Bonus holiday weekend for those of us who carry two passports! Friday was Canada Day. Yes, I know Canadians aren’t typified as flag-waving, fireworks blasting patriotic like Americans, but in our hearts, we’re absolutely fervent about our homeland. I always wear a maple leaf on July 1st and wish I was home – but I know that the party north of the border is nothing like the party in the lower 48 three days later.
Before I start
making resolutions setting goals for 2016, I figured I should spend a few minutes taking stock of the last year. You know what they say, you have to pat yourself on the back once in a while! Continue reading “Taking Stock”
Weekly Round-Ups shouldn’t be posted on Wednesday … but Monday was Thanksgiving at home, and I decided to phone my mom instead of posting. Then Tuesday I had a work dinner so the evening was shot. Now it’s Wednesday and I figured there was no harm in posting today! Continue reading “Midweek Round-Up 14-Oct-15”
As I mentioned in my last post, I went home, to Calgary, Canada for my longest visit since I left the city almost 19 years ago. Lots of time with family and friends!
Continue reading “How I Spent My Summer Vacation”
This week I am home for a holiday. There are several places I call ‘home’, the house I live in, the country I’m from, and of course my hometown. So I should clarify that I’m in my home country and home town. Pretty much my entire family still lives within about 100-km (sorry, back in Canada so I’ve converted over to metric!) of the house we grew up in. So a visit home is really just time with family. Continue reading “Home Again”
Today is my mom’s birthday. 92 years young! Happy Birthday, Mom!
In honor of her, and her birthday, here are the 10 top things she has taught me: Continue reading “Happy Birthday, Mom”
Tax week for me so for #reblogWednesday I’m focusing on a couple of tax blogs. Dull yes, but as the ever eloquent Benjamin Franklin stated, “Two things in life are certain, death and taxes.”
I’m a dual citizen and have accounts in Canada. Not big, “we’re hiding our abundant wealth” accounts, but retirement accounts where we would be double taxed and penalised if we moved the assets, and a little savings account where my mom deposits my birthday money. This FBAR reporting is serious … A couple of years ago I spent months working with an IRS agent to get our accounts reported properly and we DID pay a fine. Annoying, yes, but it’s the law.
WASHINGTON — Imagine owing up to $600,000 in penalties on, say, a $20,000 bank account simply because you didn’t report it to the IRS.
It sounds unbelievable.
But such a gobsmacking penalty is possible if your account has been held overseas at a non-U.S. financial institution for years and you knowingly never disclosed it to the U.S. government.
You could be subject to lesser penalties if you voluntarily disclose the account or can prove you weren’t being “willful” by not disclosing it.
But make no mistake: You will likely pay penalties, and — if your foreign account generated income — back taxes and interest as well.
For starters, the United States has a worldwide tax system, meaning every U.S. taxpayer must report all his income regardless of where it was earned.
Second, laws designed to discourage the wealthy from hiding money offshore are also going to snare a lot…
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