85 thoughts on “Canadian Bankers Association appears before Senate National Finance Committee on FATCA”
@ Tim
It’s Senator JoAnne Buth and her staff actually sends a nice little reply to e-mails .
@Em
I trying to do some work on that front. Remember the Cons have a majority in the Senate but Senator Buth is part of that majority.
I will also add my hunch is actually some of the more Reform/Alliance elements of the Conservative Party are probably more hostile to FATCA than some of the more centrist parts(There was always some tension between Reform and the Banks plus Reform was always into direct democracy). That is just a guess though. The two Cons MP yesterday in the hearing that were pro FATCA were from NB and NS NOT Western Canada.
Sigh….I am almost glad I didn’t get the opportunity to listen to it….probably just would have got me into an even angrier mood. Damn banksters!
@ AtticusInCanada
Right on! We need to pressure both House and Senate committees to allow more testimony from our side. I sent an e-mail to Gerald Keddy today but only got a reply which implies he’s probably going to ignore it because I am not a constituent. I was advised to contact my own MP but darn it I don’t have one at the moment. (He resigned.)
@ brockers. from following the comments rather than trying to decipher the testimony there seems to be common theme…the banksters are snowing the political bureaurats (oops sorry bureaucrats) and in bed with them.
the only thing they will understand is a laywer saying NO NO NO.
therefore the C3F /ADCS challenge takes on even more importance given the republicans overseas efforts…..ultimate message: save your foreign pennies to contribute to Joe Arvay’s fees…… this is the best form of self defense other than renouncing/relinquishing.
@Em
Send something to the committee clerk
@Tim:
Geez, Tim. The OPP detective has EVERYTHING to do with FATCA inasmuch as the IGA will Override the charter protections that are now in place. He made that plain as day as well as making it plain it would be SO much easier if they did not have to go through this bothersome process to get a warrant based on probable cause. As he says, you have to know more or less conclusively they are criminals BEFORE you get a warrant for search and seizure. FINTRAC however has no restraints. They watch and flag any banking transactions they think MIGHT be criminal and pass it on UNsolicited to the police.
Does anybody else have REAL problems with this? Charter violation on both counts.
@ FuriousAC
Yes I have real problems with what was being implied by the OPP detective. When you put the hammer of suspicion into the hands of authority we all look like NAILS. Innocent, legally acquired cash deposits could make someone look like a drug dealer. I often take out cash from one bank and walk over to another to deposit it rather than electronically transfer it. I like to watch tellers count out those new slick Canadian bills and I don’t see why either bank needs to know where my money is going to or coming from. Besides I don’t want them to be jealous of each other. 😉
@WhiteKat
Yes, I was thinking today: what really needs emphasis is complete lack of due process.
I think ParlVu is a pretty flakey system or maybe Brockers broke it. I can’t get today’s early NFFN meeting (Play This Clip is there but sends me in a loop back to Play This Clip) but I can get the May 1st FINA meeting. I hope I can figure this out by the time Lynne testifies. 🙁 BTW, I did install SilverLight after my husband did an operating system backup (he’s very cautious about putting new things into our Mac).
Are the politicians perhaps being so in with the bankers because they have dreams of their own offshore crackdown?
Colombia has apparently announced, on the back of FATCA, high penalties for Colombian taxpayers with undeclared U.S. assets. These taxpayers are to declare these assets, including real estate: as income at 25% tax, if they don’t do it and are caught later the penalty is 70% of the value of the asset. Had to read this one in Spanish to make sure that google translate wasn’t playing tricks. http://elheraldo.co/economia/colombianos-deben-declarar-renta-por-propiedades-en-eeuu-151674
@WhiteKat
**Cool, so no one will fess up, IRS will get an empty data file and then ask what happened to the one million ‘US slaves…err I mean persons’ hiding out in Canada.**
Turn over the politicians & bankers who are for this fatca… let them feel our pain & allow them to try to dig themselves out.
@Em
I do the same as u do… I never do electronic banking… If there is a mistake… need to yell at someone there… not a machine
Ok, here we go:
Click on the link Tim provided. Click on View This Clip. A drop down menu appears. Click on the one you want, audio, video and size. I did English, 500 video. It downloads. Click on the download and it opens in your player.
Right now music is playing so it has not started yet.
@ USPF
I didn’t mean online banking (I don’t do that at all — not even ATMs). I meant asking Bank A to transfer X dollars to Bank B electronically or even just writing a cheque from Bank A to be deposited at Bank B which again is registered electronically. I’m a cash person who dreads the day they will force the cashless society upon us. I keep my bank deposits within walking distance and appreciate that I can talk to someone in person if something goes amiss.
@ FuriousAC
Yes I’ve got the current meeting going. It was the other one today I’m having trouble with. Maybe they haven’t actually archived it yet.
Yipes this meeting is boring stuff. I don’t know if FATCA will come up later but I’m going for a nice walk while the sun is still shining.
Minister Oliver up next.
@Em
I do the same thing… cash from one account to another… I never electronic any of my banking needs… sad to admit… I am too old to be taught new tricks… I am just happy I can surf the internet without being lost all over the place… My ball & chain makes fun of me… yet I haven’t seen him do any of it.. hmm….
Good decision, Em. Mr. Oliver didn’t say anything new regarding FATCA IGA vs. no FATCA IGA, but he did sound a little more with it on other (non-FATCA IGA) discussion.
It is pretty clear that when money is involved, morals, human rights, laws etc. go out the window. This sounds crass, but, and fool can see where the bankers are coming from. Collusion, corruption and many other words have been used to describe “bankers”. Then, when they have failed, the USA bails them out so they can keep their Cadillacs, company jets and so on. The lesson here is money is superior….
Asking the CBA or ANY banker for support against fatca is like asking a poor man for a loan. And you can bank on that!
@Publius – I have copied your post and the link …. and sent to some people I know. So it now starts … the Great Raid on the US Tax Haven and Money Launderette aka The Consequences of the Birds Coming Home To Roost When Bullies Stalk the Earth.
I wasn’t able to watch it live yesterday as i was working on my brief and presentation. I don’t seem to be able to access it today. Does anyone have a link that works?
I didn’t know where to post this but, as Mr. Rankin mentioned to us at the May 2 seminar, there was to be a FINA meeting (No. 32) on May 6 at which Mr. Rankin and Nathan Cullen were to address FATCA again. Here is a link to that meeting. I hope I’ve posted the link correctly. If you have difficulty go to the link for the May 1 meeting and use the calendar on that page to select the FINA meeting No. 32 on May 6. Scroll down to the end of the day.
The relevant portions begin at about 15:55:42. There is a short gap in the FATCA portion when Scott Brison asks a question about something else but he quickly returns to FATCA questioning. The relevant portion of the meeting ends at about 17:03
Joe Oliver looks like he’s reading from a script and he hems and haws all over the place. He really doesn’t have a clue … but I’ll let everyone come to their own conclusions.
There seems to be some problem with the archived video. The was nothing really that informative about the video. I thought the guy from the Bankers Association acted like a total jerk he really did not appear to even want to be their.
@ Tim
It’s Senator JoAnne Buth and her staff actually sends a nice little reply to e-mails .
@Em
I trying to do some work on that front. Remember the Cons have a majority in the Senate but Senator Buth is part of that majority.
I will also add my hunch is actually some of the more Reform/Alliance elements of the Conservative Party are probably more hostile to FATCA than some of the more centrist parts(There was always some tension between Reform and the Banks plus Reform was always into direct democracy). That is just a guess though. The two Cons MP yesterday in the hearing that were pro FATCA were from NB and NS NOT Western Canada.
Sigh….I am almost glad I didn’t get the opportunity to listen to it….probably just would have got me into an even angrier mood. Damn banksters!
@ AtticusInCanada
Right on! We need to pressure both House and Senate committees to allow more testimony from our side. I sent an e-mail to Gerald Keddy today but only got a reply which implies he’s probably going to ignore it because I am not a constituent. I was advised to contact my own MP but darn it I don’t have one at the moment. (He resigned.)
@ brockers. from following the comments rather than trying to decipher the testimony there seems to be common theme…the banksters are snowing the political bureaurats (oops sorry bureaucrats) and in bed with them.
the only thing they will understand is a laywer saying NO NO NO.
therefore the C3F /ADCS challenge takes on even more importance given the republicans overseas efforts…..ultimate message: save your foreign pennies to contribute to Joe Arvay’s fees…… this is the best form of self defense other than renouncing/relinquishing.
@Em
Send something to the committee clerk
@Tim:
Geez, Tim. The OPP detective has EVERYTHING to do with FATCA inasmuch as the IGA will Override the charter protections that are now in place. He made that plain as day as well as making it plain it would be SO much easier if they did not have to go through this bothersome process to get a warrant based on probable cause. As he says, you have to know more or less conclusively they are criminals BEFORE you get a warrant for search and seizure. FINTRAC however has no restraints. They watch and flag any banking transactions they think MIGHT be criminal and pass it on UNsolicited to the police.
Does anybody else have REAL problems with this? Charter violation on both counts.
@ FuriousAC
Yes I have real problems with what was being implied by the OPP detective. When you put the hammer of suspicion into the hands of authority we all look like NAILS. Innocent, legally acquired cash deposits could make someone look like a drug dealer. I often take out cash from one bank and walk over to another to deposit it rather than electronically transfer it. I like to watch tellers count out those new slick Canadian bills and I don’t see why either bank needs to know where my money is going to or coming from. Besides I don’t want them to be jealous of each other. 😉
@WhiteKat
Yes, I was thinking today: what really needs emphasis is complete lack of due process.
I think ParlVu is a pretty flakey system or maybe Brockers broke it. I can’t get today’s early NFFN meeting (Play This Clip is there but sends me in a loop back to Play This Clip) but I can get the May 1st FINA meeting. I hope I can figure this out by the time Lynne testifies. 🙁 BTW, I did install SilverLight after my husband did an operating system backup (he’s very cautious about putting new things into our Mac).
Are the politicians perhaps being so in with the bankers because they have dreams of their own offshore crackdown?
Colombia has apparently announced, on the back of FATCA, high penalties for Colombian taxpayers with undeclared U.S. assets. These taxpayers are to declare these assets, including real estate: as income at 25% tax, if they don’t do it and are caught later the penalty is 70% of the value of the asset. Had to read this one in Spanish to make sure that google translate wasn’t playing tricks.
http://elheraldo.co/economia/colombianos-deben-declarar-renta-por-propiedades-en-eeuu-151674
@WhiteKat
**Cool, so no one will fess up, IRS will get an empty data file and then ask what happened to the one million ‘US slaves…err I mean persons’ hiding out in Canada.**
Turn over the politicians & bankers who are for this fatca… let them feel our pain & allow them to try to dig themselves out.
@Em
I do the same as u do… I never do electronic banking… If there is a mistake… need to yell at someone there… not a machine
Ok, here we go:
Click on the link Tim provided. Click on View This Clip. A drop down menu appears. Click on the one you want, audio, video and size. I did English, 500 video. It downloads. Click on the download and it opens in your player.
Right now music is playing so it has not started yet.
@ USPF
I didn’t mean online banking (I don’t do that at all — not even ATMs). I meant asking Bank A to transfer X dollars to Bank B electronically or even just writing a cheque from Bank A to be deposited at Bank B which again is registered electronically. I’m a cash person who dreads the day they will force the cashless society upon us. I keep my bank deposits within walking distance and appreciate that I can talk to someone in person if something goes amiss.
@ FuriousAC
Yes I’ve got the current meeting going. It was the other one today I’m having trouble with. Maybe they haven’t actually archived it yet.
Yipes this meeting is boring stuff. I don’t know if FATCA will come up later but I’m going for a nice walk while the sun is still shining.
Minister Oliver up next.
@Em
I do the same thing… cash from one account to another… I never electronic any of my banking needs… sad to admit… I am too old to be taught new tricks… I am just happy I can surf the internet without being lost all over the place… My ball & chain makes fun of me… yet I haven’t seen him do any of it.. hmm….
Good decision, Em. Mr. Oliver didn’t say anything new regarding FATCA IGA vs. no FATCA IGA, but he did sound a little more with it on other (non-FATCA IGA) discussion.
It is pretty clear that when money is involved, morals, human rights, laws etc. go out the window. This sounds crass, but, and fool can see where the bankers are coming from. Collusion, corruption and many other words have been used to describe “bankers”. Then, when they have failed, the USA bails them out so they can keep their Cadillacs, company jets and so on. The lesson here is money is superior….
Asking the CBA or ANY banker for support against fatca is like asking a poor man for a loan. And you can bank on that!
@Publius – I have copied your post and the link …. and sent to some people I know. So it now starts … the Great Raid on the US Tax Haven and Money Launderette aka The Consequences of the Birds Coming Home To Roost When Bullies Stalk the Earth.
I wasn’t able to watch it live yesterday as i was working on my brief and presentation. I don’t seem to be able to access it today. Does anyone have a link that works?
I didn’t know where to post this but, as Mr. Rankin mentioned to us at the May 2 seminar, there was to be a FINA meeting (No. 32) on May 6 at which Mr. Rankin and Nathan Cullen were to address FATCA again. Here is a link to that meeting. I hope I’ve posted the link correctly. If you have difficulty go to the link for the May 1 meeting and use the calendar on that page to select the FINA meeting No. 32 on May 6. Scroll down to the end of the day.
http://parlvu.parl.gc.ca/PARLVU/TimeBandit/PowerBrowser_IE.aspx?ContentEntityId=11725&EssenceFormatID=481&date=20140501&lang=en
The relevant portions begin at about 15:55:42. There is a short gap in the FATCA portion when Scott Brison asks a question about something else but he quickly returns to FATCA questioning. The relevant portion of the meeting ends at about 17:03
Joe Oliver looks like he’s reading from a script and he hems and haws all over the place. He really doesn’t have a clue … but I’ll let everyone come to their own conclusions.
There seems to be some problem with the archived video. The was nothing really that informative about the video. I thought the guy from the Bankers Association acted like a total jerk he really did not appear to even want to be their.