900,000 Canadian tax records sent to USA/IRS.

[ZenOps]

https://www.cbc.ca/news/politics/fat...nada-1.5353942

2.6 million total

So goes the theory that the USA will be collecting from anyone who has made money and is knowingly or unknowningly owing to the IRS. If you have any US parentage at all, and have assets - you are obligated to file every year and may owe backtaxes.

It was just a matter of time before the US starts collecting on debts, it only makes sense they would go for the Americans hiding in Canada first.

Even Boris Johnson bowed to the USA and paid his six digit sum. So don't think that you will be able to get out of it under fear of whatever penalty the IRS deems reasonable.

https://us-east-1.tchyn.io/snopes-pr...t_clock_fb.jpg

BTW: I know some poor bastards who have grandparents that lived in the USA, but never bothered to file US taxes. Legal fees aren't cheap nowadays even if you owe nothing. I can imagine this will piss off a lot of oldtimer "British/French" homesteaders, as recent immigrants all tend to be fully documented under new rules.

My stance: Thank God I'm a full Canadian!

[ZenOps]

Additional: I don't believe there is a cap to how many they can request. Which was a big mistake.

Even in Roman times, you only decimated 1 out of 10 soldiers. To do more would potentially hurt the entire group. I'm not looking forward to the unintended consequences of possibly making one out of 10 people living in Canada dirt poor, but arguably I guess the USA must be maintained at all costs.

Dun dun duhhh.

[ZenOps]

https://www.quora.com/How-much-does-...US-citizenship

At minimum it costs $2,350 in paperwork to renounce a US citizenship if you do it all yourself. Since its such a rare thing as of 2019, expect to have to pay a lawyer to do it for you. If you own $2 million or more in assets, expect to pay an approximate additional $200,000 cdn exit fee (basically, what you "owe" plus a little bit in forward interest)

If you own a singular residency and make less than $35,000 per year - I can imagine the IRS may be lenient. In which case, its not an entirely bad idea to stay as a US citizen because you can always declare bankruptcy and become a $32 US/hour Hawaiian welfare bum for as long as they keep it.

https://www.usdebtclock.org/

I get the feeling people are simply going to try and wait it out, realistically many may "pass on" before the US taxman can nab them. However, its important to note that children born in Canada are not exempt from US taxation if you happen to have a US citizenship.. The cloud is definitely on the horizon, winter is coming.

As we move forward into probable zero interest rates in the USA in 2021, certain realizations of how the greater world works - may cause more people to renounce. Both the US and Canada have built up debt levels since the end of WWII, Realistically you could end up paying both masters (which is also an argument for renouncing both nations and doing the Branson)

[04Terminator]

This is what freedom look like

[ExtraSlow]

That's a hefty fuckin' fee...

[rage2]

Most of my family and friends have renounced. The ones I heard about that were problematic were the ones that were born in US, grew up in Canada and had no idea this tax thing existed. Have to square up on back taxes before you can renounce.

[ZenOps]

Its outright shocking to me that Canadians haven't taken steps to protect their assets, or at the very least protect their children from punitive IRS taxation.

I guess its because its ingrained in a culture of they can always "just declare bankruptcy". But the USA does not allow bankrupcties for student debt anymore, its pure fallacy that they wont require that US citizens in Canada must pay. Its really just a matter of changing the rules of debt, which the US does all the time.

https://www.forbes.com/sites/zackfri...tcy-discharge/

"Unlike other types of consumer debt such as credit card and mortgages, student loans traditionally cannot be discharged in bankruptcy. In 2005, Congress passed, and President George W. Bush signed, the Bankruptcy Abuse Prevention and Consumer Protection Act, which exempted federal and private students loans from discharge."

All they have to do is say: All FATCA owing is non-dischargeable. And then you are instantly on the hook for the $185,000 debt per taxpayer (as of 2019)

[ZenOps]

https://www.macleans.ca/opinion/for-...n-the-pay-gap/

There seems to be an odd twist to all of this: The IRS is now well into their assessment of 1/10th of Canada, and they seem to have mentioned that they have found a mind-blowingly crazy wage gap between races and women, even moreso than the USA. As well as available credit, and high numbers of institutions that do not do any "diversity" hires (no ethnicity hires within the last few decades) I mean, look at hockey players - You've got Subban, and then - its a white sausage fest.

No surprise to me that women make closer to half, and that racial minorities are nowhere near the allowable lended money of average white males. Personally I don't know of any Asian heritage Canadians that got lent $915 million to lose on a whim without penalty.

Seems that Canada does not send native tax information to the USA. It would be sad if they did. The IRS can only guesstimate what life must be like for a native in Canada.

[Maxx Mazda]

This explains all those Google Play cards I’ve been having to buy for the IRS lately!!

[ZenOps]

Haha. White males making so much money, that they are the only ones that are "triggering" the "I owe the IRS a few million dollars" flag.

Shoulda seen it coming. Half of me doesn't want to believe the USA would be so cruel - Who am I kidding.

Trump admin: No reason to invade North Korea because they have nothing of high value. Invade Canada and get all the dollars from the people who have been shunning their patriotic tax duty to the USA. Yup, exactly what I would have done.