Thanks for writing us about the U.S. Foreign Account Compliance Act (FATCA). First off, we want to thank you for your important work on the social determinants of health.
Regarding your question, we share many people’s concerns that FATCA’s sweeping provisions on financial disclosure will have significant consequences for dual Canadian-American citizens and Americans with landed immigrant status lawfully living here in Canada. New Democrats have consistently challenged the over-reaching aspects of FATCA and have urged the Conservative government to negotiate protective measures for those citizens who will be burdened by FATCA’s onerous regulations.
We are also troubled that the secrecy of these negotiations with the US is detrimental for citizens with legitimate concerns relating to privacy and financial pressures. They must rely on media reports for developing news and have no opportunity to have their views considered in a meaningful way.
It is important to reinforce how serious and unfair the consequences of FATCA could be for Canadians if unilaterally imposed. In taking the lead on this issue, NDP Official Opposition critic for National Revenue, Murray Rankin, has written to Finance Minister Jim Flaherty calling on his government to reject any agreement that may violate the privacy rights of Canadians, erode Canadian sovereignty, or fail to offer Canada equal benefits to those provided to the United States.
Going forward, please be assured that we will be vigilant on this issue. We will continue to pressure the Government to help address the above-mentioned concerns and ensure the rights of Canadians who hold dual citizenship with the United States are justly protected.
Again, we appreciate the time you have taken to share your concerns with us.
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