Thanks to commenter Another Concerned Canada for the link. This came while I was out of the office with my son’s Boy Scout Troop. (No trout were harmed on our fishing expedition, sadly.)
Canadian MP Don Davies is quoted in the Vancouver Observer’s article about the FBAR debacle. At this point the IRS reminds me so much of Wile E. Coyote that it is almost funny. The IRS is so wrapped up with procedure that it does not see that it is running off a diplomatic cliff.
Mr. Davies sees the reality of the FBAR penalties for what they are — an unwarranted wealth transfer to the United States Treasury from the pockets of ordinary Canadian residents:
Davies said that many MPs have received calls from similarly fearful dual citizens and long-term Canadian residents, and said that the NDP is urging the Harper administration to intervene.
“We’ve all been writing letters to (Finance Minister) Jim Flaherty, saying Canadian government needs to work out another deal that’s a more fair to everybody,” said Davies.
“This is about a transfer of wealth from Canadian citizens to the U.S., and it’s affecting hundreds of thousands of people in Canada.”