FATCA and Canada
Note: For list of Media and Blog Articles (not including those of the Isaac Brock Society) regarding the Canadian IGA FATCA lawsuit (Hillis and Deegan v. Attorney General of Canada), go to this page. (Isaac Brock Society posts and threads on the lawsuit are contained in the FATCA and Canada list below.)
Posts and Threads on the Isaac Brock Society Website
July 2019
June 2019
07: Lawsuits involving FATCA and aspects related to U.S. citizenship-based taxation
May 2019
18: More Recent Anti-U.S. FATCA/CBT Activity in France, Netherlands, and Canada by Government Officials
January 2019
29: Ottawa Brock Lunch – Saturday 9 February (4)
23: THE 2019 JANUARY 28-FEBRUARY 1 ADCS CANADIAN FATCA IGA TRIAL IN FEDERAL COURT HAS ENDED — “A Treaty does NOT make a CHARTER-FREE zone” — You can expect a costly APPEAL of the Federal Court decision (in June?) no matter who wins (742)
11: Supporters of @ADCSovereignty #FATCA lawsuit might be interested in @RunnymedeSoc Law and Freedom Conference – Jan. 12/19
December 2018
17: Read the Submissions to the Canadian Federal Court for the January 28 ADCS Trial
November 2018
October 2018
22: Brock project: How would the absence of the “savings clause” in the Canada US tax treaty change the tax treatment of “US citizens” in Canada? (81)
05: CANADIAN FATCA IGA LAWSUIT UPDATE: October 3, 2018 Plaintiffs’ Memorandum of Argument Has Been Submitted to Canada’s Federal Court
September 2018
27: Video from Toronto Meeting with Solomon Yue August 16, 2018
August 2018
19: Speculate on the percentage (85%? 5%?) of Canadian citizen-residents, deemed by U.S. to be U.S. citizens — who do not have, accept, or want, any meaningful relationship with the U.S.? (93)
18: Former Hamilton school superintendent pleads guilty to forging documents to get his children U.S. citizenship (44)
15: Brock project: Comparing the comments on the French version of the @LizT1 @USTransitionTax article to the comments on the English version
14: More about the @USTransitionTax issue from @LizT1: Finance Minister Morneau responds (sort of)
13: Another article by @LizT1 about the @USTransitionTax – Just when you thought it couldn’t get worse!
10: Reminder – Solomon Yue Visits Toronto
July 2018
27: Two Programs with Solomon Yue in Toronto August 12 & August 16, 2018
01: U.S., U.K., Canada, Australia and Netherlands form international tax enforcement group
May 2018
April 2018
28: Be on the Lookout! Bubblebustin to be on CBC The National- on the #TransitionTax
11: Canadian FATCA IGA Litigation Update: Court has fixed Monday January 28, 2019 as trial
March 2018
30: If you want to be a Shareholder in our Canadian Business then you must Renounce U.S. Citizenship
22: March 22, 2018 Canadian FATCA IGA litigation in Federal Court update: New timetable
02: Canadians’ Confidential Tax Info to be Shared with Police in Other Countries
January 2018
08: January 8, 2018 Canadian FATCA IGA Legislation Litigation Update
December 2017
07: December 7, 2017 Canadian FATCA IGA Legislation Litigation Update
October 2017
24: October 24, 2017 Canadian and United States (RO) FATCA IGA/FATCA Litigation Update
22: Ottawa Brock Lunch – Saturday 18 November
06: Dual Filer Status- How to Live & Invest in Canada as a US dual filer -Courtenay BC Oct 12
01: October 1 2017 Canadian FATCA IGA Legislation Litigation Update
September 2017
12: Canada’s tax on being American! Why not!
August 2017
21: Dewees 3: Lessons about the “Oh My God Moment” and dealing with the problems of U.S. citizenship
15: Dewees 2: Why did he participate in the 2009 #OVDP Horror Show?
July 2017
10: Khadr apology and settlement about violation of Charter rights, Trudeau says
June 2017
18: #FATCA and the Canadian Charter of Rights and Freedoms
02: Seeking a Few Additional Witnesses Willing to File Affidavit for Canadian FATCA IGA Lawsuit
May 2017
22: May 23, 2017- Vancouver -Solving U.S.Citizenship Problems
13: May 13, 2017 Canadian Federal Court FATCA IGA lawsuit update: Motion for Summary Trial now submitted
March 2017
23: Information Session – Solving U.S. Citizenship Problems with John Richardson
February 2017
12: The Beyond the Border Action Plan & the U.S. National Defense Act-A Disaster Waiting to Happen?
11: CDN with @dualcitizenship spends $3000 per year to make retirement planning more difficult
02: FEBRUARY 2 2017 UPDATE ON CANADIAN FATCA IGA LAWSUIT
January 2017
30: Dear PM Trudeau: Renegotiate FATCA IGA Now (reposted from MapleSandbox) (19)
25: Reminder: Solving US Citizenship Problems Toronto Sat. Jan 28
17: Seeking Canadian Witness for Canadian FATCA IGA Lawsuit Who Has Renounced and Paid U.S. “Exit Tax”
December 2016
15: DECEMBER 15, 2016 UPDATE ON CANADIAN FATCA IGA LAWSUIT
November 2016
05: November 2016 Status Report on ADCS-ADSC Canadian FATCA Lawsuit
October 2016
30: Reminder: Solving US Citizenship Problems Toronto Sat Nov 5, 2016
24: Ottawa Brock Lunch – Saturday 12 November
September 2016
30: Credit Union Update: YNCU Grows to $1.5B CAD in Assets
16: Vancouver Sun features our own Trish Moon
August 2016
13: Message from Plaintiff Ginny (Canadian FATCA-IGA Lawsuit)
July 2016
13: Is the State Department Shutting Down Expatriation Appointments in Canada?
11: Allison’s “Tina” Presentation and What do you think this guy means?
06: Ottawa Brock Lunch – Saturday 23 July
01: Canada pushes back against one foreign country’s jus sanguinis claims
01: Is JT Wearing His FATCA Flip Flops For Canada Day?
01: Barack Obama’s Address to the House of Commons, June 29, 2016: an Alternative Look
June 2016
29: What Canadian Witness Volunteers For Our FATCA IGA Lawsuit Tell Me
22: Canadian FATCA IGA Litigation Update: We have a new (third) plaintiff and still seek more Witnesses
20: Reminder: Solving U.S. Citizenship Problems – Toronto, Saturday, June 25, 2016
15: CANADIAN FATCA IGA LITIGATION: We are still seeking additional CANADIAN citizen witnesses
08: WHILE PARLIAMENT SLEEPS: TAX TREATY PRACTICE IN CANADA
08: JUNE 3, 2016 Canadian FATCA IGA Litigation Status Report Submitted to Case Management Judge
May 2016
13: September 30, 2016-Another Blow to Personal Privacy and Freedom of Movement
11: Creepy perverted ex named Sam stalks Americans who moved to Canada for love
04: How will YOU respond to the 2016 Canadian Census?
April 2016
27: FATCA Response From Deputy Finance Critic Phil McColeman of Brantford-Brant
26: Reply from the Finance Minister, the Honourable Bill Morneau…
15: PMJT Enjoys Yoga – Makes Sense That He Enjoys Flip-Flops, Too…
15: Dear Valued Customer, Indicators Found: Your Place of Birth is the United States
Baby Elle’s FATCA Letter (Lynne Swanson’s good work)…
01: What is REALLY in the U.S.-Canada Tax Treaty
March 2016
30: A Paper Detailing FATCA’s Costs to Canada
30: March 30, 2016: Toronto Star Publishes Today a Mr. Justin Trudeau Flip-Flop Article
29: March 29, 2016: Yet Another Article Comparing Pre- vs. Post-election Comments of Mr. Justin Trudeau
17: From Elizabeth Thompson a new post at iPolitics — Round Three : March 17, 2016 (evening edition)
16: John Richardson being interviewed by CBC’s The Exchange tonight
08: AICPA recommends that Treasury implement measures to reduce tax and reporting burdens associated with various cross-border deferred and tax-exempt savings accounts
February 2016
17: New instructions to book Canada appointments to relinquish or renounce US citizenship
11: Listen up, Canadian Liberal Government — *The Truth About FATCA* — Jim Jatras
10: John Richardson on CTV “Power Play” with Don Martin today
04: Getting Canadian Charter of Rights and Freedoms Right
02: NDP Revenue Critic, Pierre-Luc Dusseault, Writes to Minister of Revenue
January 2016
31: Discussion at @Canada2020 on Canada Foreign Policy of interest in @ADCSovereignty #FATCA lawsuit
28: How the government will argue Charter S. 1 against the @ADCSovereignty Charter lawsuit
22: Bravo MP Pierre-Luc Dusseault for keeping the pressure up on FATCA!
19: Tune Into CBC “All in a Day” at 4:45 EST pm today – John Richardson interview (92)
19: Uncle Sam Wants…Who? at UBC Law This Week – Allison Christians, McGill University, Faculty of Law
December 2015
15: Fatca Forum Exactly 3 Years Ago Today! How Far We Have Come!!
14: We need Witnesses for Canadian Charter Trial willing to file affidavits and go public
05: Letter to my bank manager: What do Brockers think?
November 2015
20: Allison Christian Interview – Lessening the hardship inflicted by FATCA
10: The Younger Trudeau tells off Prime Minister Harper in debate: Bravo!
09: Solving U.S. Citizenship Poblems – University of Guelph, Monday, November 16, 2015
09: Our Sociopathic Society V: Government invasion of the castle
06: Our Sociopathic Society IV: King Justin’s first sociopathic act
04: Information Session – Toronto, Sunday, November 8, 2015 – POSTPONED
October 2015
Posts and Threads on the last Canadian election, go to Canada Election 19 Oct 2015 – Resources
30: Elizabeth May: Fixing What Harper Broke: a to-do list for the incoming government
24: Liberal Party Position on U.S. Foreign Account Tax Compliance Act (FATCA)
18: October 19 is Election Day in Canada
15: Louise Arbour, “My children and I are caught in a useless bureaucratic nightmare”
13: Call for Letters to Our New Prime Minister
13: Letter of Nathan Cullen, NDP Critic for Finance, to Ministers of Finance and Revenue
11: Canadian expats out of country more than 5 years can still vote
03: Submit a tip to the Canadian Press on an issue of national interest?
02: Last chance for the NDP to garner our votes…
September 2015
30: Plaintiffs Ginny and Gwen denied injunction: WE NOW BEGIN ROUND TWO OF A LONG FIGHT
30: U.S. IRS and Mexican SAT begin sharing info on bank accounts
24: If we don’t ask (the Conservative government), we don’t get. Today, one Brocker got! (
23: Important: NDP has stepped up to the plate with another letter to the Minister (updated)…
22: Until the government acknowledges it’s seen the light, please continue to make them feel the heat
16: Part I: Justice Martineau provides @ADCSovereignty the only thing worse than a root canal
16: Back to the drawing board…
09: Green Party Platform includes their pledge to repeal FATCA in Canada
August 2015
26: Which will come first: A decision in the FATCA legal challenge or the first exchange of info?
Reminder: Toronto Info Session on Solving US Citizenship Problems-Aug 30, 2015
25: An Interesting Analysis of an Analysis: John Richardson on Roy Berg on the Summary Trial
24: Our Tee-Shirts are Available! Great Work Native Canadian!
18: With such an amazing group, it’s simply NOT possible to NOT succeed! Thanks from @ADCSovereignty
13: Canadian FATCA Trial — *Tweet by Tweet* account of proceedings for the U.S. Library of Congress
10: More US Hypocrisy re Canadian RDSP (cont.) / Comments requested to be received September 15, 2015
05: UPDATES — From @ADCSovereignty #FATCA lawsuit – thoughts on day 1, 2 and post-trial dates(and more)…
July 2015
29: Reminder – Solving US Citizenship Problems – Vancouver
18: “The Shot Heard Round The World” Live from ThatChannel.com
11: Tricia Moon, your comment at the *Jack Townsend blog* is heart-felt and brilliant – THANK YOU!
08: Canadian Federal Election: It’s Time to Throw the People Who Betrayed Us Out of Office
07: Message in a bottle 2: Democracy, the Appointment of Judges and the Canadian Charter of Rights
June 2015
24: Help Me Keep My April 5 Promise Revisited-We Will Never Forget the IGA Betrayal by the CONs
12: It’s official – second class citizenship goes into effect
May 2015
08: Should proof of non-U.S. citizenship be an absolute condition for accepting public office in Canada?
04: U.S. citizenship taxation burdens Canada’s sovereignty by imposing U.S. taxes on Canadian residents
01: Congratulations to ALL Donors to the #FATCA Canada lawsuit – Looking forward to August 4/15
April 2015
22: 2015 Canadian Budget Introduces the “Common Reporting Standard”
16: We Delivered! Monumental Submission to Senate Finance Committee! #Fight CBT (42)
15: Reminder: “2015: Solving U.S. Citizenship Problems: Have You Received a FATCA Letter?” London ON
07: Video Portion of Senate Finance Committee Submission Ready!
06: WANTED – Ginny and Gwenny – Runaway Tax Slaves!
01: Renouncing US citizenship? How the S. 877A “Exit Tax” may apply to your Canadian assets – 14 Parts
March 2015
20: Reminder: “Have You Received a #FATCA Letter?” Hamilton ON March 26
12: Harper government accepts national origin discrimination for US Persons, but not for meat
07: Financial Post hits a new low in FATCA reporting
04: Terminating a Green Card (Abandonment of Lawful Permanent Resident Status)
February 2015
25: Barrie McKenna reports on Canadian Direct Financial’s milestone FATCA announcement
17: ADCS-ADSC LITIGATION UPDATES: Key Actions, Milestones and Timeline Estimates
13: Volunteers required for research project on Canada – USA dual citizens (current and former)
06: Congratulations to @ADCSovereignty lawyer, Joe Arvay, on today’s Supreme Court of Canada Decision
04: Will Canada turn a blind eye to the IGA’s “faux reciprocity”? (39)
January 2015
29: Professor Allison Christians posts “Responses to Questions on Canada’s Adoption of FATCA IGA”
27: Are strata corporations the next target of Canadian banks’ FATCA zeal?
2014
Isaac Brock Society Posts on FATCA and Canada – 2014 – at this link.
Pre-2014 – Lists are in preparation
You can also search for articles using the “Archives” button (on the menu at top of main page) for a list of all articles in reverse chronological order.
http://barbarastewart.ca/theAnalyst_0314_web.pdf
See pgs 14-15
‘FATCA: UNCLE SAM WANTS YOUR DATA
New U.S. rules create headaches for Canadians’
Victoria Barclay, CFA’
In the International Women’s Day edition March 2014
Marion Wrobel of the CBA says:
…”.The CBA supports the intergovernmental agree ment (IGA) that the Canadian government is currently negotiating with the U.S. government as the best possible solution to FATCA, said Wrobel. Extrapolating from agreements that the U.S. has signed with other governments, the IGA would mean that Canadian financial institutions would report tax information on persons with U.S. tax status to the Canada Revenue Agency, which would then pass it on to the IRS, rather than re quire Canadian financial institutions to report the information directly to the IRS., Wrobel explained.
Highlighting a paradigm shift in the new tax law, Wrobel contrasted the current tax treaty, which
is focused on income information, with FATCA, which is focused on both income and the assets
generating that income. Such a tally requires monitoring account balances and transfers into
and out of accounts.
“This is about constant surveillance of financial activity by anyone who
has U.S. indicia,” said Christians..”…
http://www.advisor.ca/tax/tax-news/cra-may-ignore-fatca-trust-rules-147928
‘CRA may ignore FATCA trust rules’
Dean DiSpalatro / March 25, 2014
“A leaked document appears to reveal the Department of Finance and CRA may deviate from a tax deal struck with the U.S.
Leaked by the Isaac Brock Society yesterday, the document purportedly presents the agency’s interpretation of draft legislation which, if passed, would give force to the Intergovernmental Agreement (IGA) on FATCA signed between Canada and the U.S. on February 5.
Advisor.ca has contacted CRA but has not been able to confirm the document’s authenticity.”……….
Bloomberg: No Reprieve on Upcoming FATCA Deadline, Says Koskinen; Quest for Guidance Continues
http://www.bna.com/no-reprieve-upcoming-n17179889057/
“July 1 is a hard and fast deadline for implementation of the Foreign Account Tax Compliance Act, Internal Revenue Commissioner John Koskinen told tax practitioners.”
“The July 1 deadline puts pressure on the IRS as well–to have its own information technology in place to handle the influx of data the agency expects.”
http://business.financialpost.com/2014/03/26/vern-krishna-u-s-steps-up-tax-enforcement-beyond-its-borders/
‘Vern Krishna: U.S. steps up tax enforcement beyond its borders’
March 26, 2014
An interesting tidbit that touches on the ‘reciprocal’ reporting arrangement that already exists between Canada and the US – based on residency, NOT on citizenship/national origin/parentage/expired greencards:
“…… In January,the IRS revived a 2001 plan that would require U.S. banks to report interest paid to foreign nationals. The agency said its updated proposal reflects a “growing global consensus” about the need for nations to cooperate on tax enforcement. The previous proposal, which was pushed out the door just days before President Bill Clinton left office, was later narrowed by the Bush administration to apply only to Canadians.”
http://www.publicintegrity.org/2011/05/18/4638/irs-crusades-against-americans-hiding-money-offshore-latin-american-tax-cheats-flock
I’d like to know more about that initial agreement under Clinton, and then why and how the changes made under Bush that ended up only applying to Canadians – according to the story above. By ‘Canadians’ I think they mean either only to Canadian residents, or that Canada would report to the US on US residents with Canadian sited accounts, and the US would report to Canada on Canadian residents with US sited accounts?
Tweet your thoughts about FATCA and US CBT to the newest US Ambassador to Canada:
https://twitter.com/BruceAHeyman
Very good article – to use as lobbying tool to Canadian MPs as illustration of what FATCA will do to normal Canadians saving for retirement using Canadian mutual funds – and thus exposing many to confiscatory US extraterritorial taxation and penalties if they try to become compliant in order to renounce.
Do Canadian MPs want all those deemed to be UStaxablepersons and their Canadian households to divest themselves of Canadian mutual funds (those USPs who already have them), or not to invest in them at all (toxic for those with the UStaxablePerson burden)? Some may not care about Canadian individuals with USP taint, but will care about preserving the Canadian mutual fund industry.
Indepth article on US harsh treatment of Canadian mutual funds as PFICs, mentions FATCA context, punitive and costly compliance costs, underscores uselessness/unfairness of the PFIC rules as applied to Canadian funds, needless punishment of those holding them, refers to the Canada-US tax treaty, etc. Addresses outrageous compliance burden; costs in time, fees and information.
Stephanie Ray, Comment, Getting Caught Between the Borders: The Proposed Exemption of the Canadian Mutual Fund from the Passive Foreign Investment Company Rules, 37 Fordham Int’l L.J. 823 (2014)
http://fordhamilj.org/files/2014/04/Ray_FILJ_GettingCaught.pdf
http://fordhamilj.org/articles/getting-caught-between-the-borders-the-proposed-exemption-of-the-canadian-mutual-fund-from-the-passive-foreign-investment-company-rules/
See for example;
“……With the onset of the Foreign Account Tax Compliance Act
(“FATCA”) in 2014, Canadian financial services companies are
forced to disclose information on US taxpayers to the IRS.175
This forced disclosure program will likely expose US taxpayers
residing in Canada who have not been filing Form 8621 to report PFIC holdings. 176”
or, pg 848
“1. Outrageous Compliance Costs
Requiring a PFIC owner to file Form 8621 is very time consuming and burdensome, even for US tax specialists.146 The form instructions indicate that the estimated time to properly
comply with the PFIC filing requirements is over thirty-one hours per PFIC. 147
It is nearly impossible for the average PFIC investor to complete the form without incurring the added cost of consulting tax experts. 148………”
Interesting page linked from mention at http://taxpol.blogspot.ca/2014/04/recent-items-of-interest-on-citizenship.html by Allison Christians;
See
http://www.fulbrightblog.ca/united-states-america-neighbour/
Includes interview with Arthur Cockfield re FATCA
“………In my view, FATCA is a disaster for Canada as it infringes on Canadian privacy rights and effectively turns the Canadian government into an enforcement arm of the IRS. My talk drew from a report I’m authoring for the federal Office of the Privacy Commissioner as well as from submissions on FATCA to the Department of Finance that I co-authored with Professor Allison Christians at McGill..”
http://www.ndp.ca/news/conservatives-must-remove-fatca-budget-bill
2014 05 01
‘Conservatives must remove FATCA from budget bill’
“New Democrats are calling on the Conservatives to acknowledge the concerns with the U.S. Foreign Account Tax Compliance Act (FATCA) and agree to remove it from Budget Bill C-31…….”
http://www.theprovince.com/country+young+teen+with+stuck+land/9397096/story.html
Not sure if this was posted before; story from a couple of months ago about a de facto stateless kid from Arizona who was unofficially adopted by a family in Canada. Apparently his birth mother never registered him in the US because she was afraid Child Protective Services would take him away and throw him in the foster system, so she managed to smuggle him into Canada and left him with friends there, who raised him. Now he’s applying for Canadian citizenship, but apparently part of that involves working with U.S. authorities to get him a U.S. birth certificate:
So basically he’ll get his documentation just in time for the US to try to FATCA him for his “fair share” of all those “great U.S. services” he used in his first 18 years of life.
http://www.groom.com/resources-743.html
See page 15 for Canada
Cumulative List of Non-US Pension Funds Exempted by FATCA Intergovernmental Agreements
April 30, 2014
See page 15 for Canada:
XXII.
Canada
Under the US
–
Canada IGA, the following categories of retirement funds will be treated as exempt beneficial owners:
Any plan or arrangement established in Canada and described in paragraph 3 of Article XVIII (Pensions and Annuities) of the Convention, including any plan or arrangement that the Competent Authorities may agree under subparagraph 3(b) of Article XVIII is similar to a plan or arrangement under that subparagraph.
The following categories of accounts and products established in Canada and maintained by a Canadian financial institution shall not be treated as financial accounts, and therefore shall not be US reportable accounts:
A. Registered Retirement Savings Plans (RRSPs)
– as defined in subsection 146(1) of the Income Tax Act.
B. Registered Retirement Income Funds (RRIFs)
– as defined in subsection 146.3(1) of the Income Tax Act.
C. Pooled Registered Pension Plans (PRPPs)
– as defined in subsection 147.5(1) of the Income Tax Act.
D. Registered Pension Plans (RPPs)
– as defined in subsection 248(1) of the Income Tax Act.
E. Tax
– Free Savings Accounts (TFSAs)
– as defined in subsection 146.2(1) of the Income Tax Act.
F. Registered Disability Savings Plans (RDSPs)
– as defined in subsection 146.4(1) of the Income Tax Act.
G. Registered Education Savings Plans (RESPs)
– as defined in subsection 146.1(1) of the Income Tax Act.
H. Deferred Profit Sharing Plans (DPSPs)
– as defined in subsection 147(1) of the Income Tax Act.
I. AgriInvest accounts
– as defined under “NISA Fund No. 2” and “net income stabilization account” in subsection
248(1) of the Income Tax Act including Quebec’s Agri
– Quebec program as prescribed in section 5503 of the Income Tax Regulations.
J. Eligible Funeral Arrangements
– as defined under subsection 148.1 of the Income Tax Act.
K. Escrow Accounts
– meeting certain requirements.
Left out the link for the resource ‘Cumulative List of Non-US Pension Funds Exempted by FATCA Intergovernmental Agreements’
April 30, 2014 above;
http://www.groom.com/resources-743.html
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2433198
‘FATCA and the Erosion of Canadian Taxpayer Privacy’
Arthur J. Cockfield
Queen’s University – Faculty of Law
April 1, 2014
Report to the Office of the Privacy Commissioner of Canada, April 2014
Abstract:
“In 2010, the United States enacted a tax reform known as the Foreign Account Tax Compliance Act (FATCA). Under FATCA, all non-U.S. financial institutions, including Canadian banks, must review their records to determine if any accounts are owned by “U.S. persons,” which include U.S. citizens residing abroad and individuals with significant social and/or economic ties with the United States. The United States threatened to economically sanction any foreign country that did cooperate with the new regime. Accordingly, Canada has agreed to implement FATCA via an intergovernmental agreement (IGA) with the United States; at this writing the implementing legislation, Bill C-31, is before Parliament. This report discusses how FATCA and the IGA unduly harm the privacy interests and rights of Canadians in part because detailed financial information concerning hundreds of thousands of Canadians would be transferred to a foreign government for the first time. Canada is getting nothing in return for this privacy giveaway other than the relief of the threatened economic sanctions. The Canadian government should not implement the IGA until these privacy concerns are addressed.”
Good work Badger. You found it! I’ve just downloaded the pdf and will read it later. The abstract promises good reading ahead.
http://www.advisor.ca/tax/tax-news/finance-bites-back-at-fatca-criticism-148790
Are these actually articles, or are they paid advertisements positioned by private interests using them to manipulate the federal government and public opinion?
Don’t forget to sign this petition;
(you can choose for it not to display your name online).
http://www.thepetitionsite.com/takeaction/335/123/518/
Conservatives: Remove FATCA from the Budget Bill
author: New Democratic Party of Canada
target: Stephen Harper’s Conservatives
More FATCA IGA product placement from Moody’s.
By Mario Toneguzzi, Calgary Herald May 26, 2014′
http://www.calgaryherald.com/business/Canada+agreement+raises+some+concerns/9878381/story.html
The Herald should take a look at the superb job Tim Harper of the Star just did;
http://www.thestar.com/news/canada/2014/05/25/us_tax_deal_jeopardizes_canadians_privacy_harper.html
http://youtu.be/21RpsGCG6jI
‘NDP MP Murray Rankin moves amendment to FATCA to protect rights of Canadians ‘
Will Canadian companies allow US executives to report their company accounts on the former FBAR/Form 114? Will Canadian companies just stop hiring anyone with a US reporting burden?
‘Canada: “FBAR” Reporting Obligations For U.S. Executives Of Canadian Companies Sometimes Overlooked’
Last Updated: May 30 2014
“……..Although the general requirements of the FBAR may be familiar, less well known are the reporting requirements for U.S. persons who acquire “signature authority” over foreign financial accounts of their employers. Signature authority is the authority to control the disposition of money or other assets in a financial account by directly communicating with the person maintaining the account, such as the bank or broker.
For example, a U.S. citizen who is an officer of a Canadian company and who has signature authority over a foreign financial account of the company generally must report this account on the FBAR, even though the company itself is not required to file the FBAR. Moreover, the officer must file the FBAR even if she or he has no financial interest in the account and never exercises the authority to control assets in the account.”………..
http://www.mondaq.com/canada/x/317342/tax+authorities/FBAR+Reporting+Obligations+for+US+Executives+of+Canadian+Companies+Sometimes+Overlooked
http://www.parl.gc.ca/HousePublications/Publication.aspx?DocId=6653920&Language=E&Mode=1&Parl=41&Ses=2&File=11
Notice Paper
No. 99
Monday, June 9, 2014
11:00 a.m.
Questions
Questions
Notices of Motions for the Production of Papers
Avis de motions portant production de documents
Business of Supply
Travaux des subsides
Opposition Motions Motions de l’opposition
June 6, 2014 — Mr. Rankin (Victoria) — That, in the opinion of the House, the implementation of the Foreign Account Tax Compliance Act (FATCA) in Canada raises major concerns about privacy and constitutional rights, and could negatively affect as many as one million Canadians; and, as such, the government should remove the FATCA implementation provisions from the latest omnibus budget implementation bill.
6 juin 2014 — M. Rankin (Victoria) — Que, de l’avis de la Chambre, la mise en œuvre du Foreign Account Tax Compliance Act (FATCA) au Canada soulève des préoccupations majeures au sujet du droit à la vie privée et des droits constitutionnels et risque de causer du tort à un million de Canadiens; et que, par conséquent, le gouvernement devrait supprimer du dernier projet de loi omnibus de mise en œuvre du budget les dispositions relatives au FATCA.
http://openparliament.ca/debates/2014/6/5/the-acting-speaker-2/?page=6
Debates of June 5th, 2014
House of Commons Hansard #97 of the 41st Parliament, 2nd Session. (The original version is on Parliament’s site.)
Bill C-31—Time Allocation Motion
Economic Action Plan 2014 Act, No. 1
Government Orders
11:15 a.m.
Liberal
Scott Brison Kings—Hants, NS
http://openparliament.ca/debates/2014/6/5/scott-brison-1/
Mr. Speaker, I have a question on Part 5 of Bill C-31, specifically on the issue of FATCA and its application to registered savings plans, RRSPs, registered education savings plans, and registered disability savings plans. Those plans have matching grants provided by the Government of Canada, funded by the taxpayers of Canada, that are intended to go to people with disabilities or to young people to save for their educations. Under FATCA, earnings from those deposits made by the Canadian government would be taxable by the IRS.
Does the Minister of State (Finance) believe 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?
Second, has 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?
Bill C-31—Time Allocation Motion
Economic Action Plan 2014 Act, No. 1
Government Orders
11:15 a.m.
Conservative
Kevin Sorenson Crowfoot, AB
http://openparliament.ca/debates/2014/6/5/kevin-sorenson-2/
Mr. Speaker, during question period and at other times FATCA has come up a number of times. I feel, though, that the member’s question was somewhat misleading, because as Canadians listened to that question, they believed that all Canadian taxpayers would now be forced to reveal their savings and their income to the IRS or to the United States. That is untrue.
The member should know, and he does know, that the FATCA legislation was created and imposed in the U.S.A. It was enacted unilaterally to target American citizens living abroad in other countries, many of whom were Canadian citizens as well, many of whom have dual citizenship. As long as they continue to be American citizens, the United States legislation dictates that Canada must comply.
Let me say this. Our former finance minister, Mr. Flaherty, was troubled by the original legislation brought forward by the Americans, and I know a lot of Canadians had concerns with it as well. That is why this government negotiated a better deal through an IGA, 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. All those were not included because of Canada’s strong intergovernmental agreement with the U.S. on FATCA
for more, see http://openparliament.ca/search/?q=fatca&sort=date+desc
See this telling and shameful exchange in which Conservative MP Dean Allison – whose riding in Niagara is full of Canadians with US connections, and who no doubt has had constituents try to educate him on FATCA, FBARs, and US extraterritorial CBT , herein dodges the very pertinent FATCA and Bill C-31 questions of NDP MP Guy Caron – Finance Committee member. Allison demonstrates his contempt for his constituents in Niagara when he refuses to answer. Isn’t it shameful when an MP from another province shows more concern for the constituents of Niagara Glanbrook than their MP Dean Allison does?
Debates of April 3rd, 2014
House of Commons Hansard #68 of the 41st Parliament, 2nd Session.
Economic Action Plan 2014 Act, No. 1
Government Orders
11:50 a.m.
NDP
Guy Caron Rimouski-Neigette—Témiscouata—Les Basques, QC
http://openparliament.ca/debates/2014/4/3/guy-caron-5/
Mr. Speaker, I would like to point out that the member who just spoke achieved something quite remarkable. We have before us a 350-page bill that will change, create and amend over 50 pieces of legislation. The member managed to speak for 10 minutes without even addressing one single aspect of the bill we are discussing in the House.
I know that the member’s riding is close to the United States. One item in particular is important in this bill, and that is FATCA. Many people in his riding who are Canadian citizens and do not consider themselves American could be targeted by the U.S. revenue service, according to which they might owe thousands or even tens of thousands of dollars because the U.S. government sees them as American citizens. Those people’s files could be transferred to the revenue service without their knowing it and could ultimately be subject to claims. Should that happen, those people will go to the member in question.
I would like to know what the member will tell the people targeted by the U.S. intelligence and revenue services about the fact that they might owe thousands of dollars that they do not think they owe to the U.S. government.
Economic Action Plan 2014 Act, No. 1
Government Orders
11:50 a.m.
Conservative
Dean Allison Niagara West—Glanbrook, ON
http://openparliament.ca/debates/2014/4/3/dean-allison-2/
Mr. Speaker, what I would like to point out is that as we look at this budget, we are looking at a balanced way of approaching things.
What I mentioned in my speech was the fact that it is not just one thing that is going to make a difference in this country. Just cutting corporate taxes or any other of a number of issues is not going to be what makes the difference. It is a combination of things that we do, including reducing spending, which I talked about in terms of government spending. I talked as well about reducing taxes, about immigration, about trade deals. There is a whole host of issues that we need to continue to work on in order to make our economy strong and to prosper.
The federal Tories under Stephen Harper hold all of Calgary’s seats — and most of Alberta. US Persons in Alberta, generally, only have out-of-province MPs as their voice. I have been in touch with several NDP MPs — from Ontario and, of course, Murray Rankin, from BC.
The Conservatives in Alberta have NOT listened and DO NOT CARE about what happens to any of their US Person constituents.
How many ways is there to say “bullsh*t* to the likes of Kevin Sorenson and other Conservatives? The more they repeat their PR, the more they believe it.