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Seminar helps people to renounce American citizenship

(Stock photo: FreeImages.com)

Moody’s Gartner Tax Law is hosting a seminar Friday for people who want to renounce their U.S. citizenship.

More and more Americans are considering the move because even if they live here or anywhere else in the world, they still have to pay U.S. taxes.

U.S. tax lawyer Alex Marino says Canada has agreed to hand over information to American authorities.

“(It’s called) The Foreign Account Tax Compliance Act. A lot of foreign jurisdictions, 192 countries including Canada, have signed on in attempting to turn over and find out where those U.S. citizens are living aboard. It is an IRS snitching program, as I like to call it,” Marino explained.

He says the process of renouncing U.S. citizenship is a complex one and could take more than a year.

The seminar is from 4 to 6 p.m. at The Carriage House Inn on Macleod Trail.