Question about FATCA Answered and CRA Backstabbing

FATCA (U.S. Foreign Account Tax Compliance Act) is about compliance of US Tax Law. USA citizens abroad have been negligent (ignorant) about USA TAX LAWS, which states that all “U.S. persons” are liable for U.S. tax, regardless of where they live in the world.  Being ignorant about the Tax Law is not an excuse, if you are a U.S. person living abroad, from your tax obligation to USA.

Are you a U.S. Person for tax purposes? This is the first question you have to answer regardless if you have lived in USA or not. You are a U.S. Person, with Tax obligation to USA, if you were born in USA and/or have a USA birth certificate, you have a USA passport and/or green card, or you have a USA Social Security Number (SSN).  By law, you must file your annual tax to IRS, no matter where you live in the world. If you do not, you are breaking the USA tax law.

FATCA is a tool, implemented by USA lawmakers to bring out the U.S. persons, who are breaking the USA tax laws. So, if you do not like FATCA and it is applicable to you, only way to get out of this is give up/surrender/relinquish your USA citizenship/passport. Claiming ignorance or stating that you have never been in the USA will not get you any result.

How the FATCA is implemented that is of concern to many Canadians as well as dual Canada/USA citizens. more »