U.S. FATCA tax law catches unsuspecting Canadians in its crosshairs

“A Calgary woman’s developmentally disabled son is caught in a U.S. tax quagmire that she fears may cost him the money she spent years setting aside for his financial future.  ‘He’s entrapped,’ said Carol Tapanila, the 70-year-old mother. ‘There’s no way out. He is entrapped into U.S. citizenship.’  Her 40-year-old son was born in a Calgary hospital, but automatically received U.S. citizenship because both his parents were American. That simple fact may soon create financial woes for the Tapanila family.  These so-called ‘accidental Americans’ also include an Ottawa woman who was born in the U.S. to Canadian parents and moved back north at one year of age.”

http://ca.finance.yahoo.com/news/u-fatca-tax-law-catches-unsuspecting-canadians-crosshairs-090310548.html

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