Liberty and justice for all United States persons abroad

The Isaac Brock Society

99 thoughts on “Flaherty Resigns!”

  2. I continue to believe that Flaherty was playing the long game. He hated FATCA as much as any. He may have allowed himself to be gulled a bit with illusory “wins” on registered accounts (which are little more than a speed bump for the IRS given FBAR levers to get the same info once they have their claws into a victim). Big picture though – FATCA is so extreme and has so little chance of standing up to Chater scrutiny OR being reciprocated (see other thread today on DATCA) – that it will surely choke on itself. It actually would have been worse if he had struck a tough deal that might have stood a better chance on a court challenge. As it is he is letting the IRS hang itself.

    Have faith. This will work out.

    That doesn’t make me less sorry to see how low the republic to the south has brought itself that it has sent Lady Liberty out on a manhunt to foist unwanted citizenship on a bitter and betrayed diaspora. The world still needs the US after all. It may not want it much, but it remains better than most alternatives without it!

    Personally I wish him (Flaherty) well. Someday I’d love to know if he actually agrees with my assessment!

  4. @ calgary411
    Oh, I just can’t resist this — JOE WHO? I guess we’re lucky it wasn’t Kenney or Baird. I expect he’s just someone Harper feels he can completely control.

  5. Flaherty simply kicked the FATCA can down the road. He and Harper both knew it would contradict the Charter and therefore chose to let the courts decide, knowing their political careers would be long over by the time that ever happened. What do politicians do best? Nothing, and Flaherty has done that oh so very well.

  6. Joe did such a great job with the environment now he’ll do the same with the economy. Oil and gas links there. hmmmmm. Interesting.

  7. @ AtticusInCanada
    It appears Joe Who’s background is in the investment sector. No surprise there. Not much help to any of us either. He’ll be Harper’s and the bankers’ best friend I think.
    http://pm.gc.ca/eng/minister/honourable-joe-oliver
    “Prior to his election to Parliament, Mr. Oliver had a career in the investment banking industry. He began his investment banking career at Merrill Lynch, and served in senior positions at other investment dealers and as Executive Director of the Ontario Securities Commission. He was then appointed President and Chief Executive Officer of the Investment Dealers Association of Canada. He also played a prominent role as Chair of the Advisory Committee of the International Council of Securities Associations and as Chair of the Consultative Committee of the International Association of Securities Commissions. A graduate of the Directors Education Program at the Rotman School of Management, he was also a member of the Canadian Institute of Chartered Business Valuators and sat on the board of the Canadian Securities Institute Research Foundation.”

  10. Thank goodness John “thrilled” about FATCA Weston doesn’t have the creds.

    Apparently Flaherty’s not resigning his seat – yet.

  11. Joe Oliver the Merrill investment banker is undoubtedly standing at the ready with his buns spread wide open for assisting the banks with implementing their FATCA obligations.

    Look out Canadians, here it comes!

  12. I feel Flaherty did the best he could, in a no-win situation. He was not just Minister of Finance for deemed US person Canadians, but for all of the country. He was not just answerable to us, but all Canadians (individuals and business), his party, and the PM. This was also not the only issue he had on his ministerial plate.

    It is clear he was unwell, and at a recent presser, clearly out of breath. What a stressful job to have when you are at the peak of health, never mind when you are dealing with a health issue, and adverse effects from medication.

    After years of public/political service, at 64 years old, with a health issue, who in their right mind WOULDN’T want to back off on the pressure, responsibility, and make more money? I sure as hell would.

  14. @The Mom

    Hi Mom, thanks for going on Isaac Brock tonight to defend me when nobody else will. You truly are a great Mom and soon we will pick up and move the family to Washington DC where we will shed our disguise of loyal Canadians, not that there’s anything wrong with that since you taught me well that a Canadian politician is a worm and a gutter snipe to be manipulated by us closet American wannabes. One day soon after we will return to Canada, when it is subjugated, and we will claim that we were ill and only following orders and of course I can always save my ass by saying Mommy made me do it.

    Your son, Jimmy.

    PS Remember when you used to tell me I resemble Jimmy Carter? Wow Mom, you’re the greatest

  15. Mr. Flaherty will get to miss being the spokesperson for the implementation of the Canadian government’s FATCA IGA. Perhaps he could really not stomach going that far.

  16. And how far will a Canadian investment banker go to please the US (remember the actions of the CBA and IIAC cheering on the FATCA IGA) in any further FATCA, CBT and Tax treaty matters?

    Flaherty left a great deal of unfinished business – including the protection of the million or more Canadians of US origin, parentage or other acquired US status who are still left without the ability to save using RDSPs, RESPs, TFSAs, PRPPs, (and RRIFS and RRSPs without years of annual 8891 forms and treaty elections).

    I’d like to see him weep for the Canadian citizen children (whether born in Canada or with Canadian parentage or via naturalization) whose RESPs the US claims as ‘taxable foreign trusts’, and the Canadian dependents whose RDSPs are now even more vulnerable to arrogant US extraterritorial overreach than they were when he took office – due to the signing of the FATCA IGA, the lack of substantive public notice, consultation, or debate; and his willingness to entertain the CBankster lobby rather than that of his fellow Canadian taxpayers.

    I’d like to see Flaherty weep http://www.theglobeandmail.com/news/politics/ottawa-notebook/the-finance-minister-the-disability-assistance-plan-and-a-flood-of-tears/article618491/ http://globalnews.ca/news/952573/jim-flaherty-chokes-back-tears-discussing-mayor-rob-ford/ for all those Canadians who are now left holding the mess that he helped put in place with the FATCA IGA.

    He’ll claim that he left a legacy of those registered savings – and not acknowledge that he helped put them in greater peril of US double extraterritorial confiscatory taxation.

  17. The newest Finance Minister Oliver “….who spent much of his career as an investment banker with Merrill Lynch; past president of the Investment Dealers Association; former executive director of the Ontario Securities Commission…” http://www.cbc.ca/news/politics/joe-oliver-s-replacement-of-jim-flaherty-reassures-bay-street-greg-weston-1.2578167 will no doubt find he has much in common with the CBA Banksters http://isaacbrocksociety.ca/2012/07/16/canadian-bankers-association-maura-drew-lytle-responds-to-the-isaac-brock-society/ and their investment industry cousins ) “..The IIAC commends the work of the Canadian government to execute an intergovernmental agreement between Canada and the United States to improve cross-border tax compliance through enhanced information exchange under the Canada-United States Tax Convention..” http://iiac.ca/wp-content/uploads/IIAC-FATCA-Response.pdf. ) as well as the newest US Ambassador to Canada Heyman; who “…. is a Chicago investment banker and campaign fundraiser. He has served as managing director for private wealth management at Goldman Sachs. He first joined the investment bank in 1980….” http://globalnews.ca/news/1204624/bruce-heyman-named-u-s-ambassador-to-canada/

    Apparently we don’t rate an actual diplomat. We get US Banksters and Obama Bagmen;
    “..Many U.S. ambassadorships around the world, particularly in dangerous or in strategically challenging areas, are generally given to career diplomats. Canada, however, is among a group of countries where the post has frequently been occupied by political allies of the president….” http://www.thestar.com/news/canada/2014/03/12/canada_gets_new_us_ambassador.html

    Bay Street is happy, and no doubt the CBA and IIAC broke open the champagne;
    ‘Joe Oliver’s replacement of Jim Flaherty reassures Bay Street’
    “With Flaherty gone from Finance, PM now has few who say no to him”
    (Greg Weston, CBC News Posted: Mar 19, 2014) http://www.cbc.ca/news/politics/joe-oliver-s-replacement-of-jim-flaherty-reassures-bay-street-greg-weston-1.2578167

    This while ordinary Canadians are forced to use their own local family savings and fundraise ( http://isaacbrocksociety.ca/2014/03/06/cccf-step-one-complete/ ) in order to assert their legal Charter rights http://globalnews.ca/news/1130967/canada-u-s-sign-controversial-fatca-tax-deal/ – for protection from the arrogance and greed of a foreign government (the US), and now the Harper government+Canadian Banksters=US Treasury collaborators who surrendered Canadian sovereignty and gave away the legal local savings of > 1 million of their fellow taxpayers and accountholders http://www.bcbusiness.ca/finance/canada-capitulates-on-fatca-agreement .

    What happens when predators are set in charge of those they consider prey?

  18. Today is the day a new finance minister takes over the reins. We have a job to do. Let’s sincerely welcome Mr. Oliver to his new office with our letters urging him to get up to speed quickly on the FATCA IGA and how we feel about it.

  19. @ChearsBigEars,

    I have the ability to see many sides of an issue. Perhaps that’s because I was born and raised Canadian, despite the hospital being located in the US.

    Flaherty did NOT create this situation. He did not:

    -create US CBT
    -create HIRE
    -create The Reed Amendment
    -create the US system of first denying US citizenship, the quietly re-instating it, causing a mess with tax law
    -create a citizenship system which imposes itself upon non-homelanders, instead of offering the choice

  20. Analysis: Joe Oliver’s replacement of Jim Flaherty reassures Bay Street OR With Flaherty gone from Finance, PM now has few who say no to him”

    As Flaherty recently pointed out in a CBC News interview, he and Harper didn’t always agree on issues, but “I could usually get him to come around to a position I could live with.”

    Most other ministers dare not even try.

    http://isaacbrocksociety.ca/2014/03/19/questions-for-my-mp/comment-page-1/#comment-1251498

  21. @ The Mom
    He protected the Banks. He turned a deaf ear to the Canadian citizens he was elected to serve.He resigned because he is afraid to face the fire.

  22. The conservatives are our current object of disaffection because of FATCA among other things’ Let’s not get fooled again in planning for the next election, make sure opposition to FATCA isn’t just a tactic to get our vote. How many remember the Liberal opposition to the GST only to support it after winning the election

  23. The right thing to do would have been to resign before signing the IGA and say he couldn’t do this and be at peace with his conscience. The guy does not deserve respect for what he did.

  24. I have a really dumb question and, as usual, don’t know where to post it. (I get confused easily).

    Being retired and having lots of time on my hands whilst waiting to get the potatoes planted I am commenting on everything I can get my arthritic, freaking bloody hands on. In doing so I am mentioning the IBS/Sandbox. If my hallucinations ever come true and millions flock to these sites are we set up to handle the volume if a critical mass starts to evolve? My fear is just when we need it we are going to go “tilt”. Hope I am wrong as I REALLY don’t know much about this kind of stuff.

  25. It doesn’t matter what Flaherty did or didn’t say, does or doesn’t feel, he and the bankers have allowed the US to cross the Rubicon into Canada.
    The FATCA IGA will never be good for the banks, it’s just less bad than the alternative for them – or at least so they believed. Banks are all about creating the image that your money is safe with them. FATCA does nothing to promote that image and will most certainly create some degree of capital flight when all Canadians realize that no one’s money is safe in Canada’s banks when countries like the US are allowed to use extortion to get their way in.

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