CAN-USA Tariff Strife (split from various pol threads)

[tomydoom]

Also, as an FYI, by law, when you open any sort of financial account in Canada, every single Canadian financial services company is required to ask if your also a 'US Citizen' AND they are required to look for ANY signs if you maybe a US Citizens - like 'place of birth' saying US if you use your passport to open up an account as one of your pieces of ID. If they find this, then they are legally required to put down your citizenship as both Canadian and US and voila, at the end of each year your name, account numbers and account values are sent by that Canadian financial institute to the CRA where the CRA then bundles them all up and sends them down to the US/IRS.

This law is called FATCA and it came into affect about 10yrs ago.

Supposedly, though I've never met anyone who has 'seen' one, the IRS is legally obligated to do the same thing with for any Canadian citizen that has open US financial accounts as well. Given that the US has hundreds/thousands of financial institutions and how fragmented and under-technology alot of them are, I doubt that this list exists or if it’s anywhere near complete/accurate.

My wife is a US citizen, the same was true when we opened a bank account here in Ireland. She had to declare she was a “US Person”, conversely I had to declare I was NOT and US person.

 

[GR66]

Wait them out. Go through all the motions, smile and nod if you must, but don't give up an inch and wait for sane leadership in the White house again. Once a Democrat or sane Republican is in office, sign a 50 year deal that cannot be ripped up, and then spend that time diversifying the hell out of our trade landscape.

 

[Altair]

We have 10 years.

 

[Czech_pivo]

My wife is a US citizen, the same was true when we opened a bank account here in Ireland. She had to declare she was a “US Person”, conversely I had to declare I was NOT and US person.

Yes, ever single foreign financial institution has to perform this exercise.

Also, any joint accounts that you have with your wife will be sent over to the IRS at the end of every year.

 

[tomydoom]

Yes, ever single foreign financial institution has to perform this exercise.

Also, any joint accounts that you have with your wife will be sent over to the IRS at the end of every year.

And she has the joy of filing 3 tax returns, despite never having earned a dime in the United States. She does however have some Canadian income which necessitates both the Canadian and Irish tax returns. I on the other hand file zero tax returns, as Ireland only requires one if you have income from non-employment sources. The Irish government, like all governments, know exactly how much you owe and have your employer deduct that.

 

[Czech_pivo]

And she has the joy of filing 3 tax returns, despite never having earned a dime in the United States. She does however have some Canadian income which necessitates both the Canadian and Irish tax returns. I on the other hand file zero tax returns, as Ireland only requires one if you have income from non-employment sources. The Irish government, like all governments, know exactly how much you owe and have your employer deduct that.

I hear you. Its a very costly process, consumes extra time and adds stress.

 

[Brad Sallows]

I on the other hand file zero tax returns, as Ireland only requires one if you have income from non-employment sources.

"I felt a great disturbance in the Force, as if millions of accountants suddenly cried out in terror and were suddenly silenced."