With thanks to badger’s never-ending research, I am cross-posting from MapleSandbox.ca, Lynne Swanson’s FATCA will cost the CRA $15.7-$15.8 Million.
FATCA Will Cost CRA $15.7-$15.8 Million(or $5.7-5.8)
Posted on December 16, 2014 by Lynne SwansonNDP MP Guy Caron asked how much FATCA will cost CRA.
When the committee was studying the matter, the department wasn’t able to provide us with the costs of the agreement, for either the agency or the financial institutions. Do you now have that information, from the moment when the funding for implementation is released?
Here’s the answer from CRA:
The costs that we are working with for our ability to implement the obligations that we have to administer this agreement is funding of, I believe, $15.7 million or $15.8 million, which has been allocated to the CRA to implement this over these next few years.
Those costs are principally intended to support the costs of implementing a new electronic form for mandatory filing for financial institutions to be able to file their obligations to us, a database in which we would be able to receive and store that information, and the tools to give us the ability to select files from that database for subsequent transmission electronically to the Internal Revenue Service in order to comply with those obligations.
So there you have it folks. Over $15 million of our tax dollars to violate our fundamental rights as Canadians for foreign government demands. (Thanks to Badger for this great find and for sending it to me and the Board of ADCS.)
That, of course, does not include the $750 million that Canadian banks say FATCA is costing them.
Nor does it include the money the government will spend of our tax dollars fighting us in court while we struggle to raise the needed money for our lawsuit.
@Sally
I guess I should have posted something more substantial. I would like to believe there is something positive behind this as well. However, if I were going to donate or involve myself in any way, I would certainly have to take the following into account:
http://www.nytimes.com/2007/04/28/business/28financier.html?_r=0
http://www.nytimes.com/2001/12/18/business/republic-new-york-pleads-guilty-to-securities-fraud.html
I don’t care how much money the Canadian government is spending on the implementation of the FATCA IGA. If the amount were one penny it would be one penny too much. It is the hard-earned money of Canadians, you, me and our neighbours, being spent to use *us* as a front-line human shield to protect Canadian banks against American financial aggression. The mechanism used to push us out front into harm’s way is discrimination based on our origins or associations. Our own money is being used against us.
I think this entire post should be sent directly to Mr. Arvay to add to *our* arsenal.
Other governments have been tossed for less:
“Perhaps there were a few million dollars that might have been stolen in the process. But how many millions of dollars have we saved because we have re-established the stability of Canada by keeping it a united country.”
– Prime Minister Jean Chrétien re sponsorship scandal.
http://en.m.wikipedia.org/wiki/Sponsorship_scandal
I’ve been invited to MP John “thrilled about FATCA IGA” Weston’s Christmas open house today. I’ll ask him about this figure.
The MP’s don’t care. Look at all the criminal activity they have already got away with. In our government, nobody goes to jail, they just lie and keep doing it. Canadians need a wake up call to clean up our scoundrel government, however, it will be too late if and when that happens.
Forgive me for not reading well, on muscle relaxers at the moment. I think I’m reading about a possible mystery lawsuit? Could it be the Texas and Florida Bankers Associations? Previously mentioned as trying to fight FATCA.
My apologies if I’m in lalaland.
http://www.china-briefing.com/news/2014/12/18/hong-kong-banks-shut-us-accounts-rather-deal-fatca.html
This is what some in Hong Kong banks determine their *big headache* in costs (that would have to be passed along somehow to all their clientele):
Thanks for posting the Hong Kong banks link, Calgary. I’ve added it to the growing addenda in support of the Human Rights Complaint.
@calgary411
Elders who are US persons are immigrants & naturalized citizens are going to be hurt & punished the worse, they split their time in the US & HK, they live with family so there is no bill in their name for proof of address. What are they suppose to do when no bank will touch them… I already know someone who’s bank stopped all investment options & giving them limited service. Now they are telling them to take their money & leave… this money had nothing to do with the US… it was made elsewhere… they have tried many banks… once they see the US passport… they are told no… they thought of moving the money to the US but here is the problem… its called money laundering by the US… now they will be known as tax evaders & money laundering of their legal money. So immigrants are so screwed, who do they turn to for help… cause there is none
US_Foreign_Person,
The immigrant piece of this absurdity is unconscionable.
@calgary411
Ignore above request… stupid me had too many windows open to realize I had this open in 2 windows… lordy… sorry for being pain