HOUSE OF COMMONS
2nd Session, 41st Parliament
NOTICE OF MEETING
Standing Committee on Finance
Meeting No. 34
Tuesday, May 13, 2014
3:30 p.m. to 6:30 p.m.
(613-947-7776)
Orders of the Day
Televised
Bill C-31, An Act to implement certain provisions of the budget tabled in Parliament on February 11, 2014 and other measures
Witnesses
3:30 p.m. to 5:00 p.m.
As an individual
Allison Christians, Professor
H. Heward Stikeman Chair in Tax Law, McGill University
Credit Union Central of Canada
Marc-André Pigeon, Director
Financial Sector Policy
Moodys Gartner Tax Law LLP
Roy Berg, Director
US Tax Law
Videoconference – Toronto, Ontario
Investment Industry Association of Canada
Ian Russell, President and Chief Executive Officer
5:00 p.m. to 6:30 p.m.
As an individual
Arthur Cockfield, Professor
Faculty of Law, Queen’s University
Portfolio Management Association of Canada
Katie Walmsley, President
As an individual
Lynne Swanson
Videoconference – New York, New York
As an individual
Max Reed, Attorney
White and Case LLP
I am posting this apart from the cross-post from Sandbox so more people will see it. In addition to Lynne, some familiar faces, Allison, Roy Berg and Arthur Cockfield. It will be televised. Does anyone know how to record this?
@ AnonAnon
I’m watching it here:
http://parlvu.parl.gc.ca/PARLVU/TimeBandit/PowerBrowserLive_SilverLight.aspx?ContentEntityId=11779&EssenceFormatID=827&date=20140513&lang=en
Found it. It’s a committee of the House of Commons, not the Senate. The live feed is at
http://parlvu.parl.gc.ca/Parlvu/TimeBandit/PowerBrowserLive_SilverLight.aspx?ContentEntityId=11779&EssenceFormatID=829&date=20140513&lang=en
Did Allison already have her turn?
Over at Victoria’s wonderful Franco-American Flophouse blog http://thefranco-americanflophouse.blogspot.ca/2014/05/about-those-renunciations.html , commenter Christophe https://www.blogger.com/comment.g?blogID=2424131704277823220&postID=7087350561935963429 drew attention to this article at Huffington Post http://www.huffingtonpost.com/fredericlefebvre/facta-a-reminder-of-the-s_b_5275449.html
‘FATCA: A Reminder of the Social Role of French Banks’
Posted: 05/06/2014 3:23 pm EDT
by Frédéric Lefebvre
Representative of the first district of French citizens living abroad, former minister
I pull this quote from it:
“……To accept FATCA is tantamount to accepting the American principle of taxation based on nationality instead of taxation based on residence as it is the case in the rest of the world…..”
What about that statement is not understood by the Harper government in Canada? What about that system could they possibly find acceptable to subject the citizens and residents in their care to, much less to ‘respect’ it?
@ WhiteKat
Yes. She was terrific. Roy Berg is up now — not terrific.
Darn, I missed her.
Credit Union first and now Roy Berg is testifying.
@WhiteKat
I only saw about the last 5 mins.She strongly made the point that the IGA is not legitimate. The gentleman from the CUC spoke very briefly (I am trying to do work for my evening class). I did not appreciate Mr. Berg’s comments. The usual, “life under the IGA is better than withoiut it and so on………..” He introduced his remarks with the comment that no one likely had more experience with all this than he did., GRRRRRRRR
Sounds like I missed Allison Christians altogether.
It will all be archived later. I personally am not actually watching it right now.
Allison is speaking right now.
@ Furious AC
This is the questioning period and thank goodness Mr. Rankin is giving Prof. Christians more time than her original 5 minute presentation.Great questions!
Allison is responding very strongly to Murray Rankin’s excellent questions.
Ugh Saxton’s question to CU gentleman leads to CU’s saying they are happy with the exemption of 60% of their member credit unions,
Scott Brison addresses the issue that CDN gov contributions to tax-deferred accounts amount to being taxed by the IRS. He GETS IT! And makes the point the ‘exemption” regarding tax-deferred accounts really applies only to the FFIs. Concerns that RESPs and RDSPs will be reported as they were not exempted by the IGA. Asking Berg: What is preventing private trusts and holding companies from being FFI’s? If entities have US connections, there will be holding even though a non-financial institution in Canada. The agent will be required to withhold according to US law. This will be a problem down the road for Canada.
Scott Bryson made some excellent points. I hope this video will still be available after the hearing is over.
Berg is really dominant. :’-(
@Tricia/ nobledreamer
Berg stands to make alot of money on this… if I was going to hit the legal lottery… I would be persuasive and tilt it my way of thinking if I can
Allison really made the point that the Revenue Rule is law in both countries (Canada & US) and that the ITA section 241 sets out stringent conditions on the exchange of confidential taxpayer information. She rocks!
what time is lynne on?
I hope the Karma gods are unkind to Mr. Berg. Grrrrrrrrr
Allison is no shrinking violet. Love her!
In a minute or two
Lynne will be in the second (next) panel, starting almost immediately, WhiteKat.
@ AnonAnon
I’m sure it will be archived and you can request transcripts.
Lynne is awesome. I’m so proud of her. We ALL are. She is introducing the amendment suggestion. Bravo!