Finance committee  What are the implications for who?

Finance committee  Oh, well...

Finance committee  It's very significant for U.S. citizens in Canada, because there are two parts of FATCA. The first is the part that deals with the banks, and the second part, which nobody ever talks about, has enhanced and very stringent penalty-laden reporting requirements for U.S. citizens abr

Finance committee  No, I would not agree at all. I think that's completely wrong. The way Americans in Canada now experience American citizenship is an endless succession of threats, of penalties, from the U.S. government. Let me put it to you this way. There's another country that uses citizenshi

Finance committee  I don't think we're talking about becoming a citizen. I think we're talking about being a citizen.

Finance committee  Absolutely. This is the whole problem: when we talk about Americans abroad, we tend to be talking about those who the U.S. defines as Americans abroad.

Finance committee  I beg your pardon?

Finance committee  I would take no position on that. You'd have to ask them that question.

Finance committee  Okay, but there are really two parts to your question. The first would be the FATCA legislation itself. I think what's going on in the United States is not so much on the constitutionality of the enabling FATCA legislation, but the way U.S. Treasury is trying to implement it with

Finance committee  If I may, I will answer that question. Currently, the Internal Revenue Service has a program called “Streamlined”, to allow non-compliant U.S. citizens to come into compliance. What they are requiring as part of that is six years of foreign bank account reports, known as FBARs, s

Finance committee  I am.

Finance committee  How long have I been a Canadian citizen? I became a Canadian citizen in I think 1990 or 1991.

Finance committee  Do I value my American citizenship?

Finance committee  I haven't made that decision yet. Certainly the longer one lives outside of the United States.... I've lived outside the United States since I was 12, so I consider myself 98% Canadian, with maybe 1% or 2% to go over the next few years.

Finance committee  I can tell you that I don't think the question is so much does one value a U.S. citizenship...I think the question is, does one value it in a way that could possibly be worth the cost of it and the problems that are now arising?