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
@ WhiteKat
Your pdf came out to more than a page when I downloaded it so I put it in a WP doc and did a few manipulations but the work is essentially all yours. I think it’s all in how different computers interpret different fonts or something. This is a good Made in Canada version and I hope Brockers in other countries will do their own country specific versions. I can see a Swiss version with an emphasis on the upcoming referendum for instance.
@WhiteKat…
Just getting back to this….Whereever you get the U.S. Person spouse attention is fine. Thanks for making that effort, and I am sure everyone appreciates it. I just thought it was important, so just worked off the paragraph you drew attention to…
I see you have the finished product up, and so this is after the point, but thought I would add this…. Maybe for future flyers…
Regarding closing accounts for recalcitrant account holders: I think that is a fair and factual comment. At this stage, I wouldn’t be concerned if it doesn’t turn out to be true in an IGA. There is a lot we don’t know about what is or is not being negotiated, but closing accounts is what the FATCA regulations call for, so why shy away from it? It is factual. You can point to chapter and verse for it, and if you want until the IGA is cemented in stone, you have no opportunity to draw attention to one of the worst aspects of the FATCA regulations.
So if it were left to me, I would use it. All is fair in love and war, and this is war! As you know the FATCAnatics, their apologist and the FATCA Compliance Complex (FCC) are not above disingenuous propaganda, ala the 7 myths.
Return fire with fire. You need folks to get pissed off at what the U.S. is doing, and to paraphrase Em you need as many “those dirty rotten bastards!!!” moments in it as possible. Just my opinion. 🙂
@ Just Me
You convinced me about the closing of the accounts. After all, accounts already have been closed just in anticipation of FATCA — all those pesky US persons present problems to banks don’t they — get rid of ’em is their solution. I think I can get that point in and still make it fit. (sigh) But one more word and I’ll be printing on the back of the page. 😉
Em…
Well don’t strain at it if it doesn’t fit. It is just an opinion, but I do like hitting the “outrage” buttons as much as you can. 🙂
I agree with Just Me in reference to the account closures. It’s no myth that FATCA’s causing them to be closed in other countries, and the fact is many of us are fearful it could happen in Canada.
@ Just Me
It fit! 🙂 Outrage is on the page … a single page!
Good for you, Em. I like that “dirty, rotten bastards” point as well.
Can you post what you changed and I will incorporate it into the handout in conjunction with the Conservative Convention? Thanks!
@Bubblebustin, Is this a ‘fear’ sheet or a ‘fact’ sheet? We don’t want to be accused of making up things and giving Stack O’ Lies more fuel for debunking us as myths. Just my opinion.
Also keep in mind, space is extremely limited, and you will likely have to make the font smaller to fit anything else in which is bad news for aging people like myself whose eyesight seems to get worse by the week. 🙂 In addition, the more info you put on a page, the more newbies eyes start to glaze over even if they have 20/20 vision.
Having said that, individuals who want to use the Handout, are free to download, and add in any other point they would like.
Just one other tiny thing, if you would. This line:
The vast majority of ‘US persons’ living in Canada, are not aware that USA law requires them to annually submit ‘foreign bank account reports’ …
would read a little smoother if it said:
The vast majority of ‘US persons’ living in Canada, are not aware that USA law requires them to submit annual ‘foreign bank account reports’…
@Bubblebustin, If someone was creating a Swiss FATCA Fact sheet, they would definitely want to put in the account closure fact because it is a fact in Switzerland, its not a fact in Canada, just a mostly unfounded fear at this point.
@bubblebustin,
That I will do! 🙂
@Calgary411 and Em,
I don’t want to create more work for everyone. Why don’t we ask Pacifica to give Em author access to Brock if she doesn’t have it already, and she can update the FATCA FACT sheet directly. This is getting to hard to co-ordinate.
@WhiteKat
I don’t know how unfounded our fear is considering it’s happening to others just like us, but I guess it depends on what you feel the likelihood is that banks in Canada will start systematically closing accounts belonging to US persons. If they don’t, I don’t think it by the goodness of their hearts – all indications are that the banks would prefer to retain us as customers and turn us over to the IRS rather than lose our business entirely.
Anyway, thank you for taking our and some of the passersby’s suggestions and refining our message as you have. Makes you realize how important the protest signs themselves are when you have to get someone’s attention in just a line or two!
@ calgary411
Okay one more time, but I hate taking up so much space. I’ll put some things in black bolds but I can’t do red bolds (they are the same as WhiteKat’s — I like the effect of the red bold on the page). I put bubblebustin’s tweak in too. Geneva 10 font with all 1/2 margins works for me but everyone has to play with what they have to make this fit a single page.
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 (even if you never lived in the U.S.A.)
* are a naturalized American citizen
What if I am married to a U.S. person?
If you have joint accounts with your U.S. person spouse, those accounts will be subject to FATCA reporting.
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 submit annual 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 its 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 such as your 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 could be closed.
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 go to: isaacbrocksociety.ca – maplesandbox.ca – repealfatca.com
In red bold …
URGENT WARNING: U.S.A. to Invade Canada — AGAIN!
report to the IRS the account balances of anyone the U.S.A. considers to be a ‘U.S. person’
focus being on account balances
Financially devastating penalties
violation of the Canadian Charter of Rights and Freedoms
costs of enforcing and implementing FATCA will be passed on to ALL Canadian bank customers and tax payers
FATCA can be stopped!
In blue bold …
isaacbrocksociety.ca – maplesandbox.ca – repealfatca.com
It’s a handout and everyone doing a handout should just print whatever is a good “fit” for them. I don’t think anyone receiving it would assume it is an all official edict or anything. It’s just information and we do the best we can. The main thing is to get it out there, somewhere. I’m going to smuggle one into the Scotia Bank in a nearby town. 🙂
Nuts! I missed putting I’m not a U.S. person so what does FATCA have to do with me? in black bold. I liked the easy way we used to be able to do bold, italic, etc. Oh well!
And that is why I don’t want to be a author Brocker … clutzy commenter Brocker is better for me.
Great work, WhiteKat and Em! I’m thinking of posting copies on community bulletin boards in local supermarkets and libraries where I live. They may not stay up long, but it’s worth a try.
@ AnonAnon
That’s the idea — print something — put it out there! I’ve found banks don’t leave anything around very long but nothing ventured, nothing gained. Community bulletin boards have been pretty good for me, so far. They do have to be refreshed though because understandably they have to clear the boards every now and then. I find my little 1/4 page ALERT on neon green cardstock fits in easier on an overcrowded bulletin board. It’s not full of facts, not perfect, but it directs people to Brock.
ALERT
Foreign Account Taxation Compliance Act
FATCA affects 1 million Canadian residents. If you have any connection to the USA you need to know what this US legislation is and how it will affect you, your family and your bank. To find out more visit isaacbrocksociety.ca.
Here’s how you may have a US connection:
* born in the USA
* born in Canada with US parent(s)
* lived in the USA for a number of years
* visited too long in the USA in any given year
* married to a US person
* share signing authority on an account with a US person
ALL Canadian financial institutions are affected by FATCA and their billions in compliance costs will be passed along to ALL Canadians.
Hopefully when you learn about FATCA you will join the opposition to it.
@Bubblebustin,
I am starting to see your (and everyone else’s)point re: account closure. Although the CRA rep. that someone from Brock (forget who) spoke to a while back said no account closures will be part of the IGA. whose to say for sure. I added that point in to the handout posted here under ‘What does FATCA have to do with me’. It fit nicely at the end of the last sentence in that paragraph.
@Em,
Re:spacing, I realized that the reason my original handout did not fit on one page for others, but did for me was because I accidentally inserted an extra space after a word that threw everything off a line before I uploaded it to Brock. If it fits all on one page when viewed in Word before you print it, it should fit all on one page regardless of printer used I believe. In any event, the handout posted here definitely fits on one page. I think…lol.
@ WhiteKat
Aha! A little extra space let you down. It’s also a matter of everyone having different fonts installed and we each may have to experiment a bit to make a fit. I use a Mac so I don’t have Word — a pdf opens in something called Pages for me and that’s as techie as I dare go because I use this thing I type into but I don’t understand it much at all.
@Em, yes, if you don’t have Word, then a Word document will not print properly.
@Em,
I will create a pdf version and add it to the post here for people who don’t have word.
Thanks, Em and WhiteKat and everyone else for their input.
I think I now have what I’ll go with for printing — for the hand-outs and for any other place I choose to post it. I’m thinking even the many designated places we have in this city to put entertainment posters and announcements. I think they would be noticed there.
(Mine is in Arial 11, with top heading, Arial 14, the “narrow” margin format. I slightly narrowed the spacing between the bolded headings and the first paragraph of each. I also put in RED bold the first mention of FATCA.)
It all looks very professional and readable — and, most of all, the message is clear.
PS: Mine is in Word. I hesitate adding yet another her but here it is — FATCA Fact Sheet (Canada) (Calgary411 version only) and Word: FATCA Fact Sheet (Canada) (Word Version, calgary411)
@ WhiteKat
Got it! Good idea! That might explain why the underlines were slipping into the bottom of the words a tiny bit. Computer quirks are interesting.