Back to Home PageWelcome Guest! Register | Login | Home | Contact Us | Site Map | Advertise | FAQ | Search
Canadian Desi

  Canada Immigration Forum > General > USA > Americans in Canada racing to give up passports
Last Post | Newest Post
< [ 1 ] >

Americans in Canada racing to give up passports


I was surprised to read this news article signifying a reverse trend of sorts... Interesting :)

In every U.S. election, there are always threats by Americans that they’ll flee to Canada if the candidate they hate wins. Those threats rarely come to anything.

But thanks to a 2014 intergovernmental agreement committing Canada to provide the banking information of Americans living here to the IRS, there appears to be mad rush by some Americans to renounce their U.S. citizenship, and stay here - forever.

According to Global News, almost four times as many U.S. citizens as normal dumped their citizenship in March. The reason is an obscure regulation that forces Americans to fill out a Foreign Bank Account Report if they have an account abroad that totals over $10,000 in a year, according to the Wall Street Journal. While income earned abroad is mostly exempt from U.S. taxes, the penalty for not filling out the necessary paperwork can equal up to 50 per cent of the value of the account. In 2010, the U.S. passed FATCA, a law forcing Americans abroad to turn over banking information, and started going after people who weren’t reporting their money.



Senior Desi
Member since: Aug 06
Posts: 5286
Location: Canada

Post ID: 221167 24-04-15 15:01:10
Report Abuse
Senior Desi
Member since: Mar 03

Posts: 2604
Location: Toronto

And imagine, the creation or development of the BVI, Cayman Islands, Isle of Man, Gibraltar etc. is due to the Americans putting in their wealth in foreign countries!

Advice is free – lessons I charge for!!

Post ID: 227194 09-09-15 13:11:13
Report Abuse
< [ 1 ] >
Show Printable version
Send this page to a friend
Add to favorites

Please Contribute!
Write an Article
Send Community News
Create Photo and Video Albums
Submit Good Pictures
List Useful Websites
Post Jobs
Submit Events
List for FREE!
Social Organizations
Religious Places
Employment Agencies
Email Page
Your Email
Friend\'s Email

Advertise Contact Us Privacy Policy and Terms of Usage FAQ
Canadian Desi
© 2001 Marg eSolutions

Site designed, developed and maintained by Marg eSolutions Inc.