The stories keep coming now, so while I have posted in several threads, thought I would headline it.
American FATCA punishes law-abiding Canadians
Last time the United States tried to rule us, we sent them packing.
Yet 200 years later, our government is about to surrender without a fight.
The assault comes under America’s new Foreign Account Tax Compliance Act (FATCA).
Aimed at those using foreign havens to dodge taxes, this law will punish law-abiding Canadian citizens and residents.
When I taught and paid tax in Korea, I notified Canada Revenue about my move and didn’t need to file or pay Canadian taxes while away.
But my American teaching colleagues faced a double burden, still paying U.S. taxes, even if they’d been away for years and weren’t planning to return any time soon.
Now they’re putting the squeeze on Canadians, too.
Eric can be followed on Twitter @ErichTheGreen
Good article. Clear and with great examples. I am afraid though that the media is getting to this too late to do much good though.
I agree – a very good article. The author is a member of the Green Party? Interesting.
@ Victoria
Erich Jacoby-Hawkins attended the FATCA fact finding forum and obviously he came away from that experience with a pretty clear understanding of the problem.
@All
Erich Jacoby-Hawkins (Eric the Green) was the sole representative of a sitting federal Canadian party to attend the FATCA Forum just over a month ago. As he describes himself:
“I am the critic for the National Revenue & Ecological Fiscal Reform portfolio on the shadow cabinet of the Green Party of Canada. Learn more about my local activity at http://www.barriegreenparty.ca“
At the close of the Forum, Erich worked with Sinclair Stevens, Leader of the Progressive Canadian Party, to draft and circulate a petition seeking to impede the introduction of a Canadian IGA with the IRS. We warmly welcome Erich and the Canadian Green Party and we greatly appreciate their visible support and participation in the growing anti-FATCA movement.
@Deckard,
I still wonder what became of the Op Eds that were mentioned (I never saw any) and the CTV interview didn’t bring it up at all. At the time, I felt those represented our only hope. Of course, now that it appears the IGA was not finalized, am waiting for opening of Parliament to see if Elizabeth May puts forth the petition. Does anyone know what level of consideration the Parliament has to give to it? Wouldn’t Parliament have to vote to get rid of PIPEDA? If the Charter exists, aren’t there any ways of making the government “live up to” what is enshrined there?
The more I think about it, I still don’t see how the Finance Committee can sign on to an agreement that breaks our laws. Where do they get the authority to “waive” the law?
Ooops, I just posted this article too. So I took my post down.
Here’s what I have to add:
The Green Party’s Erich Jacoby-Hawkins, who attended the FACTA Fact Finding Forum, has a great article on FATCA. He sets the right tone from the outset. We need more articles like this one in the Canadian papers. This is much better than the Golombek’s precioussss piece (July 30, 2011), calling one million Canadian residents dirty, that scared who knows how many Canadians into the OVDI program.