Monthly Archives: May 2014

THE TRANSCRIPT IS UP!

UPDATED LINKS TO THE VIDEO:

ParlVU site:  The original ParlVU video

Isaac Brock Society YouTube channel:  The entire meeting, featuring John Richardson’s presentation and interaction with the committee.

[ UPDATE of interest, but possibly not related, for May 14, 2014: Joe Oliver will be before the House tonight according to the CBC — FATCA IGA not indicated as a topic. ]

HOUSE OF COMMONS
2nd Session, 41st Parliament
NOTICE OF MEETING
Standing Committee on Finance

Meeting No. 35
Wednesday, May 14, 2014
3:30 p.m. to 6:30 p.m.
Room C-110, 1 Wellington Street
(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

John Richardson

Canadian Bankers Association

Darren Hannah, Acting Vice-President
Policy and Operations
Canadian Council of Chief Executives

Brian Kingston, Senior Associate

Office of the Privacy Commissioner of Canada

Chantal Bernier, Interim Privacy Commissioner
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Marry this NDP petition with Petros New Post: “NDP calling on Harper government: Remove FATCA from omnibus budget bill“.

If you, like many Canadians, are concerned about the implementation of the USA FATCA (Foreign Account Tax Compliance Act) IGA (intergovernmental agreement) being buried in yet another omnibus bill, C-31, rather than thoroughly studied on its own merits in a stand-alone bill, please voice your concern by signing the NDP petition — then pass it on to your Canadian family, friends, business associates and neighbours (many of whom could also be indirectly affected). By precedent being set, this should concern ALL Canadians.

Cross-posted from MapleSandbox.ca:

PROTECT CANADIANS FROM FATCA is a just launched petition from the NDP.

Tell Stephen Harper to protect our constitutional and privacy rights from this invasive U.S. law.

The Conservatives are rushing to implement an American law that threatens the rights of more than a million Canadians…

Let’s send Stephen Harper a message:
It’s time to put Canadians first.

Canadians, please sign the on line petition.

This was sent to Lynne Swanson by Murray Rankin’s Assistant. More on Murray Rankin’s FATCA page on his website.

I am calling on Stephen Harper to resign. He is no longer fit to lead Canada, for he is planning to enact a law which will result in the extraordinary rendition of the private account information of Canadian citizens to the IRS in Washington DC. Canada is not a tax haven. FATCA is not the answer.

My son is visiting this afternoon and I was telling him about a book I am (finally) reading “The Sovereign Individual” by James Dale Davidson & William Rees-Mogg. Some of you may recognize the title as US Citizen Abroad has mentioned it often. Written in 1997, it is eery in the accuracy with which it predicts what direction the world is headed.

My son responded with this video of George Orwell’s last interview. I don’t know if this has been posted here before but given what is going on in the world right now, I find it spot on. It brought to mind PMSH’s comments about how he will change Canada.

Perhaps Harper was a big Orwell fan as he grew up.

Be sure to look straight at Orwell as he makes his last statement.

Absolutely chilling.

Funny how you can move so quickly on this issue of corporate inversions but not those of American expats. So long then

http://online.wsj.com/news/articles/SB10001424052702303701304579548433123065724?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702303701304579548433123065724.html

While they may not be breaking U.S. laws, many of these companies are navigating a loophole in America’s broken and dysfunctional tax code. And while their shareholders may secure a temporary win, workers, taxpayers and this country all lose. America’s tax base erodes at a cost of hundreds of millions of dollars in revenue, increasing the burden on other companies and individuals. America also loses good jobs, talent, investment, and the ability to compete on a global stage.

Legal or not, this loophole must be plugged. Current law requires that U.S. companies reincorporating overseas must ensure that at least 20% of their stock is owned by their new, foreign partner. As chairman of the Senate Finance Committee, I am committed to raising this floor to at least 50% for all inversions taking place from May 8, 2014, on. I don’t approach retroactivity in legislation lightly, but corporations must understand that they won’t profit from abandoning the U.S. (NOTE: Senator what you are proposing is a massive treaty override that Canada and other US Treaty partners should fight tooth and nail).

http://online.wsj.com/public/resources/documents/PaulLetter050714.pdf

“To be clear, I certainly do not condone tax cheats, but I can’t support a law that endangers regular foreign investment and punishes every American in pursuit of a few tax cheats,” he wrote. “Most importantly, I cannot support a bulk collection tax treaty that has complete disregard for the important protections provided to every American by the Fourth Amendment.”

http://blogs.wsj.com/washwire/2014/05/07/rand-paul-fights-tax-treaties-citing-privacy-concerns/

Bucking pressure from businesses and fellow lawmakers, Sen. Rand Paul says he will continue to oppose tax treaties that would let the Internal Revenue Service gather more information about Americans’ overseas financial accounts.

The move dims the outlook for a planned Senate vote on the treaties, while highlighting the Kentucky Republican’s contrarian streak. The treaties – including a significant one with Switzerland – enjoy widespread support among lawmakers of both parties. But Mr. Paul, who is preparing a 2016 presidential bid, believes they would encourage government snooping and erode Americans’ privacy rights.

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?

Canadians, give your FATCA briefs to Finance Committee

Blaze / Lynne Swanson posts:

Canadians: Make your voices heard at Finance Committee. Give the Committee your briefs!

In preparing my own brief for testifying next week, I learned all Canadians can submit briefs to the Finance Committee–not just those of us who will testify.

Here is what the Clerk of the Finance Committee replied to me when I asked:

Anyone can submit a brief on Bill C-31. While there is no set date it would be best to get it into us at FINA@parl.gc.ca as soon as possible so we can have the briefs translated and distributed to the Members of the Committee before the begin Clause-by-Clause.

Here are the government’s Guidelines for Preparing Briefs: . The Clerk of the Finance Committee has advised briefs must be limited to five pages.

I know many of you already made submissions to Finance Canada in 2012 and again when the IGA was announced. However, those submissions are not being shared with the Finance Committee or with Parliament.

So, if you want those making the decisions to know what you have to say: Give them your briefs.

This should be in your own words. Many of you will be able to adapt the submission you already made.

I have two suggestions:

1. Emphasize you are Canadian!

2. If you support the proposed amendment, include it in your brief.

“Notwithstanding any other provision of this Act or the Agreement, for all purposes related to the implementation of this Act and the Agreement, “US Person” and “Specified US Person” shall not include any person who is a Canadian citizen or legal permanent resident who is ordinarily resident in Canada.”

There is no deadline for this, but clearly, the sooner the better. It may be submitted in either English or French and will be translated. If you speak both languages, you could submit in both.

Tell them what you think. Give Finance Committee your briefs!

Also send your brief to the members of the list of the House of Commons Standing Committee on Finance, updated here:
http://www.parl.gc.ca/CommitteeBusiness/CommitteeMembership.aspx
Chair:
james.rajotte@parl.gc.ca
Members:
scott.brison@parl.gc.ca;
nathan.cullen@parl.gc.ca;
Mark.Adler@parl.gc.ca;
mike.allen@parl.gc.ca;
Guy.Caron@parl.gc.ca;
gerald.keddy@parl.gc.ca;
Murray.Rankin@parl.gc.ca;
andrew.saxton@parl.gc.ca;
dave.vankesteren@parl.gc.ca

The date for the meeting in Ottawa has changed to Wednesday, May 14 from 6:00 pm – 8:00 pm.

The venue is:

St. Paul University
Room 104
223 Main St. (Main & Hazel)
Ottawa, ON K1S 1C4

Parking is available on the street after 5:30 pm otherwise, the cost is $10.00 in the St. Paul parking lot.

See map here.

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