30 thoughts on “Liberal Party Position on U.S. Foreign Account Tax Compliance Act (FATCA)”
@Calgary411″
“I can and will do nothing but what I’m already not doing.”
You are a wise and wonderful woman! Love ya.
Thanks, FuriousAC,
For my family’s situation — most of our situations (even that of our *foreign financial institutions* on which the US legislators have foisted the job of identifying us), somehow getting rid of CBT in the US is the only plausible solution.
found this statement by MP Brison for the archives:
“……..During debate at report stage on Bill C-31, all opposition parties reiterated their criticism about
the implementation of FATCA. In fact, the NDP introduced a motion on Friday – which could be
debated in the House this week – to remove the FATCA implementation provisions from C-31
as they argue that it raises concerns about privacy and constitutional rights.
Further, the Liberal finance critic, Scott Brison, raised that under FATCA, the earnings from
registered savings plans – which have matching grants provided by the Government of
Canada, and thus taxpayers – would be taxable by the IRS. Mr. Brison asked Minister of State
for Finance Kevin Sorenson if he “believe[s] that this would be consistent with the intentions of
those programs and that it would be appropriate for the Canadian taxpayer to be funnelling
money to the IRS and the U.S. treasury” He also asked Mr. Sorenson “[if] the government
calculated how much money would be going to the IRS from the Canadian treasury as a result
of FATCA and the provisions of this bill?”
To these criticisms, Mr. Sorenson responded that “[FATCA] was enacted unilaterally (…) [and]
[t]hat is why this government negotiated a better deal through (…) an intergovernmental
agreement that would prevent certain things from being revealed to the Americans. Those
would be things like RRSPs, tax-free savings accounts, or disability savings plans.”…….
@Calgary411″
“I can and will do nothing but what I’m already not doing.”
You are a wise and wonderful woman! Love ya.
Thanks, FuriousAC,
For my family’s situation — most of our situations (even that of our *foreign financial institutions* on which the US legislators have foisted the job of identifying us), somehow getting rid of CBT in the US is the only plausible solution.
found this statement by MP Brison for the archives:
“……..During debate at report stage on Bill C-31, all opposition parties reiterated their criticism about
the implementation of FATCA. In fact, the NDP introduced a motion on Friday – which could be
debated in the House this week – to remove the FATCA implementation provisions from C-31
as they argue that it raises concerns about privacy and constitutional rights.
Further, the Liberal finance critic, Scott Brison, raised that under FATCA, the earnings from
registered savings plans – which have matching grants provided by the Government of
Canada, and thus taxpayers – would be taxable by the IRS. Mr. Brison asked Minister of State
for Finance Kevin Sorenson if he “believe[s] that this would be consistent with the intentions of
those programs and that it would be appropriate for the Canadian taxpayer to be funnelling
money to the IRS and the U.S. treasury” He also asked Mr. Sorenson “[if] the government
calculated how much money would be going to the IRS from the Canadian treasury as a result
of FATCA and the provisions of this bill?”
To these criticisms, Mr. Sorenson responded that “[FATCA] was enacted unilaterally (…) [and]
[t]hat is why this government negotiated a better deal through (…) an intergovernmental
agreement that would prevent certain things from being revealed to the Americans. Those
would be things like RRSPs, tax-free savings accounts, or disability savings plans.”…….
http://www.cucentral.ca/Publications1/Legislative%20Bulletin%20-%20June%2010,%202014.pdf
You’re on a roll of good recall, badger. Thanks.
So much good stuff we’ve amassed but so much to recall @calgary411. Just digging about and putting things where they might be found and useful again.