Based on comments received from people who were part of the recent Ottawa protest, as well as passersby, I revised the generic FATCA handout to be more Canadian specific, and hopefully a bit more concise and visually appealing. Thank you Pacifica777 for helping with the editing!
If anyone has any suggestions for further improvements please let me know. One suggestion, I received, but did not act upon, was to have a 2-sided hand-out with only the highlights on one side, and the details on the other. If anyone wants to take a stab at formulating the highlights for the opposite side, please feel free. My goal, was to at least have a one-sided hand-out ready for the Calgary protest.
Word Version: What-is-FATCA-CAN-1-4
PDF Version: What-is-FATCA-CAN-1-4
ADDITION by Calgary411: I’m taking he liberty of adding to this post (for use in conjunction with the FATCA Fact Sheet, for forwarding to government representatives, media, etc.) the COMBINED Q-121 and Q-127 in PDF format in more a more readable form (questions asked in the Canadian Parliament on October 25, 2013 by MP Ted Hsu and October 28, 2013 by MP Scott Brison, respectively). Canadian Parliament FATCA Questions 121 and 127 – Oct 25,28 2013
On the headline, I would just add one word to the Heading… “U.S. to invade Canada”, AGAIN! 🙂
Thanks for doing this, I have sent down to NZ to see if it is something the one or two lonely activists could use…
@Just Me, LOL, I was thinking the same thing re: AGAIN!
I downloaded and printed and will be making copies. Good work!!
That looks really good, WhiteKat, thank you! I adjusted the spacing so that if fit on one page.
It fit on one page for me for some reason, but not for Pacifica or for you Bubblebustin. Weird. I wonder if it fit on one page for northernstar?
I would list “married to an American citizen*
And “Child of one American parent* to the list of those affected by this.
And perhaps say even if you are not a citizen of the U.S. at all and have never lived there. If you are in one of the above situations FATCA WILL impact you.
@Atticus,
Thanks for your feedback.
The original FACT Sheet did list the spouse of a US person (not the exact wording) under Who is a US person, but I removed it because technically a spouse is not a ‘US person’.
I think the spouse issue is taken care of under ‘What does FATCA have to do with me? I am not a US person” where it says: “your bank or credit union will search your accounts looking for indications that you or anyone with signing authority might be a US person” which is underlined this for emphasis.
Re: “child of one American parent”, is covered as: “were born outside USA to one or more American parents”.
Re: your last point, it is valid, but there is no more space left to add anything, without deleting something else! 🙂
Works for me. Thank you WhiteKat. I added AGAIN! and removed the underlining (just a personal preference). It fits on a single sheet using a Geneva 10 font (1/2″ margins). Love the title (with AGAIN!) and the use of red bold print. BTW, it makes me cringe every time I see green card holder listed as a U.S. person. It’s that OMG moment all over again. 🙁 I won’t bother html-ing the bold parts but here’s the Canadianized fact sheet with my slight modifications in the wording.
URGENT WARNING: U.S.A. to Invade Canada — AGAIN!
The Foreign Account Tax Compliance Act is a U.S. law effective July 1, 2014. FATCA forces ALL financial institutions in the world to report to the IRS the account balances of anyone the U.S.A. considers to be a ‘U.S. person’.
Who are U.S. persons?
Although you may be a Canadian citizen, the U.S.A. considers you to be a U.S. person if you:
* were born in the U.S.A. even if you left as a young child
* hold a green card
* regularly visit the U.S.A and meet the substantial presence test
* were born outside the U.S.A. to one or more American parents
* are a naturalized American citizen
What information will FATCA collect?
FATCA requires all Canadian financial institutions to report annually to the IRS on a variety of everyday banking and investment accounts with the focus being on account balances. It is an asset inventory.
What will the U.S.A. do with all the FATCA information it collects?
The vast majority of U.S. persons living in Canada, are not aware that U.S. law requires them to annually submit Foreign Bank Account Reports (FBAR) on all of their Canadian bank accounts. Financially devastating penalties are imposed for failure to submit a FBAR. The IRS will use information it gets from your bank or credit union to verify FBAR records and U.S. tax filings. It will also exchange this information with other U.S. agencies such as the NSA and FBI.
I’m not a U.S. person so what does FATCA have to do with me?
Your bank or credit union will search your accounts looking for indications that you, or anyone with signing authority on your accounts, might be a U.S. person. For example, receiving funds into your account from a U.S. source is viewed as a connection to the U.S.A. Your bank will require you to provide evidence that you are not a U.S. person. Failure to provide proof will result in your account being deemed a ‘U.S. person’ account subject to FATCA reporting.
I don’t have any U.S. connections so why should I worry about FATCA?
FATCA is extremely expensive for financial institutions and the Canadian government to implement and run. It is likely in violation of the Canadian Charter of Rights and Freedoms. Affected Canadian citizens will launch class action suits against Canadian financial institutions and/or the government of Canada. It is foreseeable that the costs of enforcing and implementing FATCA will be passed on to ALL Canadian bank customers and tax payers.
Why are the Canadian government and financial institutions agreeing to FATCA?
FATCA will impose 30% withholding of U.S. sourced income to financial institutions if they do not agree to implement FATCA. Canadian banks are pressuring our government to sign an Inter-governmental Agreement (IGA) to legitimize FATCA in Canada.
FATCA can be stopped! Contact your MP and ask what he or she is doing to stop FATCA!
For more information visit these websites: isaacbrocksociety.ca – maplesandbox.ca – repealfatca.com
@Atticus…
That “Married to an American or U.S. Person” is an important point, imho. I think it hits home with more folks.
When you think about, many of those impacted here, and surely the most active against FATCA are the female spouses, so you may be making a mistake leaving it out. There must be a way to make it fit.
Let me try…
Take your paragraph….
Your bank or credit union will search your accounts looking for indications that you, or anyone with signing authority on your accounts, might be a U.S. person. For example, receiving funds into your account from a U.S. source is viewed as a connection to the U.S.A. Your bank will require you to provide evidence that you are not a U.S. person. Failure to provide proof will result in your account being deemed a ‘U.S. person’ account subject to FATCA reporting.
And simply modify it this way. I tried it in the copy I downloaded, and it fits. Just an idea, but I would NOT leave out the spouse connection. The American might not pay attention, but the spouse likely will! Get their attention, and lead with that question…
Are you married to an American? A bank or credit union will search accounts looking for indications that you, or anyone with signing authority on your accounts (like a spouse), might be a U.S. person. For example, receiving funds into your account from a U.S. source is viewed as a connection to the U.S.A. Your bank will require you to provide evidence that you are not a U.S. person. Failure to provide proof will result in your account being deemed a ‘U.S. person’ account subject to FATCA reporting. If you refuse to allow reporting, your account is to be closed
Just an idea. Play around. I have guest here, and don’t have more time to word smith it …
I agree — the non-US SPOUSE having their financial information turned over to the IRS aspect is one of the most important!
Because it is so unbelievable: “How can they do that — who do they think they are — the bastards!”
@ calgary411
I agree. It needs a “those dirty rotten bastards!!!” moment in it. 🙂
cross-posted from the thread about Hsu’s question on the order paper:
URGENT
Some of us are trying to figure a way of getting some FATCA coverage amongst the Conservative delegates to the convention in Calgary next weekend. Musing about circulating the FATCA flyer and maybe also a copy of Hsu’s Q-121 question to delegates as they arrive, but we’ve learned that (surprise surprise) the convention centre is private property and leafletting isn’t allowed on private property, there’s only one area of public ground near the convention where the police will allow this, and not many delegates are likely to wander by that spot. Sort of sounds like G-20 in Toronto, doesn’t it?
If by some fluke of luck, any of you who are following this thread are delegates to that convention or have personal connections to people who are and who might be sympathetic – our information from Calgary is that there is a policy workshop starting at 8:30am and going until 2:30 (probably with lunch break) on Friday November 1 in Palomino Rooms E-H at the BMO Centre. The subject is “Role of Government, Taxation, and Crime” (sorry but that’s the only thing I can make out on the agenda that seems related to taxation). From 12:30-1:30 there is a “ministerial information session” in that same venue and for the same topic. I’m not sure where Flaherty will be (there’s also a parallel Economic Development session where he might go, in other rooms, but I don’t think FATCA can remotely be stretched to economic development except for tax lawyers and accountants). So who knows which minister(s) will be at Rooms E-H at that time.
It would be wonderful if somehow we could get a delegate or two willing to raise some FATCA questions and maybe have a supply of the FATCA handout and Hsu’s questions to pass around at that session.
I know this is a “Hail Mary pass,” but I thought why not give it a stab.
If you think this might work, and are a delegate or are well-connected with someone who is and might be sympathetic, just try it. No need to reply on this thread, no real need to contact us about it.
Hail Mary, full of grace, ….
One possibility for distribution is go to hotels where the delegates are staying and slip the flyer under the hotel room doors. I’ve been at conventions and found such flyers in my room.
OMG, how in heaven’s name do you do that without getting securitied? Hire staff to help?
Ok guys, I edited the Fact sheet to include the married to ‘US person’ point. Instead of burying into the paragraph that Just Me suggested, I put it right at the top of the document. Let me know if I have drawn enough attention to this point.
@Just Me,
I don’t think they will be allowed to close accounts in Canada. Whoever it was that spoke with CRA awhile back was told this, and others (forget who) have said this as well. I don’t think there is any point in going there, since we want to stick to the things we know for sure, otherwise we kind of look like we are making things up…IMHO.
Thanks very much, WhiteKat. You’ve done a great job on this. Thanks for being able to fit that very important point in. I’ve just sent it on to two media contacts.
@JustMe,
I lied. I also included the spouse point in the “What does Fatca have to do with me?”, as per your suggestion.
“Your bank or credit union will search your accounts looking for indications that you, or anyone with signing authority, such as your spouse, might be a ‘US person’.”
@Calgary411,
Thanks. I am sure I am not the only one who really, really wants to see FATCA die!
@Atticus, I added your point re: never living in USA, yet still affected under ‘Who are US persons living in Canada’ by replacing ‘were born outside USA to one or more American parents’ to ‘ were born outside USA to one or more American parents even if you never lived in the USA’.
@Schubert1975
Is there any way you can make your comment more likely to get noticed by someone who can help us out. Perhaps a separate post? That way, you might not have to say so many ‘Hail Mary’s’.
@ WhiteKat
Good work! I made your alterations and managed to make everything still fit. Whew! Now I just want to print it and pass it out.
@Em,
I already incorporated all those changes into the document posted here, so others don’t have to.
@Em, Oh, now I get it. You have your own version on the go as well, and are trying to marry the two! 🙂
Whew is right!