FATCA-Proofing US persons or complying. A huge difference!

I saw this article in my Google news feed, and the title; “Managers prepare to Fatca-proof wealthy” caught my eye. This might be the next big development on the FATCA front.

Sure, my idea to buy the assets of US person’s prior to FATCA for $1.00 in order to allow them to renounce their US citizenship, pay the IRS 1/3rd of their worldwide income ($0.33) and then once complete for $1.00 plus .001% of their income still needed some work, but I thought this might be it.

Then I read the article…

http://www.efinancialnews.com/story/2012-06-25/vestra-coutts-fatca-wealth

It’s not at all what the headline claims it is, and I had to read it twice in case I was mistaken.

It talks about helping US persons comply with FATCA. Yawn.

How do you see US persons in foreign countries, ie/ Canada, coping with FATCA?

Author: Warren Orlans

Welcome to inTAXicating. inTAXicating has been published since 2008 to provide clarity around Canadian taxation issues, primarily related to the Canada Revenue Agency. As the primary author, Warren Orlans, has over 20-year's experience in the taxation industry, 11 of them working for the Canada Revenue Agency (CRA), and 7-years working in the private sector Managing the tax departments for large financial institutions. If you have a collections, compliance or audit issue with the CRA, inTAXicating is the place you need to contact. inTAXicating works in strategic partnership with amazing accountants, tax lawyers, insolvency practitioners, mortgage brokers, debt counselling experts and much more. If you have a tax question, email it to info@intaxicating.ca or to intaxicatingtaxservices@gmail.com.

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