— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) October 19, 2014
FATCA Hunt Begins
“FATCA Hunt” – the hunt for U.S. persons (whatever that is) began on July 1, 2014 which is “Canada Day”. Although both the definition of “U.S. person” (and whether one meets the definition) is not always clear, the search has begun. The level of FATCA awareness has begun. Some organizations are actively warning people that “U.S. Personness” matters. (The purpose of the warning is presumably to encourage people to “come clean“ and deal with their U.S. tax situations.) In some cases, there is no particular warning – just a letter indicating that they are suspected to be a “U.S. person”. Often one must prove to the institution sending the letter that one is not a U.S. person.
A Canadian wealth management company for doctors asks: "Are you a U.S. person?" http://t.co/ipc4Xn3Gs5 If so, consult a lawyer!
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) October 22, 2014
The above tweet references a notice from a Canadian Wealth management firm for doctors after warning that they are required to (and will) report all U.S. persons to the IRS (via the CRA) state: