UPDATE: Here is the podcast: John Richardson interviewed on AMI “Contact” May 25, 2014.
Tune in this Sunday at 7 and 10 p.m. when Contact examines the Foreign Account Tax Compliance Act. The US legislation will require American expatriates to report their financial accounts held outside of the United States. This legislation will also require foreign financial institutions to report to the Internal Revenue Service about their American clients.
Some have criticized the legislation as an invasion of privacy and Canadian sovereignty. In some cases, people with Registered Disability Savings Plans are fearful the legislation could adversely affect them.
May 25: Under the controversial US Foreign Account Tax Compliance Act all non-US financial institutions, including Canadian banks, must make information known about financial accounts owned by US expatriates. Some have called the legislation an infringement of Canadian sovereignty. Toronto lawyer John Richardson discusses the legislation, its potential impact and his reasons for opposing it.
Hear more. Learn more. This Sunday at 7 p.m. and 10 p.m. make Contact …on AMI Audio.
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After its original broadcast, all Contact programs are posted on our Audio Archive.
There’s actually half a paragraph in Berg’s ‘good deal” article worth noting.
Berg says: “To [my] critics, I would note that the model IGAs were, for the most part, not negotiable. The IGA partners were able to insert pre-determined exemptions and exceptions, but the salient provisions were presented as a contract of adhesion; and in that sense, there truly were only two choices: take it or leave it.”
To make his own point, (which in fairness ended up not being about mugging), Berg here joins the list of those who say the Harper Conservatives got nothing special in their IGA negotiations.
The Conservatives were offered a putrid hamburger, and it has been (self?)deception for them to crow about what a “good deal” it was for them to get lettuce and tomato reporting exemptions on top. Those were standard options on the IGA menu all along.
Blaze and I did a little twitter exercise, and there’s nothing to indicate when your tweets are being blocked.
From Solomon Yue:
“In August, I will introduce a RNC resolution in support of Residence Based Taxation (RBT) to do away with double taxation on overseas Americans during our Summer meeting. We want to chop off one FATCA leg at a time between now and 2016 in order to render it inoperable while lay a foundation to get RBT into the 2016 RNC National Platform so it could be an election year issue. This will give us time to put a Republican President in the White House in 2016 and maintain a majority in both House and Senate. We can introduce RBT and restoration of citizenship for those Americans who were forced to give up their American passports due to FATCA as a package to repeal FATCA legislatively in 2017. This plan will require a Republican President’s leadership, but It can be done!”
It sounds too good to be true, but if true, most expats (including renunciants) are all Republicans now!
I caught most of the John Richardson interview on Contact but missed a bit at the beginning. Does anyone know how to get the archived podcast to work and is this where it is? When I click on the episode nothing happens. Everything I listened to was good. The interviewer asked the right questions and John Richardson gave clear answers which is not easy to do with something as complex as CBT and FATCA.
It was one of the best interviews I have heard on FATCA-both the interviewer and the interviewee. It is unfortunate it has a small audience.
If you are having problems finding the mp3 link for the CONTACT episode, you can try the direct link
Excellent interview! Well-informed questions, and (as always) John’s answers and explanations are clear and packed with information.
Thank you, Gabriel. I’ll put an update on the beginning of the post with the link you’ve provided.
Perfect Gabriel. Thank you. I can pick up what missed now.
BREAKING NEWS —— MR BERG RELEASES VIDEO ON FATCA ROUNDUP
Barclays Fined $44 Million Over Gold Price Fix
Bank involved in yet another scandal
Soooo………which one of you Brockers is still dealing with banks? I still see people worried about what their banks are going to do or not do. I don’t worry, I have pretty well closed all my accts and moved to credit unions who I feel will not cooperate with FATCA and will tell the CRA to take a hike. If that doesn’t work the next step is give or gamble it way. I see no future for this world and those who can see the forest for the trees will completely agree. I feel so sorry for young people having children as it is not only extremely selfish but there is no hope for them on a dying (in more ways than one) planet.
When the price finally jumps they can go fix themselves 🙂
Wow. He really hit the nail on the head with his words. I wish this could be heard around the world.
Who could one send it to?
I just wanted to further re-iterate how good I though John Richardson’s interview was.
We can refer back to Berg’s previous comments regarding trusts here:
“In a comment letter on draft legislation implementing Canada’s Intergovernmental Agreement (IGA) with the U.S., Moodys Gartner Tax Law LLP argues the law’s out of step with U.S. expectations concerning certain personal trusts; specifically, those administered by registered trust companies or financial institutions (such as an investment advisory firm).
The draft excludes these trusts from the definition of Financial Institutions (FIs). Leaked CRA guidance notes do the same.
“[They] make it clear CRA and Finance intended to drastically depart from the definitions found in the IGA and FATCA,” says Roy Berg, director of U.S. Tax Law at Moodys. Leaving trusts out means they would be exempt from FI reporting requirements.”