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NDP’s BC caucus pushes for government action on IRS

by Contributor on 22 Nov 2011
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freelogovector.com
freelogovector.com

Members of the federal NDP B.C. Caucus are calling for stronger action by the federal government to protect Canadian citizens affected by a series of measures undertaken by the United States Internal Revenue Service (IRS).

According to US law, anyone who was born in the US is required to file US tax returns even though they have worked and paid taxes in Canada and have no US income.
This affects Canadian citizens holding dual citizenship as well as US residents who have permanent resident status in Canada.
 
The US law states that failure to file will result in heavy penalties that amount to little more than a seizure of their assets.
 
In addition, the US Foreign Account Tax Compliance Act (FATCA) requires the disclosure of all forms of Canadian bank accounts, including RESPs, RRIFs, TFSAs and chequing and savings accounts. 
 
As of 2013, Canadian financial institutions will be required by US law to report to the IRS all accounts held by US citizens in Canada.
 
In addition to a number of letters Atamanenko has written to Finance Minister Jim Flaherty, the BC Caucus recently sent a strongly worded letter to Flaherty as well as to John Baird, Minister of Foreign Affairs.