The above tweet references a Financial Post article by @JamieGolembek. In a world where FBAR is the new symbol of U.S. citizenship and Americans abroad live in a fiscal prison, you will find the comments are far more interesting. See for example this comment by David Zimmerly. This comment should be circulated far and wide!
It is time to quit tinkering with the symptoms and deal with the disease! It’s called Citizenship-Based Taxation (CBT) and it is America’s utterly immoral system of financial slavery that it imposes on ANYONE with the slightest American taint, no matter where they live in the world. Born in the U.S. and moved to Canada as a baby or young child? Born in Canada and have one parent who was born in the U.S.? Ever stick an expired Green Card in a drawer and forget about it? Well guess what – the U.S. Government OWNS you, and hasn’t forgotten. You’ve been very naughty since you ran away from the plantation, so now you must be found and punished, along with your spouse and children. Yes, it is exactly like that.
FATCA, the Foreign Account Tax Compliance Act, is the enforcement and sanctions tool for CBT and it is an abomination that the Government of Canada signed-up for in 2014 under the Conservatives and which the new Liberal government supports. Under FATCA, Canada’s privacy laws and Charter of Rights and Freedoms have been completely subverted to force Canadian financial institutions and the CRA to become unpaid bounty hunters for the IRS. They are now searching high and low for CANADIAN CITIZENS whose only “crime” is to have had the misfortune of an American connection. In the process, they are incurring hundreds of millions of dollars in costs which they are now stealthily passing-on to ALL Canadians in the form of higher banking fees.
We keep hearing ad nauseum from this new Liberal government how “A Canadian is a Canadian is a Canadian”, yet they have sided with the former Conservative government in branding us as “American citizens abiding in Canada”. We have become second-class citizens in our own country with the stroke of a pen. If only other Canadians understood just how painful it was for us to watch Justin Trudeau’s and Barack Obama’s hollow platitudes of mutual admiration and respect last week, knowing that at least one-million Canadians have been bartered between their respective governments. It is astonishing that the Liberals have advocated so forcefully for the rights of other immigrants to retain the protections of their precious Canadian citizenship, yet they are not only allowing the United States to now claim us as their chattel but are actively aiding and abetting their efforts to hunt us down.
Our only possible recourse is to continue our Charter challenge in the Federal and Supreme Courts, for we are clearly being discriminated against on the basis of our national origin. We have raised over half a million dollars in an international grassroots campaign to fight for the restitution of our basic Charter and human rights, and we will ultimately prevail. Please visit adcs-adsc.ca and isaacbrocksociety.ca for more information.
In the meantime, I have no idea how members of the rapidly-metastasizing FATCA compliance industry, like the author of this article, can possibly sleep at night. They do nothing to advocate for the repeal of these indefensible laws, but they gladly profit from them. They should hang their heads in shame.