we just play hardball. In fact this meeting was covered by Toledo Blade and a article was published about it to which I linked to below. The reporter who wrote the piece now works for another newspaper in Connecticut.
So here are some questions I have for Congresswoman Kaptur, Senators Schumer and Casey, and Prof. Ackermann about this meeting:
Both the Ontario Provincial Conservatives and the Ontario NDP are objecting to the contract signed by the governing Liberals.
I found an interesting blog post on Warren Kinsella’s website (Warren Kinsella is the former top political strategist to Canadian PM Jean Chretien) about an MSNBC print ad which Kinsella views as Maddow “dissing” Canada. I will note under current law but not necessarily at all points in the past Maddow is entitled to a Canadian passport and is a citizen of Canada although she might not have a Canadian passport(It seems as in all likelihood she doesn’t). Perhaps some IBS members would like to go over to Warren Kinsella’s blog and leave some comments.
Tax Rule Provokes Foreign Banks’ Ire
Whatever lobbying Democrats Abroad and ACA is basically completely ineffective and disregarded if you believe what is said in this article. I might send an email to Joe Green himself to get his reaction. An unnamed Treasury Department official appears to view the Democrats Abroad FBAR/FATCA survey as a “joke” because its anonymous. It appears Treasury has very much made up its mind on this issue prior to next weeks hearing.
I have started reading a book called Last Call which is about the prohibition of alcohol in the 1920s which I find similar to the current situation people face themselves here at IBS today. I did find an interesting review of the book by Macleans magazine about the impact and perhaps one might say benefits that accrued to Canada during prohibition.
Here it is:
A couple of comments:
Its just a reprint of a Bloomberg article but because its a Canadian newspaper I though some might be interested in making comments on the comments section.
I found the comments from US Congressman Richard Neal to be quite interesting. I think if ACA and Democrats Abroad want to truly show they are in this battle, they need to come out and denounce Congressman Neal TODAY.