Canadian data doesn’t support stereotype of the wealthy U.S. expat

[riverbendviewgal]

http://globalnews.ca/news/1109404/the-stereotype-of-the-wealthy-u-s-expatriate/

The U.S. Foreign Account Tax Compliance Act, or FATCA, comes into force this summer. The law will require financial institutions outside the United States to identify and report their American customers or face punitive taxes on their U.S. investments.

This has created pressure on banks to pressure national governments to make sure they can do so legally.

In Canada, officials are negotiating an arrangement under which banks would report suspected Americans to the Canadian Revenue Agency, which would in turn pass the data on to the IRS.

In Canada, it seems unavoidable that a decision about FATCA will lead to a serious debate about national sovereignty – which the NDP seems to be positioning itself for.

his graph shows only a very modest correlation between median family income in a postal area and the percentage of resident U.S. citizens:

[nenagh]

1. Thanks riverbendviewgal...

[laundry_queen]

2. Thanks again for keeping us updated and informed. nt