This was originally posted by Lynne Swanson on Maple Sandbox as “CRA Response (Sort Of) on FATCA ATI & Order Paper Questions”
For me, the key message is that CRA refused to answer key questions on the September 2015 FATCA turnover that were raised in a Parliament. Lynne says below for example: “And of course, CRA won’t tell us how many or types of records they received from IRS–citing confidentiality and secrecy requirements of the Treaty.”
The questions asked were:
Q-1072
– April 18, 2016 – Mr. Dusseault (Sherbrooke} – With regard to the exchange information between Canada and the United States {US) under the Foreign .Account Tax Compliance Act (FATCA): (a) how many individuals were reported in total and broken down by (i) Canadian citizens (ii) permanent residents of Canada, (iii) temporary residents of Canada; (b) how many individuals were reported, broken down by (i) individuals with Canadian addresses, (ii) individuals with US addresses, (iii) individuals with addresses in other countries; (c) how many accounts were reported, in total and broken down by (i) bank accounts {ii) credit union accounts, {iii) investment accounts, (iv) insurance accounts, (v) other types of accounts; {d) with respect to {c)(iii)~ what types of insurance accounts were reported; (e) With respect to (c}(v), what other types of accounts were reported; (f} of the accounts reported. how many were (i) under $50,000 US, (ii) between $50,000 and $1,000,000 US, (iii) over $1,000,000 US; (g) of the accounts reported, how many were (i) Registered Retirement Savings Account accounts (ii) Registered Education Savings Account accounts,(iii) Registered Disability Savings_Account accounts, (iv) Tax Free Savings Accounts accounts ;(h) of the accounts reported, how many were held jointly with one or more non US persons. broken down by type of account and indicating the type of relationship between the Joint account holder and the us person if it is known; (i) how·many accounts of organizations were reported to the IRS because a US person had signing authority, interest in; or other connection to the organization; (j) of the accounts that were reported. how many were (i) business accounts, (ii) professional accounts, (Iii) charitable or non-profit organization {iv)connected to other organizations, broken down by type of organization; (k) what agency. organization and individuals was the information provided to; (l) what measures were taken to ensure this information wlll not.be provided to any other agency, organizatiqn and indivlduals; (m) what measures were taken to ensure that information transmitted wil not be subject to identity theft. fraud, other criminal activities, or breach of privacy; (n) how many records did Canada receive from the US, in total and broken down by (i) individuals who live in Canada, (ii} individuals who live in the us, (iii) individuals who live in other countries, broken down by country; (o) how many accounts did Canada receive information about; (p) What type of information was in the records Canada received; (q) did Canada receive information regarding (i) income fr~m the accounts (ii) total assets in accounts (iii) account balances (iv) transactions. deposits and withdrawals, (v) account numbers, (vi): names of account holders, (vii) Social Insurance Numbers, (viii) other related information; (r} what type of information did Canada receive that was not provided by the us prior to the FATCA Intergovemmental Agreement and (s) when did Canada.receive the information?
