The FATCA Question — this needs to be answered by the Conservative Government of Canada and aired in the media before any IGA is signed. Your turn Mr. Harper, Mr. Flaherty, Mr. Shoom.

Thanks to Tim for this — and especially thanks to MP Ted Hsu.

(I will have a hand-out of the Q-121 at the mini-demonstration in conjunction with the October 31, November 1, November 2 Conservative Convention in Calgary.)

ADDITION, October 29: I’m adding to this post (for use in forwarding to government representatives, media, etc.) the COMBINED Q-121 and Q-127 in PDF format in more a 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 20133

Parliament of Canada, October 25, 2013, Q-121 — [Mr. Hsu (Kingston and the Islands)] — With regard to the implementation of the Foreign Account Tax Compliance Act (FATCA):

Questions

Q-1212 — October 25, 2013 — Mr. Hsu (Kingston and the Islands) — With regard to the implementation of the Foreign Account Tax Compliance Act (FATCA):

(a) what steps has Canada undertaken to complete an Inter-Governmental Agreement (IGA) with the United States;

(b) with what type of legal instrument will the government enact a FATCA implementation agreement;

(c) will the government bring an IGA before Parliament and, if so, in what form;

(d) what steps are in place to ensure parliamentary review of an IGA;

(e) what studies have been undertaken as to whether an IGA can be implemented as an interpretation of the existing double tax treaty;

(f) in what ways will the government involve Parliament in any process to amend interpretation of the double taxation treaty;

(g) who is involved in the process indicated in (a);

(h) by what criteria is the government evaluating any proposed IGA with the US;
(i) who established the criteria in (h),
(ii) on what date,
(iii) under what authority;

(j) is a draft IGA currently being negotiated, and if so, what is the status of said negotiations;

(k) when will the draft IGA be made public;

(l) will the public be consulted for input on any agreement, and if so, by what means;

(m) with which specific individuals and groups did the Minister of National Revenue consult regarding FATCA, and on what dates;

(n) with which specific individuals and groups did the Minister of National Revenue consult regarding any IGA, and on what dates;

(o) with which specific individuals and groups did the Minister of Finance consult regarding FATCA, and on what dates;

(p) with which specific individuals and groups did the Minister of Finance consult regarding any IGA, and on what dates;

(q) what studies and analyses has the Department of Finance undertaken with respect to FATCA;

(r) what studies and analyses has the Department of National Revenue undertaken with respect to FATCA;

(s) what analyses and studies have been undertaken as to whether the proposed FATCA regime constitutes an override of the existing double tax convention;

(t) what were the conclusions of the studies in (s);

(u) what steps is the government taking to ensure that, as a result of FATCA or an IGA, the US will not be allowed to impose higher taxes on Canadian persons than those agreed under the current convention;

(v) what studies and analyses have been undertaken to determine whether Canadian citizens and residents are or will be denied financial services in Canada owing to US tax law in general and FATCA in particular;

(w) what are the conclusions or recommendations of the studies in (v);

(x) what mechanisms are in place to ensure that Canadian citizens and residents are not and will not be denied financial services in Canada owing to US tax law in general and FATCA in particular;

(y) what measures will be taken to remedy denial of services to Canadians as a result of FATCA;

(z) what studies and analyses will be undertaken to assess FATCA’s impact on the availability of TFSAs and RESPs for dual US-Canada citizens;

(aa) what are the conclusions of any studies in (z);

(bb) what analyses and studies have been undertaken regarding whether the US definition of “resident” for tax purposes, and its impact on Canadians with dual status, is compatible with Canadian law, including the Charter of Rights and freedoms;

(cc) what analyses and studies have been undertaken regarding whether the US definition of “resident” for tax purposes, and its impact on Canadians with dual status, as will be enforced by FATCA or by an IGA, is compatible with Canadian law and, in particular, the Charter of Rights and Freedoms;

(dd) what analyses and studies have been conducted with respect to FATCA’s consequences upon Canadians who believed their US Citizenship had been relinquished;

(ee) with respect to the studies referenced in (dd), what particular efforts has the government undertaken to ensure no violation of a Canadian’s charter right would be occasioned by implementing FATCA or an IGA;

(ff) what studies and analyses have been undertaken regarding the likely cost of FATCA implementation to
(i) Canadian private institutions,
(ii) Canadian individuals,
(iii) the government;

(gg) how were the figures in (ff) arrived at, by whom, when, and in consultation with whom;

(hh) what studies and analyses have been undertaken as to whether the likely cost of FATCA implementation to Canadian private institutions, Canadian individuals, and the government will be offset by the receipt of reciprocal tax information and Canadian tax law enforcement by the US;

(ii) what analyses and studies have been undertaken as to whether the likely costs and benefits described in (ff) and (hh) are likely to be greater, lesser, or the same as under the current tax-information-sharing relationship with the US;

(jj) what agencies, boards, tribunals, or commissions of the government have studied, interpreted, analyzed, or commented upon FATCA,
(i) to what extent,
(ii) on what dates, (iii) with what conclusion(s);

(kk) what specific steps has the government taken to assess the privacy implications of FACTA;

(ll) on what dates and with respect to what topics has the government met with the Privacy Commissioner to discuss FATCA or the effect of any IGA;

(mm) broken down by province or territory,
(i) on which dates and
(ii) with what individuals in the provincial and territorial governments did the government consult on the subject of FATCA;

(nn) broken down by province or territory,
(i) on which dates and
(ii) with what individuals in the provincial and territorial governments did the government consult on the subject of any IGA;

(oo) does the government have the support of every province and territory with respect to any proposed implementation of FATCA, and what evidence does the government have that this support exists;

(pp) has the Department of Justice developed any policy relative to the implementation of an IGA and, if so, (i) how was it developed, (ii) in consultation with whom, (iii) to whom was it provided, (iv) who requested it, (v) what were its findings, conclusions, and recommendations;

(qq) how will the government monitor and enforce compliance by Canadian institutions with FATCA requirements;

(rr) how will the government monitor and enforce regulatory oversight of the bank due-diligence efforts required by FATCA and its implementation, including
(i) by whom
(ii) how,
(iii) using what standards such efforts will be evaluated;

(ss) what penalties exist and what penalties does the government intend to establish for failure to adhere to standards indicated in (rr);

(tt) has the Department of Justice or the Department of Revenue developed any legislation or guidance relative to the implementation of an IGA or FATCA and, if so
(i) how was it developed,
(ii) in consultation with whom,
(iii) to whom was it provided,
(iv) who requested it,
(v) what were its findings, conclusions, and recommendations;

(uu) has the Department of Justice reviewed any proposed legislation relative to the implementation of an IGA;

(vv) with what individuals or groups has the Department of Justice consulted relative to the implementation of FATCA;

(ww), what steps have been undertaken to assess regulatory changes to federal institutions at the provincial and territorial level that would be required as a result of FATCA or any IGA;

(xx) what steps has the Canada Revenue Agency taken with regard to developing or implementing FATCA or any IGA;

(yy) what tax information does the Canada Revenue agency currently share with the US,
(i) when,
(ii) under what circumstances,
(iii) in what form;

(zz) has the government assessed whether FATCA and its implementation would require changes to the ways in which tax information is currently shared with the US;

(aaa) what has the government sought, or does the government plan to seek from the US, in terms of reciprocal information sharing as a result of the FATCA or IGA negotiations, and what is the current status of negotiations on this point;

(bbb) what measures are in place to ensure that no privacy laws or policies are violated in any transfer of information contemplated in (aaa); and

(ccc) by what process(es) and on what dates will any IGA and its enacting legislation be vetted for compliance with the
(i) Constitution Act, 1867,
(ii) Canadian Charter of Rights and Freedoms,
(iii) Canadian Bill of Rights?