Editors note: The Progressive Canadian Party has now sent out its official press release. Let’s pull out the stops for this event–show the media and our politicians that they must not tolerate FATCA. Email your MPs and the media. Use your facebook and twitter accounts. And above all, show up for the meeting if at all possible. 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. One fringe benefit will be that you can meet other brockers in the area (including Petros–yes, I will be participating). Thanks to everyone in advance.
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.