Lawyers who help Americans in Canada renounce their U-S citizenship say they are seeing a spike in inquiries since the election of U-S President Donald Trump and expect applications to rise this year.
Alexander Marino with Moodys Tax Law in Calgary says most people renounce their U-S citizenship because it's one of the few countries that taxes on citizenship.
He says he's seen "a bump" in the number of inquiries from U-S citizens since Trump's win in November and the law firm may have to double the number of renunciation seminars it offers this year.
Marino says he expects 2025 will see a record number of dual citizens in Canada attempt to give up U-S citizenship.
The process can be complicated and expensive, with immigration filings, tax-compliance submissions and an official interview, causing many to hire lawyers to ensure they take all the right steps.
Renunciation numbers have risen sharply since 2014, when new U-S tax rules went into full effect requiring foreign financial institutions to report assets held by American account holders.
The Canadian Press
