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US Citizens in Canada affected by new Tax Law
Monday, July 11, 2011
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According to BC Southern Interior MP Alex Atamanenko, the proposed tax law announced by the American Government noticed him with deep concern.
The law determines that all individuals holding US citizenship are required to file annual income tax returns with the Internal Revenue Service (IRS). In addition, Canadian financial institutions are required to report to the IRS all accounts held by US citizens in 2013.
Atamanenko found that there were hundreds of thousands of Canadian citizens who have dual US and Canadian citizenship would be affected by those draconian measures.
"It is absolutely ridiculous and absurd that a Canadian citizen who pays taxes in Canada has to file with the IRS or risk heavy penalties"
"What right does a foreign government have to force a local credit union to disclose all accounts, including RRSPs, TFSAs and chequing and savings accounts?"
Atamanenko wrote a letter to Finance Minister to work out an arrangement with the American authorities that did not place a further burden on Canadian citizens as well as Canadian financial institutions.
He emphasized in his letter that those who lived, worked and paid taxes in Canada should not be subject to the same rules as US citizens seeking tax havens in foreign countries.
The IRS has issued a limited amnesty for US citizens and US green card holders who have not been filing their US tax forms to report their Canadian bank account by August 31.
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