New Tax agreement signed today?
Moderator: Mark T Serbinski CA CPA
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- Posts: 62
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- Location: Quebec, Canada
New Tax agreement signed today?
Do the exemptions mean anything to us who are Americans living in Canada. Does it mean we can have a TFSA and RESP?
"Prior to the agreement, IRS did not recognize registered disability savings plans, registered education savings plans, or tax-free savings accounts, and treated them as “off-shore trusts†— and taxed them accordingly.
The new agreement states Canadian registered accounts "shall not be treated as U.S. Reportable Accounts under the Agreement," but it's not clear if that exempts Canadian citizens who have U.S. ties from reporting them as well."
http://www.cbc.ca/news/politics/fatca-t ... -1.2524444
The new agreement states Canadian registered accounts "shall not be treated as U.S. Reportable Accounts under the Agreement," but it's not clear if that exempts Canadian citizens who have U.S. ties from reporting them as well."
http://www.cbc.ca/news/politics/fatca-t ... -1.2524444
FATCA and FBAR
Does this mean the FBAR will be replaced by FATCA and we don't need to fill out the FBAR forms anymore?
http://www.fin.gc.ca/afc/faq/fatca-eng.asp
"The IGA [which is the Intergovernmental agreement] is strictly an information sharing agreement and does not involve the imposition by the U.S. of any new or higher taxes."
No changes to the IRS taxation regime.
"The IGA [which is the Intergovernmental agreement] is strictly an information sharing agreement and does not involve the imposition by the U.S. of any new or higher taxes."
No changes to the IRS taxation regime.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
To give an analogy:
The IRS dfoes not require US banks to issue a 1099 for interest below a certain threshold ($10). That does not mean that the accountholder does not have to report the interest on his 1040.
btw, the full test of agrreement is here:
http://www.treasury.gov/resource-center ... 5-2014.pdf
it says nothing about taxation, only reporting by the financial institution.
The IRS dfoes not require US banks to issue a 1099 for interest below a certain threshold ($10). That does not mean that the accountholder does not have to report the interest on his 1040.
btw, the full test of agrreement is here:
http://www.treasury.gov/resource-center ... 5-2014.pdf
it says nothing about taxation, only reporting by the financial institution.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing