This does need some amending so I'm happy to see this initiative. It's very negatively affected my low income family here in Canada already. I have a Canadian spouse whose hit the roof as he makes all of our income. We've had a credit union not want to renew or take our mortgage. I understand the need to catch those off shoring, especially those with holdings in the U.S. or who live in the U.S. but, as Nina Olsen pointed out FATCA is too broad. The fall out around here has been horrible. It's not taxes that are causing the issue as most Americans abroad would never owe any.
It's banking issues, expense for low to middle income expat families, foreign spouses and children. There have been several proposals now to congress as to amendments that could help with this situation. It's rather a mess.
There will be an information session held in my city Kingston, Ontario at the central branch of the library on Feb. 01 from 1 to 3. If you are a border baby, married to an American, the child of an American or an Accidental American this is going to be of great interest to you. There are other information sessions set for Toronto, Vancouver, as well.
I do take exception to point 7 in the end notes. Our consulate had zero listings of anyone affordable for the average family. If you have thousands per yr to show you won't owe anything, good for you! That isn't the case for the vast majority though. STAY AWAY from H and R Block! At least here in Canada they do NOT know what they are doing with regard to U.S. taxes. I have someone good but, it was a needle in a haystack to find someone who doesn't cost an arm and a leg and who does international forms. Most preparers here do not do international taxes and especially not U.S. ones as they are by far more complicated. As it was the person I did find isn't even in my city so I take the train...as folks get older this quest might be a lot more challenging.
Hope FATCA seems major reforms so it can do as was the stated intent while not taking a sledgehammer to those not meant to be a target.
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