Tax laws push more Americans to renounce citizenship

Red Deer seminar on pros and cons

American tax laws are encouraging more Americans to leave the U.S, according to a U.S. tax lawyer who will be in Red Deer on April 22.

Lawyer Alex Marino with Moodys Gartner Tax Law, of Calgary, is hosting a free seminar for Americans in the Red Deer area about issues they should consider if they decide to renounce their citizenship.

In 2016, a total of 5,411 U.S. citizens worldwide renounced their citizenship, a 26 per cent increase from 2015.

“It’s a Canadian issue because Canada has an estimated 1.2 million U.S. citizens living within it’s confines,” Marino said.

“There are eight consulates or embassies in Canada where you can renounce. Toronto and Calgary have the two longest wait lists to renounce in the world. Right now there’s about a nine-month wait list to do it in Calgary.”

He said with the oil and gas industry, there’s a lot of Americans in Alberta.

The popularity of renouncing U.S. citizenship has come about due to the recent ability of the U.S. to find its citizens in 197 other countries, including Canada, to tax them, he said.

“The law hasn’t changed in that U.S. citizens are taxed on their world-wide income no matter where they go. It’s that now the U.S can find the individual living abroad. Now that you can be found, you have to file returns every year which is very expensive.”

He said in 2015 names and information on over 55,000 Americans in Canada were turned over. In 2016 there were over 300,000.

Marino said sometimes people don’t realize they are American. If one parent was a U.S. citizen and lived in the States until the age of 19, their children are U.S citizens.

The seminar, to be held at Sheraton Red Deer, from 10 a.m. to 12 p.m., will look at the pros and cons of renouncing U.S. citizenship.

To register call 403-693-5100 or register online through Eventbrite. People should register by April 17. Space is limited.

szielinski@bprda.wpengine.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Health care coalition calls on government for pharmacare funding in next budget

OTTAWA — A coalition of 150 health care organizations and non-profits is… Continue reading

Telus and affiliates tell customers they’ve already met Liberal rate-cut pledge

OTTAWA — One of Canada’s major mobile service providers appears to have… Continue reading

Five things to watch for in the Canadian business world in the coming week

TORONTO — Five things to watch for in the Canadian business world… Continue reading

Federal emergency group to meet on pipeline protests as rail blockades continue

The prime minister is meeting with an emergency group today to discuss… Continue reading

Trudeau cancels Caribbean trip amid pipeline protests

OTTAWA — Prime Minister Justin Trudeau is cancelling his planned trip to… Continue reading

Fashion Fridays: Apple body types: What you need to know

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Your community calendar

Feb. 6 A Perogie Supper is being held Thursday, Feb. 6 from… Continue reading

Canadian snowboarder Blouin wins World Cup gold in women’s slopestyle

CALGARY — Laurie Blouin couldn’t wipe the smile off her face after… Continue reading

Alberta skip Laura Walker’s change of heart gets her to first Hearts

MOOSE JAW, Sask. — Laura Walker wasn’t going to curl with a… Continue reading

Catherine Reitman says there’s a ‘real hunger’ for shows like ‘Workin’ Moms’

TORONTO — Some six years ago, when Catherine Reitman was creating her… Continue reading

Museum’s Rembrandt knockoff turns out to be the real thing

ALLENTOWN, Pa. — Thanks to modern technology and some expert detective work,… Continue reading

Woman loses 50 pairs of shoes after boyfriend accidentally donates them to thrift store

Cassandra Converse can’t wait to go shoe shopping. Last month, Converse’s boyfriend… Continue reading

RDC Queens fall in double OT to MacEwan University Griffins

Griffins 4 Queens 3 (2OT) The RDC Queens managed to salvage a… Continue reading

Trump takes Daytona 500 warmup lap in presidential limousine

DAYTONA BEACH, Fla. — President Donald Trump gave an election-year embrace to… Continue reading

Most Read