@VLJeker Can this really be true? Only 5 #FATCA IGAs are actually in operation? These 5, including Canada are the true world FATCA leaders
— U.S. Citizen Abroad (@USCitizenAbroad) September 23, 2014
The above tweet references a post by Virginia La Torre Jeker. The post is a dispassionate look at FATCA compliance and notes that of the 49 IGAs signed only 5 IGAs are actually operational – that is in force.
Think of it: 5 FATCA IGAs in force and Canada, with 10% of its population affected, is one of the 5!
Please tell me that these people did this because they didn’t know what they were doing.
Seems to me that there are now two options:
1. Buy shares in Canada’s banks – they run the country.
2. Support the FATCA Lawsuit launched by Canada’s grass roots “Alliance For The Defence of Canadian Sovereignty“. Someone must defend Canada. It’s clear the Harper Government won’t.
Perhaps, somebody could by way of comment list who the other 4 FATCA collaborators are.
Entirely despicable — our Canadian majority Harper government of Conservative MPs who voted in lockstep for their Dear Leader’s wishes after US Congress had spoken, thereby legalizing the behind closed-door “negotiation” of the Canada/US intergovernmental agreement with the Bill C-31 omnibus bill, even no mention of the US FATCA implementation in the announcement of its ‘royal assent’. US law came into Canada to override Canadian laws and waiving the rights of *US Persons* in Canada under the Canadian Charter of Rights and Freedoms. Thanks to this process, Canada now has two-tiered citizenship with discrimination by national origin — second-class for those deemed by the US to be *US Persons*, with all others first-class Canadians no matter their or their parents’ / grandparents’ national origin. Our local Canadian “foreign financial institutions”, along with the Canada Revenue Agency, have become arms of the IRS. Entirely despicable!
Please donate as you can: http://www.adcs-adsc.ca/, Alliance for the Defence of Canadian Sovereignty. Thank you!
Murray Rankin @MurrayRankin 5h
Today in #QP I asked the Conservatives why they choose to target charities instead of tax cheats: http://bit.ly/XY9rTy #cdnpoli #CRA
Wildlife Photog @pro_photog1970 5m
@MurrayRankin http://isaacbrocksociety.ca/2014/09/22/the-widening-gap-for-the-cost-of-freedom-from-us-citizenship-and-us-tax-compliance/ … Canada does not tax its expats, unlike the United States. IS FATCA how we’re going next?
Wildlife Photog @pro_photog1970 2m
@MurrayRankin My wife pays her CDNtaxes to the #CRA annually without fail. She doesn’t believe in taxation without representation. #FATCA
Wildlife Photog @pro_photog1970 1m
@MurrayRankin It was hoped that you believed in CDN RBT. But evidently it’s more of the same “tax cheat” mentality we hear from the #IRS.
Hit NDP MP Murray Rankin hard today after reading that comment. Either he’s with us or he’s against us and this is complete and utter bullshit.
This proves that outside the Green Party, there isn’t a single political party you can trust…INCLUDING the NDP. They put in their token effort and tried to make themselves out to be the good-guys to buy votes. But they’re in league with the rest of them.
Once the Harper government made up its mind it was going to capitulate, they did it with the greatest of efficiency that a highly developed nation could do. They even brought in the experts to help!:
“A number of constituents contacted me with their concerns during the
negotiation-process. As a New York-licensed lawyer who practiced
international law prior to entering public life, I took the initiative
among Government Caucus members to contact and consolidate information from
a circle of top US lawyers and accountants. I contacted them in an attempt
to provide our Finance Minister, the Honourable Jim Flaherty, with their
insights as people who advise Canadians with IRS reporting obligations. I
believe – especially after this announcement – that Minister Flaherty took
our concerns forward effectively.
Among other things, I also arranged for prominent U.S. tax attorney Mark
Matthews to come to Ottawa on May 30, 2012 to brief Caucus members
concerning these matters. Mr. Matthews not only works with Canadians who
have U.S. tax problems, but he also served previously as Deputy
Commissioner at the IRS.”
John Weston MP in a letter to constituents after Canada signed the FATCA IGA:
The UK led the way being the first to sign an IGA and implement legislation. New Zealand’s is also in force as the enabling legislation was passed on 30th June right before the deadline. I don’t know who the other full collaborator is. Australia’s legislation is still going through parliament.
So, UK, Canada and New Zealand. All fully fledged “Five Eyes” members sucking up to the USG at every and any opportunity. John Key was just re-elected in New Zealand by a landslide and is already making tee times with Obama.
TERRIBLE is the only word….and meanwhile the Treasury today takes ‘action’ to stop US companies from ‘inverting’ (i.e. changing their corporate citizenship) to ‘avoid’ US taxes….and the hits just keep on rolling….
We need a US flag burning at the Peace Arch. Anybody wanna make signs that say “FUCK THE IRS!”
it’s interesting the page that links to the agreements in force. from my viewing of the page,
i don’t see canada. i see malaysia, colombia, switzerland, malta, gibraltar, cayman and hungary. that’s 7 countries actually having fatca in force.
Animal: Forgive me, but I think you’re being unfair to Mr. Rankin here. There is nothing wrong or inconsistent with Mr. Rankin being supportive of our claim that as Canadians resident in Canada we are not *US* tax cheats and should not be hunted down as such by Canadian banks, and, at the same time, to be supportive of Canada having the appropriate resources to adequately locate and prosecute Canadians living in Canada who are evading Canadian taxes. The two issues are simply not the same. Or have I seriously missed what you are trying to point out here?
Sadly, the only country I’ve seen with a reasonable policy so far is Serbia. They’ve agreed to comply with FATCA, but stated that banks can only provide info on Serbian citizens to the US with the consent of the citizens, and that banks can’t discriminate if people choose to opt out.
This makes sense, leave it to the US to sort out who they’re interested in, rather than pushing the cost to other countries.
Canada, sadly, is a world leader in complying with FATCA – although the UK rolled over first. Hopefully, Canadian courts will cripple FATCA in Canada and set the precedent that should have been set by the Canadian government in the first place.
I believe what Mr. Rankin is talking about is what Diane “Let’s Join The USA” Francis wrote in this Op-Ed piece in the Financial Post. http://www.financialpost.com/analysis/columnists/story.html?id=ed5700cc-8bc2-46d0-8d6d-c8112df5f9cf&k=33722
If there’s a tax loophole that’s so big that they can drive a truck through it. Then it’s the fault of the CRA; not the taxpayer. It may be a moral wrong, but it’s not a legal wrong whereas FATCA is a LEGAL wrong as well as a moral outrage.
The Serbian government is obviously smarter than ours. Now I hear that Harper will probably call an election before the Mike Duffy trial reveals too much about the inner workings of his government. Harper must go.
Harper should be tried as a traitor to Canada and hung from the nearest lamp-post.
I love it that Serbia is our beacon of hope.
I was interested in this quote from The_ Animal:
“Wildlife Photog @pro_photog1970 2m
@MurrayRankin My wife pays her CDN taxes to the #CRA annually without fail. She doesn’t believe in taxation without representation. #FATCA”
Did Murray Rankin just reveal that his wife might be claimed by the US? Otherwise why would he state that his wife does what every other Canadian resident is supposed to do? Why not say that HE pays his Cdn taxes?
I realize that I completely misinterpreted the tweet you quoted, which was from you to Rankin.
As a non-citizen of the twitterverse, I was confused. I apologize.
@ USCitizenAbroad wrote
“Perhaps, somebody could by way of comment list who the other 4 FATCA collaborators are.”
Virginia La Torre Jeker has posted an answer from guest blogger Dorothy,
“As to the five countries fully in force as at 1 Sept. 2014 (as listed by TIAS), they are: Cayman Islands, Gibraltar, Mexico, Spain and Switzerland … Cayman Islands and Gibraltar agreements don’t have the title of being FATCA agreements, but the texts have that effect.”
It’s strange that she considers that Canada, UK, Germany do not have agreements in force.
I have been trying to understand Dorothy’s point. I guess it is this. On page 18 of the Canadia-US IGA, http://www.fin.gc.ca/treaties-conventions/pdf/FATCA-eng.pdf, it says
“This Agreement shall enter into force on the date of Canada’s written notification to the United States that Canada has completed its necessary internal procedures for entry into force of this Agreement.”
Similarly, the UK-US IGA says
“The Parties shall notify each other in writing when their necessary internal procedures for entry into force have been completed. The Agreement shall enter into force on the date of the later of such notifications, and shall continue in force until terminated. ”
She is saying that these things have not yet happened and so the IGAs are not in force. I expect this is little comfort.
@ricard–I think your analysis is correct.
perhaps this issue of whether the IGAs are in force is actually a big issue that we’ve all missed so far. ’cause Canada is not yet on the list and neither is 98% of the world.
silly question then
if the IGA is not “in force” in canada why then are the banks ect being so hell bent on complying with FATCA then?
@mettleman not a silly question. the banks will still be hellbent, but I reckon the IGA data can’t be exchanged if not in force.
but, maybe we are just being naive thinking that the govt follows the law. it’s a banana republic and they will make up the law as they go along.