IRS is com­ing to town

Stanstead Journal - - FRONT PAGE - Staff Stanstead

Fort­hou­sands of lo­cal cit­i­zens who were born in the United States and hold a Cana­dian pass­port, the long arm of Un­cle Sam’s IRS is soon to take a look in their pock­ets, with the will­ing or un­will­ing par­tic­i­pa­tion of their fi­nan­cial in­sti­tu­tions.

FATCA, the For­eign Ac­count Tax Com­pli­ance Bank, will force all fi­nan­cial in­sti­tu­tions, your bank, caisse, bro­ker and even your in­surer to tell the IRS, the In­ter­nal Rev­enue Ser­vice, of all ac­counts held by Amer­i­can cit­i­zens, by 2013. In the big fi­nan­cial world this is cre­at­ing havoc as the law is ob­vi­ously in­tended to fight at­tempts by US cit­i­zens to evade pay­ing taxes, but in the day to day world of bu­reau­crats, no ex­emp­tion can be ap­plied and it seems that all US born Cana­di­ans, who are au­to­mat­i­cally Amer­i­can cit­i­zens, are cov­ered by the act.

It also seems that all Cana­dian fi­nan­cial in­sti­tu­tions, un­less the Cana­dian Gov­ern­ment is will­ing to fight for Cana­dian sovereignty and stop the USA from do­ing so, will have to ask all of their cus­tomers for their cit­i­zen­ships and re­port to the US gov­ern­ment the names and the hold­ings of all Amer­i­cans hold­ing ac­counts with them, un­less they want all parts of their busi­nesses in the United States to be seized by Un­cle Sam. While the mea­sure will im­pact few Cana­di­ans over­all, in our re­gion, a lot of peo­ple were born, al­most out of ne­ces­sity, in the United States be­fore the mid-six­ties. This is true in Stanstead, but also in all bor­der com­mu­ni­ties.

Then comes the clincher: the IRS could then ask all of them to re­port, back in time and up to the present, their rev­enues, in fact fil­ing a re­port, even if no money was made in the United States for years past. In the fu­ture, the cit­i­zens may have to pro­vide the Amer­i­can authorities with proof that they have paid their taxes in Canada in or­der to avoid pay­ing US taxes if they want to avail them­selves of the Canada-US tax treaty.

The irony be­ing that a cou­ple of years ago, the Cana­dian Gov­ern­ment re­moved Cana­dian cit­i­zen­ships from all Amer­i­can­born Cana­di­ans who had not reg­is­tered in Canada, re­sult­ing in a scram­ble for lo­cals to get their pa­pers in or­der.

The Pri­vacy Com­mis­sioner in Ot­tawa told the Stanstead Jour­nal in an emailed re­sponse: “ Or­ga­ni­za­tions that en­ter into agree­ment with re­spect to FATCA, and are sub­ject to PIPEDA, still have to meet their PIPEDA obli­ga­tions. PIPEDA is the per­sonal in­for­ma­tion pro­tec­tion and elec­tronic doc­u­ments act, and it cov­ers the col­lec­tion, use and dis­clo­sure of per­sonal in­for­ma­tion in the course of com­mer­cial ac­tiv­i­ties.” They added later that: “…our re­search team is look­ing into the mat­ter and the po­ten­tial im­pli­ca­tions for the pub­lic from a pri­vacy point of view.”

Calls for com­ments, on Tues­day, from both CIBC and Des­jardins who would largely be im­pacted lo­cally by the mea­sure, could not be an­swered right away, Des­jardins say­ing that they would have com­ments to­day. Both the CIBC and Des­jardins have US-based op­er­a­tions. – Passed away at the CSSS-IUGS pav­il­lon St. Vin­cent-de-Paul, Sher­brooke, on June 7th, 2011 at the age of 88. Él­iz­a­beth was the wife of the late Con­rad Boisvert, orig­i­nally from Stanstead. Mrs. Boisvert leaves to mourn her chil­dren Mar­celle (De­nis Bouchard), De­nis (Linda Walker), An­drée (Mau­rice Di Sté­fano) and Hélène (Rock Simard), her 10 grand­chil­dren, 17 great-gran­chil­dren, many other rel­a­tives and friends. A fu­neral ser­vice was held at the SacréCoeur Church, Stanstead on Mon­day, June 13th , 2011 at 11 a.m. The fam­ily would like to thank the staff of the 3A CSSS-IUGS pav­il­lon St. Vin­centde-Paul and Dr. Anne-Marie Boire Lav­i­gne for the won­der­ful care given to their mother. Do­na­tions to the Vitae Foun­da­tion, 375 Ar­gyll, Sher­brooke, (Québec) J1J 3H5, would be ap­pre­ci­ated.

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