Saturday, December 15, 2012
11:00 noon – 6:00 p.m. (doors will open at 10:00 a.m.)
University of Toronto – Victoria College – Victoria College Building – Room 115
Here are the details:
- The Progressive Canadian Party is sponsoring this event.
- The Fact Finding Conference has been convened in response to the November 8, 2012 announcement from the Department of Finance that they are seeking input on FATCA.
- The Progressive Canadian Party is seeking the views, experiences and contributions of Canadians for the purposes of its submission.
- Speakers will include Jim Jatras of Squire Sanders;
- and Professor Allison Christians, H. Heward Stikeman Chair in Tax Law at the McGill University Faculty of Law.
Background:
FATCA is a U.S. law that can only apply in an extraterritorial manner in Canada and other countries. FATCA would require Canadian banks to look for and identify (at the cost to the bank) anybody whom the US deems to be a “US Person”. US law even defines many Canadian citizens resident in Canada to be U.S. persons. Once a bank has identified the accounts of US persons, FATCA requires it to release their private financial information to the IRS. Such a breach of financial privacy, once committed, may be a violation of Canadian privacy laws, the Canadian Charter of Rights and Freedoms, NAFTA, and various principles of International law. The US. considers “US persons” to be subject to US tax laws no matter where they live in the world. U.S. tax laws penalize normal retirement planning vehicles including: TFSAs, RESPs, RRSPs (under certain circumstances), certain kinds of investment income (including dividends and mutual funds)–making it impossible for Canadian citizens, resident in Canada to engage in responsible, meaningful financial planning. Hence, FATCA is an issue of the extreme public importance in Canada and it affects ALL CANADIANS.
I urge everyone in the area to make time for this event. Bring friends and publicize it on your social media please.
Will Steve Mopsick be fingering (whistleblowing) on attendees to the IRS tax agents in the audience, or will the IRS send some other shill?
@CH, may be not. There is no “whistleblower” commission for those who rat on FBAR violators: http://federaltaxcrimes.blogspot.ca/2012/12/whistleblowers-and-fbar-penalties-12312.html
I hope the Brockers can turn out some participants. It is a long commute from NZ! 🙂 and I trust someone is inviting the Canadian Civil Liberties Association, given their recent letter as posted on Maple Sandbox.
NOTE: Time now one hour earlier, starting at 11 AM, doors open at 10. Further details below (no posted link yet. A more detailed release is in the works with speaker listings, including me, someone from CCLA):
Please notify everyone you know in Toronto. Also, should be sent to MP offices in Toronto area.
FOR IMMEDIATE RELEASE
A Fact Finding Forum on US Tax Grab in Canada
“The American government is attempting to tax permanent residents of Canada whom they deem to be U.S. citizens.” said Sinclair Stevens, Leader of the Progressive Canadian Party. “This contravenes Canada’s Charter of Rights and Freedoms and must be challenged.”
The Foreign Account Tax Compliance Act (FATCA) was signed into law by President Obama on March 18th, 2010. Originally to come into effect the 1st of January, 2013, it has been postponed one year. Briefly, it attempts to catch ‘U.S. persons’ (which includes, by their definition, a very large number of Canadian citizens) living abroad who are not paying income tax to the U.S.A. It by-passes the usual inter-governmental agreements and imposes the reporting of income and personal information on financial institutions in all other countries directly to the U.S. Internal Revenue Service … and that for no remuneration.
“Financial institutions which refuse to cooperate in this gathering of personal financial information are threatened with an enormous penalty – a 30% with-holding tax on all income on investments coming from the US to their clients. Can you spell ‘extortion’?” Stevens continued, “This expands the impact of FATCA from just ‘US persons’ living here to all Canadians who have investments in the US and may well force Canadian banks to increase their banking charges for all their clients.”
“In addition, to recouping unpaid income tax back several years it imposes very large penalties for non-reporting on such deemed ‘U.S. persons’.” Mr. Stevens added.
Finance Canada has posted a notice on their website soliciting comments on FATCA. The Progressive Canadian Party (PC Party on the ballot) will be making a submission.
So that the submission can be as complete as possible the PC Party is convening a fact finding forum at the University of Toronto on Saturday afternoon, December 15th – doors open at 10:00 for an 11:00am start. (see directions below). We have invited ‘expert witnesses’ from the legal and financial fields to provide further details on this international “extortion” attempt and to discuss suggestions from the audience for possible corrective actions including legislation.
“All Canadians, even those who have only a bank account, should be concerned and are invited to attend and participate in the discussions with our ‘expert witnesses’, Mr. Stevens said. “The press are particularly welcome and should see this as a convenient opportunity to get comment from both experts and concerned Canadians.”
Further information on the forum, including the speakers who have accepted our invitation, will be available shortly on our website http://progressivecanadian.ca/ .
The forum will be held in Room VC115 of Victoria College, 91* Charles Street West,
[*accessed via a one-way street between 89 (Burwash Hall) and 93 (Isabel Bader Theatre) – drop off only].
For both parking and travelling by subway the target is Museum Station on Queen’s Park. Parking is accessed on southbound Queen’s Park just after the subway station. After parking you should cross Queen’s Park via the subway station. On exiting the station you will be facing Emmanuel College and will have to go around either end to Victoria College which is exactly behind it.
I have to confess. I voted Progressive Canadian Party in the last federal election. It was a matter of not wanting to vote for any of the main parties and thinking the platform of the PCP sounded good so that was the box I checked. I also have to confess that I don’t take elections to heart anymore because even if you pick the winning party they’ll inevitably let you down on the very promises you most wanted them to keep. This is one Charlie Brown who hasn’t fallen for Lucy’s tricks in many years. Anyway, I’m glad the PCP is holding this FATCA fact finding forum and really wish I could be there. Can’t wait to read their submission to the Dept. of Finance. Thank you Mr. Stevens! Looks like I actually did pick a winner this time.
CH (Mr. Agent Provocateur), there he goes again, before he was attacking Brockers and now he’s trying to sabotage lobbying efforts. Tsk, tsk.
This event is getting more and more interesting. And Alison Christians too now. What about Arthur Cockfield – of Globalization and Its Tax Discontents: Tax Policy and International Investments (University of Toronto Press, 2010)(as editor). Does anyone know anyone else in academia who might be interested? Either re taxation, political science, constitutional law, Charter issues, privacy and human rights, etc.?
And, would the NDP and Liberal MPs based in Toronto attend even though this is being organized by a PC?
How about those Democrats Abroad? Probably lots in Toronto area.
I feel another civil war between the north and south brewing.