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Here is an excellent new Interview with Professor Allison Christians on FATCA.
She makes several insightful and informed comments. She says everything there is to say about FATCA with one sentence:
The main feature of FATCA is fear.
Let’s not let that fear overtake us. We need to keep fighting for what is right.
I am so distraught over this whole FACTA situation. I am an American citizen who came to Canada with my parents when I was 9 years old in 1952. I have lived here ever since and am a permanent resident. I married a Canadian girl. I was not aware of filing US tax reports. I am retired now, and have RRIFs etc. Do I yield and submit copies of my CDN tax returns for the past 3 years + 6 years of FBAR/s?? What about OVDP? and what really bothers me is what will happen after July 2014 if I try to enter the US to snowbird with my US passport? I am too old to ponder all these problems.
I am getting older my the minute as I ponder all these
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Mapleman. Why change anything now? You will always be able to enter the US on an American passport. Nothing changes in that regard. AVOID OVDI at all costs. It is for criminals .you are not a criminal.
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The most important thing John Richardson said people should learn at the information session is Do NOT enter OVDP! If you are even thinking about it, he said you should call John–at any time.
Are you saying you are a permanent resident of several decades, but you are not a citizen?
If you are a resident, CRA will not collect penalties for IRS for any Canadian resident or citizen. They will not collect tax liabilities for the IRS for any Canadian citizen if the person was a citizen at the time the tax liability arose.
Some of your options are:
1. Do nothing and see what happens.
2. File back returns and become compliant.
3. Begin filing going forward.
Each option has benefits and risks. John said at the Information Session there are two types of “US personsin Canada: Those who ae compliant and Those who are Not compliant.s advice to do nothing. Others may feel differently and may make a different decision based on what they feel would give them the most peace of mind.
Personally, if I were you, I would follow KalC
There are issues for both groups.
If you read the Crossing the US border thread, you will see we have not had any reports people crossing the border on a Canadian passport with a US place of birth. I dont think we have any comments there about crossing with a US passport. If you are not a Canadian citizen, you would have been crossing on a US passport.t know what will happen in the future.
We don
I realize this may have caused as many questions for you as it does answers. Im sorry I wasnt able to be more specific. Perhaps others have other suggestions.
You are among friends here. I hope you will continue to hang out here and benefit from our mutual support of each other and join us in fighting FATCA and the intrusion of IRS into our honest lives as Canadian citizens and residents.
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@Mapleman, I’m with KalC and Blaze – don’t jump on doing anything at this point. Continue your research until the initial panic settles down. Personally, it took me quite a long time to get past that OMG! panic-stricken mode to where I could think clearly about the options and the pros & cons of each and what might be best for me. (and I still waffle sometimes)
It does complicate things if you want to snowbird, I think. Many people are choosing to not become compliant with this bad-joke-of-a-law and then just not travel to the US at all. However, for others with property or family in the US, that’s not a good option.
I do know of someone who is a US citizen, but a long-term resident of Canada, who went into the US within the past year on a US passport. No questions, no issues.
STAY AWAY from OVDP!!!! It’s supposed to be a trap for criminals, but they love to get the law-abiding people and scare the pants off of them, and take huge chunks of their money.
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