The U.S FATCA intergovernmental agreement negotiated and signed behind closed doors by the Canadian government; legislation for implementation buried in omnibus Budget Bill C-31; hearings and debate before the House of Commons and the Canadian Senate without media coverage on any of that process to Canadians, and now omnibus Bill C-31 given Royal Assent by Canada’s Governor General and the FATCA IGA not even mentioned in the Conservative government’s press release.
Still so few know. How is this possible in a country that calls itself a democracy?
So important that we find donors to join us to support the Challenge at http://www.adcs-adsc.ca/.
UPDATE, compliments of “Hazy”:
Royal Assent happened on June 19th. Here’s the June 20th press release from Finance:
No mention of FATCA in the press release. They must have forgot!
This is a post from my comment at another post here. (Some may not have seen that comment since there have been technical problems of some sort for several seeing comments on that thread).
Hansard Transcript, Canadian Senate Debates, June 18, 2014 brought interesting statements on the audacity of having to vote on so much that is in this (and other) omnibus bills, but Third Reading occurred.
And, now Bill C-31
will go to has been given Royal Assent by Canada’s Governor General. for Royal Assent. We may not know when until we read it in the Canadian media.
Too bad our media has essentially skipped the process before Royal Assent of another Canadian omnibus bill, that includes (among other things that other items therein should be separate bills on their own merit) implementation of the US FATCA intergovernmental agreement (IGA) that Canada signed with the US.
Update: The Canadian government forgot to mention implementation of the FATCA IGA in their press release. So, I guess we cannot blame the Canadian media for not reporting it — or can we?
Hon. Pierrette Ringuette expressed what most of us feel. Listen to her and her colleague, Hon. Céline Hervieux-Payette, who seconded her motion. Start at 4:27:30 (Pull the “indicator” to this point to listen.)
Also Senator Day stated earlier in this Senate Debate:
There’s another piece of legislation, still in Bill C-31, still under the rubric of privacy versus disclosure between agencies, and that relates to the Canada-U.S. agreement in Part 5 of this bill. Part 5 is what we talked about earlier on. Part 5, the Canada-United States Enhanced Tax Information Exchange Agreement, was an attempt by the government to avoid, to a degree, the oppression of earlier legislation that the United States had. We have all received many emails about having to make available — the banks have to go through a due process, and for any potential U.S. taxpayer, the information of all the accounts they have must be sent to the U.S.
Canada has entered into an agreement with the United States, and Part 5 deals exclusively with that, but this is one of those acts within an act. What really bothered me is that they want us to pass the act, at clause 99, that includes the words “as amended from time to time.” So we adopt a piece of legislation that adopts an agreement between Canada and the United States, and that agreement between Canada and the United States may, from time to time, be amended by the executive branch. We will not see that as legislators. We will not say, “That is far too oppressive on the people of Canada and Canadian citizens who might be doing business in the U.S. and therefore might become subject to U.S. tax payment requirements.”