KeatsConnelly Cross-Border Weekly Best of the Web 2016-5-6

web-search-greyEvery week we share news stories, blog articles and other interesting stuff from around the web that received the most views, shares, comments and overall interest on various KeatsConnelly social media outlets.

In this week’s highlighted pieces we begin with an interesting look at the impact of a strengthening Canadian dollar…a reminder that many economic factors carry both positive and negative impact. The next article focuses on an increasingly common refrain among American’s, “If Trump wins, I’m moving to Canada.” We then wrap things up with an important information piece from the IRS on foreign asset reporting requirements.

Loonie Surge, Trade ‘Collapse’ Threatens to Undermine Canada’s Economy (www.huffingtonpost.ca) – A stronger loonie may be good news if you’re planning a vacation to Florida, but for Canadian companies doing business abroad, it’s pretty much the last thing they need. Despite the loonie losing more than a cent U.S. on Tuesday, it’s trading at around 79 cents U.S., some 10 cents U.S. higher than its lows in January. That new-found strength “poses a risk to newly won export gains,” BMO chief economist Doug Porter wrote in a client note Wednesday. “The exchange rate is a massive underlying force. And the three-month surge in the Canadian dollar threatens to undermine those gains.” Porter noted that with the loonie in decline, export volumes had shot up 7 per cent in a year…

Want to Move to Canada If Trump Wins? Not so Fast (www.rollingstone.com) – The threats to move to Canada if Donald Trump becomes president started appearing long ago, but they’ve increased in volume and intensity over the past few months. After Trump’s big wins on Super Tuesday, thousands took to Twitter in panic and outrage. Canada’s immigration website experienced delays, presumably from a surge in traffic. Cape Breton, a Canadian island with an aging population, responded by welcoming Americans and received thousands of inquiries, many of them serious. Moving to Canada became easy fodder for comedians and late-night hosts…

Comparison of Form 8938 and FBAR Requirements (www.irs.gov) – The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN  Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS. Individuals must check the requirements and relevant reporting thresholds of each form and determine if they should file Form 8938 or FinCEN Form 114, or both…

Come back next week for more interesting news and articles. Enjoy your weekend!

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