With thanks to badger’s never-ending research, I am cross-posting from MapleSandbox.ca, Lynne Swanson’s FATCA will cost the CRA $15.7-$15.8 Million.
FATCA Will Cost CRA $15.7-$15.8 Million(or $5.7-5.8)
Posted on December 16, 2014 by Lynne SwansonNDP MP Guy Caron asked how much FATCA will cost CRA.
When the committee was studying the matter, the department wasn’t able to provide us with the costs of the agreement, for either the agency or the financial institutions. Do you now have that information, from the moment when the funding for implementation is released?
Here’s the answer from CRA:
The costs that we are working with for our ability to implement the obligations that we have to administer this agreement is funding of, I believe, $15.7 million or $15.8 million, which has been allocated to the CRA to implement this over these next few years.
Those costs are principally intended to support the costs of implementing a new electronic form for mandatory filing for financial institutions to be able to file their obligations to us, a database in which we would be able to receive and store that information, and the tools to give us the ability to select files from that database for subsequent transmission electronically to the Internal Revenue Service in order to comply with those obligations.
So there you have it folks. Over $15 million of our tax dollars to violate our fundamental rights as Canadians for foreign government demands. (Thanks to Badger for this great find and for sending it to me and the Board of ADCS.)
That, of course, does not include the $750 million that Canadian banks say FATCA is costing them.
Nor does it include the money the government will spend of our tax dollars fighting us in court while we struggle to raise the needed money for our lawsuit.
Robbing their trading partners treasury to pay for Obama Care, other social programs, repay their debt and refuel the economy at the expense of their trading partners! Getting away with it! Pretty sweet deal if you can pull it off! Unbelievable!
A lot of that sounds like one off “capital type” costs – software, software tools, extra CPU and Disk capacity and so on …. what about the actual human payroll related and other operating costs into the future?
Thanks for your question, nervousinvestor!
@Ann#1:
They are robbing the planet entire. I heard it said the other day that the only reason nations cowtow to the US threats of sanctions is because of their military might.
Does anyone actually think the US would physically invade Canada?
Of course not, but they might as well because they have done so financially. We had fingers in our dykes. The government of the day, pantywaists that they are, took the fingers out and sledgehammered the dyke for the flood of financial rape and pillage to easily access the foundations of this nation.
All governments on the planet have masters and they sure are not the voters and taxpayers. That fealty to other than those who put them in power has to end. MUST end for our survival as a nation and as a people who love and respect freedom and privacy and the right to earn a living and not have it stolen by thugs and criminals.
Martin Armstrong notes in his blog today that another class-action lawsuit is forming against FATCA. He is calling for others to join. Anyone know who’s behind this?
Please see here:
http://armstrongeconomics.com/2014/12/16/class-action-lawsuit-forming-against-fatca/
Thanks, Sally. Great find.
Another from Armstrong Economics, December 14: http://armstrongeconomics.com/2014/12/14/are-you-really-ready-for-the-world-to-be-ruled-by-bankers/, ending with…
…and a search for “FATCA” brings: http://armstrongeconomics.com/page/2/?s=FATCA&submit=Search.
With regard to the ADCS suit, another item to quote is the Charter of the Commonwealth (2013) with Canada a Member.
Notice the section on discrimination?
Should Countries signing IGAs be expelled from the Commonwealth as practicing discrimination?
While this would not have legal bearing it would have moral bearing and may move a Judge.
I must admit re: the Armstrong Economics “lawsuit” that I’m suspicious looking at his “@gmail.com” email address. Anybody else know anything?
@FuriousAC
Its the 30% withholding that was the hammer used… any bank or investment etc not registered… 30% will be taken from each transaction that goes through the US… I did not know that almost all transactions world wide go through the US… so basically… if u get a wire transfer from a non-registered business…. US will take 30% after all fees are paid… u eat the loss so if the chinese money becomes the world currency then the US will be screwed but here is my question… who gave the US the authority to do this? Isn’t there some sort check & balance against a gov’t extorting protection money? So basiclly… the US is the mafia… other gov’ts are the peons…
http://www.parl.gc.ca/HousePublications/Publication.aspx?Language=E&Mode=1&DocId=6817074&File=0
Hope I’m not upsetting this apple cart but if you read further into the transcript of that meeting you find this:
Mr. Mike Allen (Tobique—Mactaquac, CPC):
Thank you very much, Mr. Chair.
Thank you to our witnesses for being here.
I want to follow up with a few questions with respect to the intergovernmental agreement and FATCA.
I think, Mr. Huppé, you talked about $2.4 million to implement the intergovernmental agreement with the U.S.
Then, Mr. Stewart, you talked about $15 million allocated over the next few years to enable the implementation of FATCA.
Just how do the $2.4 million and the $15 million work in the estimates?
Mr. Roch Huppé:
In the estimates process, the $2.4 million is what we’re seeking to bring in for 2014-15 expenses related to this. So yes, it’s included in that $15 million.
Mr. Mike Allen:
How many years do you figure it’s going to take to round this out? Will it be five years before you meet all the objectives?
Mr. Rick Stewart:
I have the number of years.
Let me clarify. If I said $15 million, I believe I misspoke. If I might be permitted to correct myself, it’s $5.8 million over the period 2014-15 to 2018-19.
Mr. Rick Stewart:
The bulk of those resource requirements are in 2014-15, because we’re setting up the front-end system to be able to receive and transmit the information. Then there are some smaller amounts on an ongoing basis in those outer years to manage the ongoing vetting and assure ourselves that the information is of good quality.
@PierreD
I think the person is talking about the suppose lawsuit by the Republicans… he gives no details… so I am assuming that is it… cause if there was another lawsuit… Brockers would know all about it because we gather info very quickly since alot of us are invested in this injustice
@PierreD, Martin Armstrong typically rails against the plunder that is this thing called Fatca. He appears to hate this thing as much as the rest of us. But I too would love to know the name of the lawyer who’s preparing to file this class action suit.
@calgary411, who would know who’s behind this? Do you think maybe James Jatras? Like US_Foreign_Person, I too thought that the lawyer preparing the class action suit may be Jim Bopp. But then, wouldn’t the call to join be posted on the Republicans Overseas Facebook page? Thanks for your most excellent postings, btw.
@ Sally
I don’t think the mystery lawyer is James Jatras because he would have put something up on his own website and there hasn’t been anything new there since July.
http://repealfatca.com/
FWIW
http://princetoneconomics.blogspot.ca/
http://en.wikipedia.org/wiki/Martin_A._Armstrong
@EmBee, no, I wasn’t thinking that the mystery lawyer is James Jatras — only that there’s a chance he may know who this is. Perhaps? For the same reason that Jatras is not the person behind this, I am venturing that Bopp may not be either, because wouldn’t he also be announcing it on his webpage or on the Republican Overseas Facebook page? Since the US govt. has moved against Armstrong before, it’s possible that they may want to keep this quiet while things are in the preparation stage. On the other hand, it is discomfiting not knowing.
@Sally
The overseas republicans have a web site up for donations… but have not heard too much since… republican party got deep pockets… so for them to raise money should be alot easier then for us… we are the little minnows… I just find it ironic…. we have to raise money to fight our gov’t that will use our money to protect themselves… then to slap some salt on the wound… we got to pay them more money to be 2nd class citizens to help a foreign gov’t to ruin us….
@ EmBee They are sure throwing around numbers in that discussion. 15 million, said many times then changes down to 5.8 million, the numbers are not even similar. I noticed this as well. My feeling is they don’t really know what it will cost and this sloppy conversation verifies my opinion of them.
@Tricia, thanks for the posting. But, with due respect, I don’t trust anything posted on wikipedia.
A documentary film made about Armstrong called “The Forecaster” and made by Marcus Vetter and Karin Steinberger was well-received at the 2014 IDFA in Amsterdam.
If interested, please see here:
http://www.idfa.nl/industry/tags/project.aspx?id=b2ea7ac0-0d46-4d4c-86c3-fd028573c70a
Armstrong said he had no control over the interviews, editing, distribution or any other aspect of how this film was put together. And he says he did not make any money off of it.
A second 10-minute trailer of the film is up on youtube:
https://www.youtube.com/watch?v=iJNEjq7I5Is
I myself haven’t seen the film, nor do I know much about Armstrong’s case. But Ihe’s been vociferously complaining about Fatca for a while.
Still, I would very much like to know who this lawyer is.
Let us hope that a 3rd challenge is in the works.
@ Sally
Sorry, I’ve been reading too much, too fast, today. I think before anyone responds to the invitation to send an e-mail to Armstrong we need to know more.
@EmBee, agreed. Let’s wait and see whether he comes out with more info about this class action suit.
@ heartsick
Yes, amazing how they can toss a $10 million difference around like it wasn’t real money at all. Prior to the official dropping of the FATCA bomb they were basically saying that the cost of implementation could simply be absorbed by the CRA’s general operating budget.
Sally and all,
Sorry, no, I have no idea who this might be. Hope there will be some further information. (And, Sally, thanks.)
SEND THE FREAKING BILL TO THE FREAKING IRS>
The US government is a tax cheat until it finances all the costs of FATCA