A comment from Tim included:
I know some of you don’t want to hear it but I personally think we should back off the NDP for know. I am very confident at the end of the day they will be on our side as will the Greens. As difficult as it might seem lets take a breather on this front. Instead we should be turning our fire toward the Canadian Bankers Association and Maura Drew-Lytle and try to smoke out in the next month or two whether they have any pull to force Mulcair to switch stances on FATCA.
This in line with the post referenced in the following tweet:
— Stop FATCA (@StopFATCA) October 4, 2013
And if a FATCA IGA is not signed
This is anybody’s guess. But, what is clear is that:
If an IGA is not signed, FATCA will still be there and the individual banks must choose whether to obey U.S. law and inflict FATCA on Canadians.
The reporting requirements – Form 8938 remain intact.
Therefore, although it is helpful to defeat the FATCA IGA (and I believe this will eventually mean the repeal of FATCA), those opposed to FATCA must think ahead and think ahead now!
If the Government of Canada does not cave to FATCA by signing an IGA, then each bank will have to decide what to do.
What each bank president is probably thinking is:
“To FATCA or not to FATCA, that is the question
Whether tis better to betray Canada and all Candians for the purpose of obeying a U.S law.”
Therefore, the protests must be expanded beyond the Government of Canada . Each of Canada’s banks needs to feel FATCA Dissatisfaction from Canadians. The banks must be understood to be one of:
1. IRS Enabler and Deputy – will enforce FATCA for the IRS
2. Friend of Canadians – will NOT be FATCA compliant.
The policy of each bank must be understood. Organized (but legal) protests must take place against the banks. The people of Canada must understand that those which are “IRS Enabler/Deputies” are the enemies of Canada.
Organized protests against the banks must begin.
TD Canada Trust is one of the biggest banks in the United States. In fact, the Boston Bruins and Boston Celtics play in the “TD Gardens”. It’s easy to see why the Canadian banks want a FATCA IGA.
It’s essential to begin targeting the banks and financial institutions!