7 Responses to Do FBAR failure to file penalties include RRSPs?

  1. CA Freeb says:

    This is the most heinous thing of all. I am ashamed of being American. So elderly people are now to be stolen from and it IS stealing. They owed nothing in taxes but, these fines and penalties are taking away from the elderly. Go pound salt U.S.A.!

    • Expat in CA says:

      I agree completely. For me, the bitter irony of this whole situation is that the US is currently in financial trouble because they failed to properly manage their money (ie: spending money they didn’t have), so now they’re going after people who have been denying themselves the things they want to save for the future.

      Those who have been behaving like the US government have little to fear from percentage-based penalties.

      My personal worst fear is that the US will take from my son’s RESP. That would be literally stealing education from a baby – something that only cartoon baddies do.

  2. CA Freeb says:

    Yes, for me thank GOD my son’s RESP was only in his grandmother’s and my husbands name! Had my name been on it as we were about to do when my mother in law died last year then that too would be part of FBAR reporting. I am still just in awe of this legislation and what it will do to so many people. Levin worked on this and praised it. Former head of Goldman Sachs! Gee I don’t see a problem there do you? I mean really. Goldman Sachs hasn’t done anything wrong in the last few years have they? Like selling bad mortgages so they could bet against them in the market to make billions knowing people would be thrown out of their homes. Here we have someone who helped commit fraud coming after our families with fines and penalties. Gee, what’s wrong with this picture.

    • Expat in CA says:

      It’s not just FBAR reporting, but taxes, too. You would have to pay taxes on your RESP earnings. It’s quite literally a case of the US coming after our children’s education. It’s disgusting.

      I didn’t know that Levin had been the head of Goldman Sachs, but I can’t say that I’m particularly surprised.

  3. CA Freeb says:

    Yes, Levin was head of Goldman, isn’t that interesting? So he helps cause this mess, helps bail out Goldman later on and comes after Canadian families to help fix the mess. What a sweetheart of a human being. I will put my money in a mattress before I give these crooks a red cent. Projecting your own faults off on to others is the sign of a narcissist, sociopath or psychopath. If the shoe fits Levin, he can wear it. After all he’s the one who presided over a criminal operation.

    • Expat in CA says:

      I am so willing to vilify Levin, but I can’t find any confirmation of his involvement with Goldman-Sachs (except after the fact, in his condemnation of them). Where did you hear about this?

  4. CA Freeb says:

    I am trying to find the source for you now. I really need to start compartmentalizing files on this stuff instead of just using quick readings and notes. I have Evernote, I need to use it.

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