January 28, 2014, Elizabeth May, Green Party Leader and Member of Parliament for Saanich-Gulf Islands: IRS Tax Collection: Evasion of the US or Invasion of Canada?
The federal government must refuse to sign the Inter-Governmental Agreement to implement FATCA and instead advise their US counterparts that these policies are an unacceptable intrusion into Canadian sovereignty, and work to develop an arrangement that would mitigate the effects of current US tax laws that unjustly target honest Canadian citizens. These measures should be examined by the appropriate House of Commons committees, in consultation with the Privacy Commissioner of Canada.
We must not permit Canadian financial institutions to comply with FATCA in violation of our own privacy laws, and if the US attempts to enforce FATCA against them, we must vigorously respond and seek legal remedy as is our right.
If the US feels the existing Canada-United States Convention with Respect to Taxes is not working, they should provide specific details and suggestions on how to improve it through legislative amendment without sacrificing the rights of Canadians to foreign interests.
“The CRA said any relief under the Convention would apply only to income that was subject to tax in the U.K. As he wasn’t taxed in the U.K. on the items in the reassessment, he could be taxed in Canada, they argued.
Tax Court judge Gerald Rip agreed, saying that, were Black’s position upheld, he wouldn’t have had to pay tax in either Canada or the U.K.”
I am more of a capitalist than 99% of the people here and I do not have a problem with this decision.