“Just because Canadians have money in a foreign bank doesn’t mean they aren’t paying taxes on it.”
Come to think of it, just because U.S. citizens living abroad have foreign bank accounts, it doesn’t mean they are avoiding the payment of taxes!
You will have to click on the link to see the video:
http://www.ctv.ca/CTVNews/TopStories/20120325/canadians-taxes-liechenstein-120325
On this subject I found the transcript of an old Parliamentary committee hearing on offshore banking where Bloc Quebecois MP Daniel Paille basically told several representitives of the Canadian Bankers Association that they needed to stop fighting FATCA and respect the US’ sovereign right to crack down on “tax cheats.” Mr Paille however lost his seat in last spring’s election.
Just wait.. the CATCA is next! 🙂
Oh c’mon guys, dontcha know all these “Canadians” are actually USC’s? 😉