Blogs + News
Kim G C Moody is quoted in the Investment Executive on the “misleading” June 30 press release regarding Bill C-208: Investment Executive, July 20, 2021
Bill C-208 has caused some confusion for business owners wanting to sell. Kim G C Moody joined Dave and Faisal on More Than Money (July 17, 2021), to break down what this bill is and its tax implications. Listen to the episode.
“I tend to think this is going to be a huge spend budget…” Kim G C Moody is quoted in an article in the Globe and Mail on what to watch for in the federal budget, April 15, 2021. (Subscription Required)
Kim G C Moody is quoted in an article in the Edmonton Journal about his keynote remarks at the Alberta Chamber of Commerce, March 24, 2021
“We need a budget. We need a plan.”
Kim G C Moody is quoted in an article, “Warn on 1.83T Debt Ceiling,” March 18, 2021, on Blacklock’s Reporter (Subscription Required).
US Government Reduces Renunciation Fees, Wait Times Set To Explode
Will Lowered Renunciation Fees Lengthen Wait Times? Yes!
On March 13, after a years-long court battle, the Department of State announced it will be reducing the fee to renounce U.S. citizenship. The Department originally notified the court hearing the lawsuit of their “intent” to lower the fee on January 6, 2023, but never finalized the decision. As a result, renouncers continued to bear the burden of the high fee. Since 2014, the fee to renounce has been $2,350 USD. Now the Department has finally caved, reducing the fee by over 80% to the pre-2014 rate of just $450 USD.
The Department’s statement on the issue said:
After significant deliberation, taking into account both the affected public’s concerns regarding the cost of the fee and the not insignificant anecdotal evidence regarding tax-related difficulties many US nationals residing abroad encounter, including in part because of FATCA, the Department made a policy decision… to propose alleviating the cost burden for those individuals who decide to request CLN services by returning to the below-cost fee of $450. This change will better align the fee for CLN services with fees for certain other services provided to U.S. citizens abroad, including, for example, applications for a Consular Report of Birth Abroad, which are similarly set significantly below cost.
As part of the renunciation process, U.S. citizens must personally appear at a U.S. embassy or consulate to swear an oath of renunciation and pay the associated fee. Because of this requirement and limited availability at many consulates, the wait time for an appointment to renounce citizenship is often months long. In many cases, it can take the better part of a year. With the cost of renouncing decreasing, these wait times will only increase—likely significantly.
For individuals on the fence about renouncing, a critical window of opportunity is closing. Because of the lengthy wait times for appointments, if you want to complete your renunciation before the end of 2026, you must start the process and join the queue right away. Delay could push your renunciation into 2027, which may mean filing U.S. taxes for another year and incurring thousands of dollars in extra costs. Make the 2026 U.S. tax return your last one ever—get in line to renounce now!
If you or a family member is a US citizen or Green Card holder considering renunciation, we invite you to visit our dedicated webpage for more information. This page contains links to register for our upcoming renunciation webinars. You can find one tailored to your geographic location in our events listings.
These webinars thoroughly review everything you need to know about the US citizenship renunciation process and available options, allowing you to make an informed decision about what is best for you and your family.
Feel free to book a consultation with Alexander Marino to discuss your situation today. Click here to book your appointment. Email or call him directly at amarino@moodystax.com and +1403.693.5114.