Finance Minister Jim Flaherty resigns from cabinet http://t.co/uKfAL1H6uI Is it due to #FATCA #IGA
— USExpatCanada (@USExpatCanada) March 18, 2014
Finance Minister Jim Flaherty resigns from cabinet http://t.co/uKfAL1H6uI Is it due to #FATCA #IGA
— USExpatCanada (@USExpatCanada) March 18, 2014
@Disgusted,
I disagree. While I’m not happy with the IGA, he removed the possibility of Canadians being SHUT OUT of Canadian banks. He added protected accounts from being reported under FATCA. My take on him is that he gave us a chance to not have our registered holdings reported under FATCA, while placing the responsibility on us to get out of US citizenship. He cannot control what the US does when we ditch that citizenship, or whether we choose to file US tax and reporting forms, or whether we choose to file the exit tax form. IMHO, he has doubts about the legality of FATCA under Canadian law, and did what he could, leaving the rest to be decided by the law. I’m pretty sure he thinks the US government is full of a bunch of asses.
@The Mom,
So, if the schoolyard bully threatens my kid, and even the teacher is afraid of the bully, I guess its OK for the teacher to look the other way when the bully steals my kids lunch money. After all, the bully can cause a lot of disruption in the teacher’s classroom if he is is upset because he didn’t have enough money for pizza lunch.
I think Flaherty resigned because he knew he could not serve us the way we deserve to be served. I don’t think he’s a coward. He just doesn’t want to be the guy doing the US government’s dirty work under threat. He would rather say nothing than tell us we have US filing obligations.
I’m sure if he could speak truthfully to us in private, he would say what the US is doing is wrong, the Canadian government is unable to protect you because they have been threatened with crippling financial sanctions, PROTECT YOURSELVES whatever way you think is best.
The non-reporting of registered accounts was the best that he could do for us. Now we have to carry the burden of protecting ourselves with everything else.
In time this injustice will pass, you just need to hide long enough for that to happen. Knowing the Americans it’s only a matter of time before they land themselves in some other terrible situation in the world where they will need their allies again. Maybe then, they will back off on threatening their friends.
Flaherty SHOULD resign for what he’s done!
@bubblebustin, I think the whole Conservative government should resign for surrendering our sovereignty. Our taxes bought us no protection at all.
Has any Prime Minister ever been impeached in Canada?
@omgheesstillanamerican, if Flaherty had balls, he would have resigned with a strong powerful statement saying he was not going to go ahead with the IGA, instead of pursuing his stealth policy, whatever he tried to do to ‘get a better deal’.
OT, High profile addition to a local TSX marijuana company run by Harry Barr:
About Michael Hektoen
Mr. Hektoen is dual citizen of the United States and Canada and was the Founder, President and CEO of a fully listed NASDAQ traded company in the entertainment-media industry. He has advised privately owned and publicly traded companies in areas such as due diligence, joint ventures, business development, marketing, social networking, branding and corporate finance.
Mr. Hektoen was retained by the Canadian Aboriginal Housing Management Association to provide guidance for the first World Indigenous Housing Conference held in Vancouver, BC Canada in 2012. He also organized the attendance of leading Tribal, Government, and Business leaders from the US and Canada for the Global Arc Boston Conference attended by Global Pension, Endowment and Hedge Fund leaders. The subject of the session was ‘Meeting the Investment Needs of the Native American Nations’.
He is celebrating his 38th year in the music-entertainment industry as a music producer, artist manager and Owner – CEO of the world famous NYC based Media Sound Studios where Barbra Streisand, Guns and Roses, Luther Vandross, Ray Charles, Rolling Stones, Aretha Franklin, Madonna, Frank Sinatra, Aerosmith, Tina Turner, Whitney Houston, Billy Joel, John Hammond Sr. and Mariah Carey among others recorded and was the co-owner of TWM Management who provided career management services to acts such as Kool & The Gang and The Manhattans. His efforts helped artists generate over 100 gold and platinum records
Ask him for donation to challenge IMO
info@nextgenmetalsinc.com
CBC Calgary (radio) chasing FATCA story today and wants to talk to someone about the nightmare it’s caused them and their plans to renounce/relinquish. Is there anyone here who is willing to do a radio interview today? If so, please message me. Thanks.
@WhiteKat,
“@The Mom,
So, if the schoolyard bully threatens my kid, and even the teacher is afraid of the bully, I guess its OK for the teacher to look the other way when the bully steals my kids lunch money. After all, the bully can cause a lot of disruption in the teacher’s classroom if he is is upset because he didn’t have enough money for pizza lunch.”
In this situation, the teacher did nothing, but that is not the case in our situation. Registered accounts will not be reported by CRA. Canadians will not have their bank accounts closed, as is being done in other countries. He FU’d the US by stating Canada would NOT collect for the IRS if you were a citizen of Canada, resident in Canada, at the time the US imposes it’s tax and penalty regime. He knows it’s a bullshit situation cooked up by a foreign power, and if we had no ties to the US, I’m sure he would have laughed in their faces and said next issue. They are Canada’s largest trading partner. Jobs in this country rely on exports to the US. Like it or not, we sleep next to a stinky, gross, abusive beast, and sometimes he rolls over and squashes an arm, or clocks you in the nose. Flaherty has provided us with a second bed for the room, as opposed to exploding the house. It is our choice to climb into the other bed, or not.
Don’t get me wrong, I hate EVERY part of this situation, but let’s place the blame where it belongs…squarely on the shoulders of US politicians.
Do you have any other details you could give persons here, molly. I have already been interviewed so I don’t think I would be a useful person to again interview, but someone should take this opportunity! Thanks.
Flaherty did nothing to protect CANADIANS from another country’s laws. Lets not forget that Canadians are Canadians. Being a Canadian means being part of our country which protects it’s citizens. Now, to claim a Canadian person for tax purposes would not be legal in Canada’s borders unless you allow the other country access to “Canadians”. If you do, you create a group of “second class Canadians” which would then open the door to any other country to come into Canada and do as they wish with people who left their country. Nobody but the American government is calling my wife an American. She is not an American, she is a Canadian end of story. She needs protection from the American bully trying to make her a criminal and a cheat by forcing her to be an American, Imagine if she was from Iran? No driver’s license and hide her face? Flaherty put down the sword. This is something a Real CANADIAN would never do when our country is being threatened!
@Calgary411…..I will let you know when I know more. At this point, all I know is that they’re looking for someone to talk to who’s planning to renounce/relinquish their US citizenship because of FATCA and the whole U.S. citizenship-based tax regime. The person could probably speak anonymously, as it would be radio interview, but I’ll keep everyone updated. If this can’t happen today, we can pursue it for different day. I have been speaking with several journalists about FATCA and have a fair bit of potential coverage pending. Could someone educate me on how members on this site might speak privately to one another? Also, is there anyone who is a public spokesperson here at Brock who will do media interviews? This would be very helpful for me to know while trying to get more media attention about FATCA and all of its consequences. Thanks so much!
Charl –
Not a dumb question at all. Brock organization and technology already manifest three significant fails, one from the outset. (1) With traffic increase since February 2014, intermittent outage (2) Longstanding problem with thread bloat that triggers linkage glitch. (3) A WordPress platform minimally suited to topics and traffic. Add to this a kludgy data morass where a few obsessive wetwares often manage to retrieve what no one else could. This is what we get for free. The good ship Brock does seem headed straight for a rock. Unless FATCA enforcement turns out to be a flash in the pan.
@usxcanada thanks for the support you show to the IBS administrators and posters here.
your concern for the plight of all is overwhelming.
i for one am very pleased with what this website has to offer and can and do overlook the issues it does have given the ad hoc way it has grown.
all this website really is is a living blog for people to post their thoughts and musing about FATCA.
does it have some hic ups….yup….does it mostly work….yup……has it helped people in a time of crisis….yup…..
does not sound all that bad to me
@Molly
The normal way to get in contact with others on the blog is to email one of the admins requesting to be in contact with an individual. They will ask the person involved and if all ok, put both in touch via email.
Hope this makes sense. I can help you with that if you like nobledreamer 16 at gmail dot com
I am “out” so able to do interviews in my name and so on.
@mettleman
Thanks!
@whitekat
May I use some of your submission to Financial Post in my emails to the press today? Today my targets are Roseman, Wente, Blatchford and DiManno in the Toronto Press. Reckon I can only fail. My attitude is if I throw enough against the wall something has to stick eventually.
@mom
There is only one way to deal with a bully and that is to push back. Yes, RRSPs are not reported directly but still require FBAR and PIFCs to be reported and taxed. The other registered accounts…yup, scuppered as well. If Canada shows some backbone, having the largest numbers of US tainted people, maybe other countries will follow and divest themselves of US investments. (It is a global economy, Germany is looking good). I’d bet the bully would rethink its position. It is time to stop cowering in the corner in terror of the bully and just take what it dishes out. I’m for blowing up the house, I not interested in the second bed.
@mom I suspect that Flaherty, the Ministry of Finance and Harper know sufficiently about how this conflicts with the Charter, etc. and have figured the odds of the public ferreting out information, and being able to mount effective challenges, public embarrassment, etc.
Otherwise they would have been upfront about the opinion (even whether there was one) from the Justice dept. and the other heavily redacted materials they have refused in FOI requests. AND held substantive REAL public info sessions, debate, etc.
@nobledreamer16…..Thanks so much. I am very new to this site. I just sent you a private email and my phone number.
Of course this is FATCA related. He cooked the FATCA goose, Harper said thank you, now get out of town and lay low. And don’t get pissed when we point the finger at you.
Can’t you all see this? Obvious.
The pig Flaherty will poke his fat head out again somewhere when the smoke has cleared.
Charl, it is a personal CHOICE for Canadian individuals to file reports with the IRS. No Canadian law, AFAIK, dictates we must do so. So, if CRA reports my (fictitious) $75,000 non-registered account, full of PFICs, beyond privacy and indignation of US over-reach, I really don’t care. The IRS cannot enter the country, put a gun to my head, and force me to file returns. They cannot walk into my bank and withdraw my funds. They can do nothing to me, until *I* try to enter their country. I have choices. If I choose to tell them to kiss my ass, they have no recourse. I can stand on this side of the border, giving them the finger, all the live-long day.
In my situation, how much more protection should Flaherty provided me with? Nothing I have is within reach of the US. I have done my due diligence, renounced their ridiculous, re-imposed citizenship, and will carry on with my Canadian life, recognizing the US government is full of idiots that can’t touch me, or my money.
badger, I agree that is a very good possibility. Canadians are not stupid people.
Every investment banker who jumps to his death is a TRAGEDY. He is also a victim of the system that drives people to behave in ways they basically don’t want to behave either. It is the banker who does NOT kill himself and goes on to sell worthless crap as triple A derivatives who is the culprit. The ones who kill themselves don’t feel good in their own skin. I feel very very sorry for the death of a young, strapping, healthy man who had his whole life ahead of him and wish he could have chosen otherwise- perhaps chosen another profession.
@mom I wish I was so blessed with being in your situation. I have grandchildren in the US so I do not see a good way out for me other than trying to duke it out with the bully.
You people are on fire today!
@charl @usxcanada @mettleman – It is my understanding that IBS’ technical bits are being looked at. I’m frankly amazed at what the core group has managed to do with the site thus far with very limited resources. It is apparent to me each day by the amount of time I spend taking in lively threads such as these (quite a lot!). They’ve certainly earned my gratitude.