Worry and concern but no actual statement on what the Liberals will do (or would have done) about the FATCA IGA implementation in Canada.
From: Alex Lysyshyn
Sent: Wednesday, July 23, 2014 10:39 AM
Subject: Re: Re: Leaders lead. You make it happen.
< ... Be part of the change | Faites partie du changement ... Alex Lysys Alex Lysyshyn (Liberal / Assistance) 23 Jul 12:39 Dear Carol, Thank you for taking the time to write to us regarding the implications the U.S. Foreign Account Tax Compliance Act (FATCA) has on some Canadians. As you may know, in February of this year the Government of Canada entered into an intergovernmental agreement with the U.S. regarding FATCA requirements. Under these rules the Canada Revenue Agency will collect tax information on Canadians who are U.S. citizens and then hand that information over to the IRS. Before the agreement which came into effect on July 1, the Liberal Party of Canada raised the issue in Question Period, pressing the Conservative government to do the right thing for Canadians. We believe that the Government of Canada should stand up for honest, hardworking people who have been caught up by overly complex American tax rules. They are not tax cheats and we encouraged Stephen Harper to stand up for them. We have concerns that the agreement reached with the U.S. may not stand up to a Constitutional challenge given that it forces the banks to treat clients differently based on their national origin, something forbidden by Section 15 of the Charter of Rights and Freedoms. Liberals believe Foreign Affairs Minister John Baird should have asked the U.S. for amnesty against penalties as the IRS’s Foreign Bank Account Reporting requirements were not adequately communicated to dual-citizens living in Canada. In addition, we encouraged Finance Minister Joe Oliver to work to amend the agreement so that the IRS would not tax savings vehicles such as TFSAs and RESPs. We were pleased to learn these registered plans have since been exempted from reporting by the banks but continue to worry that the IRS may view them as taxable when dual citizens file their returns. For more information on how FATCA affects Canadians, you can visit the Department of Finance website at: http://www.fin.gc.ca/n14/14-018-eng.asp Thank you again for writing. Kind regards, Alex Lysyshyn Liberal Party of Canada Tell us about what issues you care about | Dites-nous quels enjeux vous tiennent à coeur 81 rue Metcalfe Street, Suite / Bureau 600 Ottawa, ON K1P 6M8 Telephone / Téléphone: 1 888 LIBERAL (1 888 542-3725) Email / Courriel : email@example.com Follow us on / Suivez-nous sur: Liberal.ca | Facebook | Twitter Get updates | Mises à jour