As you know, I refused to fill out a W-8BEN for Scotia iTrade. First, I received a letter. Since then, I missed a phone call which I never returned. And now I’ve received at least two e-mails.
This video, with numerous screen shots from the Isaac Brock Society, explains why refusing to fill out bank paperwork increases the compliance cost for the bank, and effectively thwarts efforts of the banks to come into compliance with FATCA regulations.
Congratulations to the Isaac Brock Society!
Forgive me, I’m sure I should start a new thread but I don’t know how.
I had a look at the Canadian IGA.
http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Canada-2-5-2014.pdf
It is up for review as of December 31, 2016. “The Parties shall, prior to December 31, 2016, consult in good faith to amend this Agreement as necessary to reflect progress on the commitments set forth in Article 6 of this Agreement.” P18.
It references Article 6 commitments.
The first item in Article 6 is US reciprocity. (Which looks unlikely to say the least.)
Well isn’t THAT interesting. And here I thought I’d read the whole thing.
Thank you, Haydon Perryman. I will post your finding. Thank you very much.
Reciprocity!!
Yes, the title of the first item in the IGA Article 6 is Reciprocity.
But Item 1 is full of weasel words. No, reciprocity is not promised. The US “acknowledges the need to achieve equivalent levels of reciprocal automatic information exchange with Canada.” That’s no promise.
So what does the US actually promise in Item 1? The promise is they will be “pursuing the adoption of regulations and advocating and supporting relevant legislation to achieve such equivalent levels of reciprocal automatic information exchange.”
That’s an exceedingly low hurdle to clear. And what are the consequences if the US thumbs its nose at its own minimal commitments? Nothing.
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Haydon Perryman,
New thread: http://isaacbrocksociety.ca/2015/01/25/if-the-february-5-2014-fatca-agreement-signed-by-canada-with-the-u-s-is-up-for-review-as-of-december-31-2016-then/
Common Reporting Standard (CRS)
Should not any COMMON Reporting Standard have the same commonalities, i.e. like taxation based on residence?
Shouldn’t anything named *CRS* have a level playing ground, residence-based taxation?
Shouldn’t *COMMON Reporting Standard* have something to do with common sense?