Good #FATCA reporting via @CBCToronto and @jlancasterCBC on CBC News at 6p. Starts at minute 14.50 http://t.co/WfRuOIv64I THANK YOU!
— Marvin Van Horn (@FATCA_Fallout) January 14, 2014
This is a nicely done clip that appeared (in all places) on Toronto news at 6.00 p.m. The news starts off with a continuation of the Mayor Ford Chronicles (as the mainstream media continues its desperate campaign to re-elect Rob Ford).
This video continues with a familiar cast of characters. But, the part that I found particularly interesting was a representative of the Canadian Bankers suggesting that to protest FATCA is the same as protesting winter. Seriously, yes!
“Saying NO to FATCA is like saying no to winter, both will arrive.”
He then confirms his view that the only relevant issue is the well being of the banks and their customers.
“If we were to be non-compliant there is a great financial risk the banks would face and a great financial risk their customers would face.”
I used to think that @CdnBankers were unprincipled wimps. I now think they are completely mindless wimps and are therefore incapable of any principle.
It’s important to remember that the Canadian Bankers Association is basically begging the Federal Government to sign an IGA to protect the Canadian banks!
They want a FATCA IGA because an IGA means:
1. The banks will not have to deal with the IRS
2. Any violations of anti-discrimination statutes will become legal (an IGA will include amendments to existing anti-discrimination laws)
3. An IGA will require ALL banks to comply with FATCA. This has the added benefit of ensuring they won’t have to compete against a FATCA free bank.
These people at the Canadian Bankers Association are pathetic.
Once again I am reminded of the poem by Pastor Martin Niemoller:
First they came for the Socialists, and I did not speak out– Because I was not a Socialist.
Then they came for the Trade Unionists, and I did not speak out– Because I was not a Trade Unionist.
Then they came for the Jews, and I did not speak out– Because I was not a Jew.
Then they came for me–and there was no one left to speak for me.
The Canadian Bankers Association needs to be reminded that the “coming of winter” means that their new boss will be the IRS Commissioner. I wonder who will be left to protect the good people at the Canadian Bankers Association then.
Somebody should write the Canadian Bankers Association and explain to them why FATCA is NOT the same as WINTER.
There is NO reason for the Government of Canada to sign a FATCA IGA (except to protect the Canadian banks). Let the banks solve their own problems. Apparently Canadians with the cancerous tumor of U.S. citizenship have to solve their own problems. What makes the bankers special? Human rights legislation (including the Charter of Rights) is to protect individuals NOT banks. If the Government is to protect anybody, it should protect PEOPLE.
All of this reminds me of a great clip from an old movie.
https://twitter.com/USCitizenAbroad/status/423123815221039104
Come on Bernard – really, they can’t make you do it!
I like your video. I don’t think the general public has any illusions about where the bank’s hearts lie and probably expect them to throw a few under the bus for their bottom line. We might really see the CBA’s knives come out if it looks like we could be swaying the Canadian government away from shielding the banks through an IGA. That would then mean a CBA media smear campaign against us. I would guess that they feel pretty confident that they have the feds in their camp right now, though.
I just saw on Twitter that prominent Canadian Olympian/Athlete Clara Hughes has come out against FATCA and Canada signing a FATCA IGA.
http://en.wikipedia.org/wiki/Clara_Hughes
I believe Clara Hughes was the bearer of the Canadian Flag at the start of the 2010 Vancouver Winter Olympics.
http://en.wikipedia.org/wiki/File:Clara_Hughes_by_Freeman_cropped.jpg
Thanks for that wonderful news, Tim!!
And, Just Me, thanks for this post and your video — good stuff you provide.
Too bad Canada won’t be the lone country brave enough to hold out in its IGA for an exception for Canadian accounts of Canadian residents. Especially given that most of the other IGAs seem to have a “most favoured nation” clause in their IGAs.
@Calgary…
The only credit I can take for the post is the simple tweet that @U.S.CitizenAbroad saw!
BTW, John Lancaster replied to the tweet..
https://twitter.com/jlancasterCBC/status/423117638634860544
Tories say they are powerless to change US law. LOL.
They are not powerless to change Canadian privacy and Charter Rights? OR? If they even try to change the Charter Rights or the Privacy legislation to make FATCA compliance possible, Canadians would be outraged and their government would crumble. So they are not powerless with regard to implementing illegal US laws in Canada. Harper, get a pair.
Right on Petros!!
As I’ve said before, the banks will do whatever saves their profits and the government would like to see this all just go away. Well, it won’t. I have been conversing with many in the Native community and I can say that the Government will be in for the fight of it’s life if Fatca is allowed into Canada. This fight is starting to gather steam and it will not stop. Time for the live protests to start and invite the rest of the “hushed” media.
Good informative reports. As FATCA nears more and more people are going to start to wake up about this. My question is how can the Government write an IGA that makes it legal discrimination of one citizen vs another? Unless I’m blind I can’t see how the Gov’t is going to avoid an IGA being challenged in the courts. Get the ‘carve out.’
Don –
why are you so certain? other democracies with strong human rights legislation have passed IGAs without dispute. What makes Canada so special in this regard?
NativeCanadian, I’m Metis (never sought that recognition from the various organizations). I was just wondering this morning if maybe I should join those organizations, if they can present some push-back on this.
Looks like the recent media coverage is creating mass panic in Canada. This might force the Canadian government to issue a statement sooner rather than later.
This is good. But I feel bad for the people who are just having their OMG moment. They need some sound advice as to not to make bad decisions which would devastate them financially.
While each situation is different, the Canadian government owes it to affected Canadians to provide some guidance and advice and fast. It needs to be official cannot just come from web sites like IBS or Maple Sandbox. Maybe the administrators should add some notes like they can’t be held responsible for actions that people take by following advice on these blogs. This is common sense, but might protect you from lawsuits.
@dusty – To date nobody can mount a challenge because no discrimination has actually taken place. Until an IGA is actually enforced by a bank asking for W8s to be signed, and the CRA actually discriminating between identical Canadian citizens, nobody has actually been discriminated against. The Government has to pushed into a position either they hand over ALL Canadian citizens data to the IRS or none at all on a wholesale basis. It’s going to take some fancy footwork to convince the Canadian public it’s in the interest of Canada to become an agent for the IRS leaving Canada open to IRS abuse of its tax base. Of course this doesn’t stop the IRS doing a case for case basis, but they don’t want that. It’s automatic information they’re looking for to data mine.
Equality of citizens is central in most developed countries.
EXPAT: Why is the USA treating us so bad with citizenship-based (double) taxation, FATCA and FBAR penalties?
UNCLE SAM: Expat, stop whining. You left the homeland and therefore must be punished.
EXPAT: But I didn’t do anything wrong. I only emigrated to another country like so many other people all over the world.
UNCLE SAM: Expat, shut up and go to the back of the bus where you belong. Soon all governments around the world will be throwing you under the bus so you should at least be grateful for having the privilege of riding in the back for now.
EXPAT: I’m going to renounce US citizenship!
UNCLE SAM: Not so fast expat, we put up some obstacles to make it harder for you to escape from US slavemenship like the Exit Tax, Reed Amendment and the soon to come Expatriot Act.
EXPAT: This is so unfair, no other country in the world treats its emigrants like this. I am determined to find a way to end this madness. Issac Brock Society, HELP!!!!!!
To be continued…….
I see Obama wants to extend his Obamacare to over 3 million ILLEGAL immigrants living in the US. Wow, they treat ILLEGALS better than their own people…..
I don’t care about the trials and tribulations of Obamacare or the lack thereof. That’s their battle or not. In fact I find it amusing in some ways and sad in others. Obama just let the insurance vultures call all the shots and some think that’s progress and others think its communism. Only a tiny minority see it’s a huge sell out and will almost certainly ensure that for the next fifty years the U.S. will NOT ever, ever get universal health care of any kind. To me the debacle around that entire mess is a circus and one of the issues that makes me so glad I do not live there. I read the bill…insurance company stocks went up sky high the day after it was signed. Pharma companies won big too. lolololol…and yet he comes out there and calls it a step forward. Yeah, the lobbiests did a fantastic job! Single payer “off the table!” It’s nothing more than more insurance company control of health care. Because their health care is forever for profit and so shall it always be.
However, I have been looking upon Dennis Rodman and his North Korea debacle with interest. HE isn’t being put in a place to renounce his citizenship, he’s not being told he can’t be a U.S. citizen anymore or not be able to live and bank normally. Yet we are. Why does this unbalanced, out of control, traitorous person get a pass while we get treated like the scum of the earth? Even while there is an American family held prisoner there Rodman gets a pass. All he’s had to deal with is some negative media coverage yet the U.S. “comes down hard” on every single expat family living legally abroad.
The view down there is so myopic. Maybe the U.S. can’t afford to have well traveled people anymore, coming back home and saying “You know what? We’re not right about everything.” or “My health care in Canada is pretty good” or “I’m not sure most of Europe, Asia and the rest of America is wrong about this issue, maybe the U.S. is wrong here.” No wonder Rodman is not in big trouble…the control of the “message” down there is now similar in appearance to the way information is controlled in toxic regimes all over the world.
I thought the banks came off looking like cold hearted con artists in that CBC piece. The IGA protects them. PERIOD! and no one else. They are willing to bend and break Canada’s sovereignty and laws in order to cater to the U.S. so the can make U.S. dollars and so they can’t be sued for violating Canadian’s rights. That’s the bottom line of it all. To protect the bankers. Big surprise. Bankers getting bailed out, Canadians getting sold out. “Follow the law” Yes, AMERICAN law, not Canadian law who cares about Canadian laws when there are U.S. $$$$ involved right bankers?
@ The Mom The Native organizations I’ve contacted seem to be very slow in understanding the total effect Fatca will have on the Native community. Native peoples of reserve, file and pay full income tax in Canada and the US will want their share. I have had conversation with Chase at the Turtle Island News and it appears he is not interested in letting the local native’s know anything through their newspaper. I have also contacted the Chiefs of Ontario with blanket emails with the basic information on Fatca and directed them to this site for further information and discussion. I have also been in conversation with Jorge at the Aboriginal People’s Television Network in Ottawa. He has all of the information and has not contacted me with an update yet. All of our efforts need to be ramped up. When farmers are angry with the government, they ride tractors down the 401 and GET ATTENTION. When truckers get angry over fuel costs, they drive at 60 kilometers an hour and cause traffic jams in Toronto…. what do US persons do? We’ll soon find out……………
@ Atticus Your final paragraph should be in the dictionary under : how to tell the truth. You said it well my friend.. incredibly true and honest. I have been with a large bank since I was 19. I had my mortgage since I was 20. I am an excellent customer and they know it. After this is over, I will be leaving for a credit union. I never thought my bank was a “cold hearted con artist” but their actions prove this here…..
@NativeCanadian.
More and more people are learning about this mess on a daily basis, and yesterday was a banner day for OMG moments. We have had 4 public protests so far in the latter months of 2013, none of them large although each made a dent – maybe we will soon be able to find enough angry Canadians to go for a really big one!
@NativeCanadian, we’re leaving the bank too and I’ll be telling every person I know from friends to family members to casual observers why and how the bankers sought to betray their customers, skirt round Canada’s laws to go along with U.S. laws and all the rest.
My banker is someone I have known well one on one for a long time now. She is well aware of how I feel. We’ve been excellent customers too. Even one of our neighbours who heard me on a radio interview wanted to know more and thought the banks had broken trust. This is a man with a huge business here. As for the banks or Flaherty saying they can’t change U.S. law? No one is saying they can. What their job was to do is to put Canada’s laws first and foremost not to all allow the U.S. to make laws and apply them over the border in violation of our own rights as Canadians. I get so irritated when they start up talking about how it’s just those awful laws…they are not OUR laws so statements such as that one are misleading. You say you can’t change U.S. law but, you are allowing the U.S. to change Canadian laws? Makes no sense and they well know it.
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Thanks, Atticus. Everyone here should remain clear on that. You’ve stated clearly what we expect of our Canadian government – Canada’s law should apply. PERIOD.
@AtticusinCanada
You wrote: “The view down there is so myopic. Maybe the U.S. can’t afford to have well traveled people anymore, coming back home and saying “You know what? We’re not right about everything.”
Which reminds me of what my husband, who grew up in a formerly Communist country, used to say that what the regime was afraid of was not people escaping, but those who came back and told what they had seen and learned. My husband left his country without permission and was labelled a traitor at the time.
Now why does that come back to me?
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