Am I dreaming? Could we open our internet browsers some morning soon and see this headline? Northernstar talks about the ripples of anti-FATCA sentiment spreading throughout the world. We are seeing it in increased media reports like this one that JustMe pointed out: http://www.freeenterprise.com/economy-taxes/fatca-trap-opposition-builds-can-intrusive-foreign-tax-compliance-law-be-stopped, and this one that describes Ruth Freeborn’s FATCA nightmare: http://www.mcclatchydc.com/2013/11/27/209810/new-tax-law-driving-expats-to.html.
Maybe, just maybe….
The fight is not over with me and our community. It has just begun. I left information sheets at the Local place I buy my fuel on the Muncey Reserve after the owner fell off his chair when I told him about FATCA. He has several people in his immediate family who will be screwed…um… I mean affected. At this point, we need to somehow override the muted media and do everything in our power to educate people in large numbers as to what this will do to them and their respective family members. This fight I will never give up For my 2 cents on Flaherty’s response. It appears we are going to enter an IGA to save Canada’s banking industry. Of course, nobody told the Canadian people at what cost to them, never mind the US persons who will be guilty without a trial of tax evasion, the true cost and loss of privacy that FATCA will bring to Canada. As for my family, There will be 3 less “US Persons” for the USA to tax once this is over. Congratulations USA!! You are losing good people and you deserve it!
@Mike
Do you have any friends or extended family in the Vancouver area who can join me tomorrow at noon at a FATCA protest?
http://isaacbrocksociety.ca/2013/11/29/last-minute-vancouver-protest-monday-dec-2-2013/
@Bubble I only have family and friends in Ontario. I am working like crazy here trying to get the word out. Not being great at typing, I’m getting there a bit slower, but still getting there…
Appreciate all you’re doing, Mike! No word from APTN or the newspaper you spoke with yet?
Nothing yet, will be in touch with them this week though. I’ll keep you all posted…..
In answer to Calgary I received my info from a financial planner. The credit union’s section on FATCA is password protected. But since credit unions are owned by its members we should be able to access this info?? Maybe not I will check.
the credit union does not have any assets in the USA but any investments made for members such as RRSPs etc. are held with another outside company for mutual funds etc. So the credit union they ? would not be subject to the 30% withholding since they do not do business in the US. But they would be affected by the member’s assets held by the outside company in RRSP’s etc. where the 30% applies??
What struck me from Allison’s comments on the tax treaty is the information exchange provisions that are already in the tax treaty. If this is the case that the CRA already exchanges info with the US why would the banks have to ask their customers about citizenship – since the CRA will be already sharing this info?
Also if the CRA won’t collect taxes for the US how could the banks legally withhold money on dual US/Canadian citizens residents accounts?
@downtherabbithole, re; ” The credit union’s section on FATCA is password protected. But since credit unions are owned by its members we should be able to access this info?? Maybe not I will check. “.
I was wondering about that too, and noticed that the FATCA area is restricted. You’re right, we are members, and so deserve more information about what the credit union is planning to do.
I have been wondering if that and the lack of information about FATCA is not only meant to supress our dissent and public opposition, but to deter those who would be shocked and concerned if they knew about FATCA, from pulling their assets out or moving them.
The CBA appears to have no conscience or ethics regarding the secret signing away of their account holders under a FATCA IGA, but credit unions are supposed to exist to serve their members.