Of Particular Interest
to US Persons
US taxation update talk to be held at Atwater Library
Two leading lawyers will discuss evolving problems with unique U.S. place of birth taxation. This affects estate planning of such persons as well as their spouses, children and business partners.
They are John Richardson (admitted Ontario, Massachusetts and New York) and Andrew Grossman (admitted New York and D.C.).
There are an estimated one million U.S. citizens residing in Canada (most now dual citizens). In the Montreal area a high percentage live in Westmount and the West Island.
In the corporate area, Burger King was able to limit US taxation on its overseas earnings by taking over Tim Horton with a few paper shuffles.
But ordinary people are exposed to double taxation in many areas, which makes estate planning and investment choices a nightmare, not only for Canadian residents, but the six million other deemed US persons living all over the world.
There are an estimated one million U.S. citizens residing in Canada (most now dual citizens).
The related requirement for all foreign financial institutions to list all their ‘suspected’ US clients at great expense has resulted in a number of banks in Asia and even parts of Europe refusing to open accounts to such persons.
Mr Richardson is a special advisor to the Canadian lawsuit to stop the Canadian government from forwarding such lists to the IRS, which drains a lot of Canadian government top-ups and subsidies from Canadian taxpayers to the IRS. He last spoke in Montreal two years ago.
Mr Grossman is a retired foreign-service officer who has served in six countries and now lives in London.
The update will be held at the Atwater library, 1200 Atwater, on Monday, December 5.
Doors open at 6:45 pm for a 7 pm start.
A $20 donation, strictly for travel and room rental costs, is requested.
Mr Richardson’s blog is citizenshipsolutions.ca