A representative of the Canadian Bankers Association (CBA) explains succinctly in a November 19 CBC (Canadian Broadcasting Corporation) interview how Canada’s banks will respond to US “extraterritorial” demands for FATCA implementation.
On November 25 the CBC/CBC reporter who interviewed the CBA correctly selected the term “deputized by the IRS” to describe the nature of the relationship between these financial institutions and the IRS in a new print version of part of the radio broadcast:
PLEASE LISTEN TO THE RADIO INTERVIEW ON THIS LINK AND FORWARD THIS CBC LINK (but with some text correcting the banker’s statement) TO THOSE WHO MIGHT BENEFIT:
The interview also includes a Brocker/Sandboxer and Allison Christians, Chair of Tax Law at Montreal’s McGill University.
Below is just one brief response to the interview also posted on MapleSandbox:
[SENT BY MAIL; POSTED ONLINE AT ISAACBROCKSOCIETY.CA
November 21, 2013
Mr. Marion Wrobel
Vice-President, Policy and Operations
Canadian Bankers Association
199 Bay Street, 30th Floor
Dear Mr. Wrobel,
[Re: Your November 19 2013 CBC broadcast statements on
Canadian banks and FATCA]
I am asking you, as a representative of the Canadian Bankers Association (CBA), to provide more balance in future statements you will make to the public on involvement of Canadian banks in implementing the U.S. imposed FATCA (Foreign Account Tax Compliance Act) law.
In your November 19 statements broadcasted on CBC the audience was left with the impression that Canada’s banks have no choice but to capitulate to U.S. demands to implement FATCA– because the U.S. has a “large economy” and “financial markets are integrated.”
I appreciate that only limited broadcast time was available, and know that you would not mislead; however, Canadians need to know, directly from the CBA, that Canadian banks do in fact have the option of resisting FATCA in order to protect rights of all of us and the sovereignty of our country.
This option is detailed in the November 12 2013 letter hand delivered to the office of Mr. Terry Campbell, the President of your CBA, and which was posted online at IsaacBrockSociety.ca and MapleSandbox.ca.
If you have not yet had the opportunity to read the letter, please do so and consider the specific options of FATCA non-compliance on pages 9 and 10.
In particular, I ask that you now in your public statements alert Canadians to a viable alternative to capitulation: To use the resources of CBA to begin (belatedly) a “serious lobbying and media campaign to secure FATCA’s repeal.”
I thank the CBA for commenting at the Isaac Brock website on our concerns and hope that you will continue to contribute to this discussion.
[Name and address disclosed on hard copy]
cc: Terry Campbell, President, Canadian Bankers Association
Maura Drew-Lytle, Director, Media Relations, Canadian Bankers Association
Honourable James Flaherty, Minister of Finance
Kevin Shoom, Senior Chief, International Taxation and Special Projects
Honourable Ted Hsu, Member Parliament, Kingston and the Islands
Honourable Scott Brison, Member Parliament, Kings-Hants
November 12 2013 Letter to Canadian Bankers Association: