A comment from Tim included:
I know some of you don’t want to hear it but I personally think we should back off the NDP for know. I am very confident at the end of the day they will be on our side as will the Greens. As difficult as it might seem lets take a breather on this front. Instead we should be turning our fire toward the Canadian Bankers Association and Maura Drew-Lytle and try to smoke out in the next month or two whether they have any pull to force Mulcair to switch stances on FATCA.
This in line with the post referenced in the following tweet:
Anti-#FATCA movement gains momentum – Time to protest Canadian banks – "Seize the day!" http://t.co/SfYfLtaMfv via @wordpressdotcom
— Stop FATCA (@StopFATCA) October 4, 2013
And if a FATCA IGA is not signed
This is anybody’s guess. But, what is clear is that:
If an IGA is not signed, FATCA will still be there and the individual banks must choose whether to obey U.S. law and inflict FATCA on Canadians.
The reporting requirements – Form 8938 remain intact.
Therefore, although it is helpful to defeat the FATCA IGA (and I believe this will eventually mean the repeal of FATCA), those opposed to FATCA must think ahead and think ahead now!
If the Government of Canada does not cave to FATCA by signing an IGA, then each bank will have to decide what to do.
What each bank president is probably thinking is:
“To FATCA or not to FATCA, that is the question
Whether tis better to betray Canada and all Candians for the purpose of obeying a U.S law.”
Therefore, the protests must be expanded beyond the Government of Canada . Each of Canada’s banks needs to feel FATCA Dissatisfaction from Canadians. The banks must be understood to be one of:
1. IRS Enabler and Deputy – will enforce FATCA for the IRS
2. Friend of Canadians – will NOT be FATCA compliant.
The policy of each bank must be understood. Organized (but legal) protests must take place against the banks. The people of Canada must understand that those which are “IRS Enabler/Deputies” are the enemies of Canada.
Organized protests against the banks must begin.
Closing anecdote:
TD Canada Trust is one of the biggest banks in the United States. In fact, the Boston Bruins and Boston Celtics play in the “TD Gardens”. It’s easy to see why the Canadian banks want a FATCA IGA.
It’s essential to begin targeting the banks and financial institutions!
The Ontario Human Rights Code could make it expensive for Canadian Banks to obey FATCA.
I’m glad to see people are picking up on Tim’s comment, with which I completely agree. It’s less a question of “backing off” the NDP than *backing* them. Let’s take the fact that NDP has laid down a marker that is incompatible with Canada’s signing an IGA or complying with FATCA at all — and dare the Government to do the right thing and (1) walk away from the negotiations, (2) tell Treasury “No way, Jose’,” and (3) start thinking of countermeasures if needed. And yes, the same message needs to go to the financial industry — starting with CBA and the Big Five. If they weren’t pushing for an IGA, the Government certainly wouldn’t be banging their head against the wall trying to get one.
Consider telling the big 5 banks that we know they’ve been actively lobbying behind the scenes for an IGA, and that since they are working against the interests of their fellow Canadian citizens, voters, taxpayers, residents and accountholders, we’re considering whether to divest our accounts held with CBA members and try to persuade others to do the same.
Some of us may already invest only with credit unions. Some may have moved their accounts in disgust with the CBA. Some may not be able to divest right away, but some can. At the very least, even if there are some assets we cannot move or closeout on the spot, we can tell them that we’re not going to be taking out any car loan or mortgage, or deposit anything further. And generally, it is a household or family set of accounts, not just one account belonging to one individual – so they will lose the business of several people, not just one. People tend to bank where their parents do, and to choose and compare them by word of mouth. Comparing and complaining about banks is almost like discussing the weather. How much do they care about their approval ratings from the public?
Some may not want to out themselves as US persons prematurely, but by now, there must be several with CLNs who might write.
We can write as Canadian citizens only, as ALL Canadians are Canadian taxpayers who will pay for implementing an IGA with our Canadian tax dollars, and ALL Canadians will pay higher account fees to pay for creating and maintaining all those FATCA and associated IT personnel and processes. We know that thanks to the bank lobby, those costs will be borne by ALL Canadians.
@Trish, when Occupy was protesting the big banks they did a switch to a credit union day in which thousands of people on mass pulled their money out of big banks and went to a credit union. They had more critical mass than we do but, since it’s difficult to protest in large numbers as we are all spread out all over the world we COULD call for all those affected by FATCA to switch to a small credit union on such and such a date or during a particular week.