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.
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.