Questions being asked, after info request revelations of Canadian FATCA transfer data

American expats and spokespeople for organizations representing them have been asking questions about the scale of U.S. expat data being forwarded to the U.S. under the Foreign Account Tax Compliance Act, after the latest Canadian Revenue Agency (CRA) report of such data revealed that around two thirds of the accounts sent actually fell below the US$50,000 FATCA reporting minimum threshold

  • News

Isaac Brock's Kish unearths U.S. Treasury report calling for 'more enforcement' of citizenship expatriation tax compliance

 A U.S. Treasury report calling for "more enforcement and a centralized compliance effort" to deal with the large numbers of American citizens who are currently expatriating every year, to ensure that they're all paying the required amount of exit tax as they leave, has been discovered its contents made public by contributors to the Canadian advocacy website for dual Canadian/American citizens, the Isaac Brock Society.

  • Tax

'Gwen and Kazia' launch appeal to July FATCA ruling in Canadian court

Two dual Canadian/U.S. citizen plaintiffs in a long-running legal effort to block Canada’s implementation of the U.S.’s Foreign Account Tax Compliance Act have launched an appeal in Canadian Federal Court in Ottawa, after their most recent attempt to challenge the law was dismissed in July. 

  • Tax

U.S. government report acknowledges problems with FATCA reporting

A U.S. Government Accountability Office report released today reveals a range of issues with the 2010 law known as the Foreign Account Tax Compliance Act, which it noted also contributed to a "nearly 178%" increase in the rate of citizenship renunciations between 2011 and 2016.

  • News
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Opinion

Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

In the early years of this century, a number of major media exposés reported how Homeland Americans, as well as rich people from other developed and developing countries, were making...

Mar-18-2023