FBAR Penalty in Canada! - Page 19

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FBAR Penalty in Canada! - Page 19


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  #181 (permalink)  
Old 4th January 2012, 11:53 PM
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Originally Posted by Canadian Guy View Post
It is my understanding that FBAR is not a tax. I agree that if the relinquishing act predates the law, then the law should not apply. What I am wondering is if the law saying that the date of relinquishment is the date I notify the state department might only apply to taxes. Could people like me who committed a relinquishing act decades ago at least be off the hook as far as the FBAR's go?
Interesting question, and I haven't a clue what the answer might be. I've seen reference to the 1996 date but I don't have any reference to the specific legislation, which is what one needs to check the wording in terms of what it applies to. In any case, this is where I'd want a legal opinion from a lawyer.

FBAR penalties are penalties not taxes, as you said, and as Flaherty and CRA have announced they are NOT enforceable in Canada. (You may want to get confirmation of that with a Canadian lawyer who has examined the OECD treaty that Flaherty signed in early November though. I've emailed Flaherty and Finance separately asking about that treaty and whether it over-rides anything in the Canada-US tax treaty, and I've yet to get a reply other than a robo-acknowledgement.) Whether they're enforceable if and when you cross the border after getting a CLN is something only a lawyer (and in this case, it would probably need to be a US lawyer) can advise you properly. Assuming you want or need to cross the border after getting a CLN; I think a growing number of people are coming to the stage of cutting all the traces and ties with the US forever over this, if they can.

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  #182 (permalink)  
Old 5th January 2012, 12:51 AM
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Originally Posted by Northof49 View Post
That is certainly the result that is being sought. It would definitely not be worth the time, effort and expense if the CLN ends up being dated currently. In fact, this would be the worst possible result because it would produce a huge, immediate exit tax liablity for all capital gains on all my assets as if they had been sold on the date of renunciation. I raised this point repeatedly with the lawyer and he seems confident that we can get it backdated.
Definitely yes. Clearly yes. If you are not a person under the jurisdiction of the United States, FBAR does not apply to you, and the statute of limitations is six years. Get a CLN that says your expatriation dates more than six years ago and your laughing, and there is nothing Obama can do to you--well, nothing lawful.

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  #183 (permalink)  
Old 5th January 2012, 06:45 AM
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Glad I checked this thread again as this is all about my situation, as well as several other's here. I'll have some more information to contribute before the week is out.

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  #184 (permalink)  
Old 10th January 2012, 02:55 PM
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Originally Posted by PetrosResearch View Post
But the thing is that the only reason it is necessary to move your accounts is to avoid FBAR. If you are planning to fill out the FBAR, then there is no point in moving anything. .
That is not true.

There can be hundreds of legitimate reasons to move your account.

(1) you have heard rumors your bank is in financial difficulties

(2) you have received poor customer service and want to change banks

(3) your bank is too expensive you are moving to a cheaper solution

(4) you asked for a loan but your bank did not give it to you while another bank did

etc
etc
etc

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