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Tuesday, January 06, 2015

What the f*** is FACTA?

From the ‘The Alliance for the Defence of Canadian Sovereignty (ACDS):

The Government of Canada has signed a ‘FATCA IGA’ (Foreign Account Tax Compliance Act Intergovernmental Agreement) with the United States to help that foreign country acquire assets of those Canadians it alone deems to be ‘U.S. persons’.  

FATCA is the enforcement tool for the imposition of that peculiar and punitive U.S. style ‘place of birth’ taxation on the world.  

We believe that the Canadian legislation that implements the FATCA IGA violates the Canadian Constitution, Canada’s Charter of Rights and Freedoms, the principles of Canadian sovereignty and democracy, and the fundamental rights of all Canadians. 

We are now taking legal action in the form of a lawsuit against the Government of  Canada to stop our elected government from imposing the U.S. FATCA law on Canada and Canadians.

As I've mentioned before on this blog, only the U.S. and Eritrea tax the earnings of their expatriate citizens. And the way the U.S. goes about it, you can also be taxed on things like the gains from the sale of real estate that are NOT taxable in Canada. Further, U.S. Persons include those who were born of at least one U.S. parent, who may never have spent a day in their entire lives in the U.S..

If you want to learn more about the ACDS, FACTA and how it might impact you as an American expatriate, check out their web site at

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