FATCA and Canada
Note: For list of Media and Blog Articles (not including those of the Isaac Brock Society) regarding the Canadian IGA FATCA lawsuit (Hillis and Deegan v. Attorney General of Canada), go to this page. (Isaac Brock Society posts and threads on the lawsuit are contained in the FATCA and Canada list below.)
Posts and Threads on the Isaac Brock Society Website
July 2019
June 2019
07: Lawsuits involving FATCA and aspects related to U.S. citizenship-based taxation
May 2019
18: More Recent Anti-U.S. FATCA/CBT Activity in France, Netherlands, and Canada by Government Officials
January 2019
29: Ottawa Brock Lunch – Saturday 9 February (4)
23: THE 2019 JANUARY 28-FEBRUARY 1 ADCS CANADIAN FATCA IGA TRIAL IN FEDERAL COURT HAS ENDED — “A Treaty does NOT make a CHARTER-FREE zone” — You can expect a costly APPEAL of the Federal Court decision (in June?) no matter who wins (742)
11: Supporters of @ADCSovereignty #FATCA lawsuit might be interested in @RunnymedeSoc Law and Freedom Conference – Jan. 12/19
December 2018
17: Read the Submissions to the Canadian Federal Court for the January 28 ADCS Trial
November 2018
October 2018
22: Brock project: How would the absence of the “savings clause” in the Canada US tax treaty change the tax treatment of “US citizens” in Canada? (81)
05: CANADIAN FATCA IGA LAWSUIT UPDATE: October 3, 2018 Plaintiffs’ Memorandum of Argument Has Been Submitted to Canada’s Federal Court
September 2018
27: Video from Toronto Meeting with Solomon Yue August 16, 2018
August 2018
19: Speculate on the percentage (85%? 5%?) of Canadian citizen-residents, deemed by U.S. to be U.S. citizens — who do not have, accept, or want, any meaningful relationship with the U.S.? (93)
18: Former Hamilton school superintendent pleads guilty to forging documents to get his children U.S. citizenship (44)
15: Brock project: Comparing the comments on the French version of the @LizT1 @USTransitionTax article to the comments on the English version
14: More about the @USTransitionTax issue from @LizT1: Finance Minister Morneau responds (sort of)
13: Another article by @LizT1 about the @USTransitionTax – Just when you thought it couldn’t get worse!
10: Reminder – Solomon Yue Visits Toronto
July 2018
27: Two Programs with Solomon Yue in Toronto August 12 & August 16, 2018
01: U.S., U.K., Canada, Australia and Netherlands form international tax enforcement group
May 2018
April 2018
28: Be on the Lookout! Bubblebustin to be on CBC The National- on the #TransitionTax
11: Canadian FATCA IGA Litigation Update: Court has fixed Monday January 28, 2019 as trial
March 2018
30: If you want to be a Shareholder in our Canadian Business then you must Renounce U.S. Citizenship
22: March 22, 2018 Canadian FATCA IGA litigation in Federal Court update: New timetable
02: Canadians’ Confidential Tax Info to be Shared with Police in Other Countries
January 2018
08: January 8, 2018 Canadian FATCA IGA Legislation Litigation Update
December 2017
07: December 7, 2017 Canadian FATCA IGA Legislation Litigation Update
October 2017
24: October 24, 2017 Canadian and United States (RO) FATCA IGA/FATCA Litigation Update
22: Ottawa Brock Lunch – Saturday 18 November
06: Dual Filer Status- How to Live & Invest in Canada as a US dual filer -Courtenay BC Oct 12
01: October 1 2017 Canadian FATCA IGA Legislation Litigation Update
September 2017
12: Canada’s tax on being American! Why not!
August 2017
21: Dewees 3: Lessons about the “Oh My God Moment” and dealing with the problems of U.S. citizenship
15: Dewees 2: Why did he participate in the 2009 #OVDP Horror Show?
July 2017
10: Khadr apology and settlement about violation of Charter rights, Trudeau says
June 2017
18: #FATCA and the Canadian Charter of Rights and Freedoms
02: Seeking a Few Additional Witnesses Willing to File Affidavit for Canadian FATCA IGA Lawsuit
May 2017
22: May 23, 2017- Vancouver -Solving U.S.Citizenship Problems
13: May 13, 2017 Canadian Federal Court FATCA IGA lawsuit update: Motion for Summary Trial now submitted
March 2017
23: Information Session – Solving U.S. Citizenship Problems with John Richardson
February 2017
12: The Beyond the Border Action Plan & the U.S. National Defense Act-A Disaster Waiting to Happen?
11: CDN with @dualcitizenship spends $3000 per year to make retirement planning more difficult
02: FEBRUARY 2 2017 UPDATE ON CANADIAN FATCA IGA LAWSUIT
January 2017
30: Dear PM Trudeau: Renegotiate FATCA IGA Now (reposted from MapleSandbox) (19)
25: Reminder: Solving US Citizenship Problems Toronto Sat. Jan 28
17: Seeking Canadian Witness for Canadian FATCA IGA Lawsuit Who Has Renounced and Paid U.S. “Exit Tax”
December 2016
15: DECEMBER 15, 2016 UPDATE ON CANADIAN FATCA IGA LAWSUIT
November 2016
05: November 2016 Status Report on ADCS-ADSC Canadian FATCA Lawsuit
October 2016
30: Reminder: Solving US Citizenship Problems Toronto Sat Nov 5, 2016
24: Ottawa Brock Lunch – Saturday 12 November
September 2016
30: Credit Union Update: YNCU Grows to $1.5B CAD in Assets
16: Vancouver Sun features our own Trish Moon
August 2016
13: Message from Plaintiff Ginny (Canadian FATCA-IGA Lawsuit)
July 2016
13: Is the State Department Shutting Down Expatriation Appointments in Canada?
11: Allison’s “Tina” Presentation and What do you think this guy means?
06: Ottawa Brock Lunch – Saturday 23 July
01: Canada pushes back against one foreign country’s jus sanguinis claims
01: Is JT Wearing His FATCA Flip Flops For Canada Day?
01: Barack Obama’s Address to the House of Commons, June 29, 2016: an Alternative Look
June 2016
29: What Canadian Witness Volunteers For Our FATCA IGA Lawsuit Tell Me
22: Canadian FATCA IGA Litigation Update: We have a new (third) plaintiff and still seek more Witnesses
20: Reminder: Solving U.S. Citizenship Problems – Toronto, Saturday, June 25, 2016
15: CANADIAN FATCA IGA LITIGATION: We are still seeking additional CANADIAN citizen witnesses
08: WHILE PARLIAMENT SLEEPS: TAX TREATY PRACTICE IN CANADA
08: JUNE 3, 2016 Canadian FATCA IGA Litigation Status Report Submitted to Case Management Judge
May 2016
13: September 30, 2016-Another Blow to Personal Privacy and Freedom of Movement
11: Creepy perverted ex named Sam stalks Americans who moved to Canada for love
04: How will YOU respond to the 2016 Canadian Census?
April 2016
27: FATCA Response From Deputy Finance Critic Phil McColeman of Brantford-Brant
26: Reply from the Finance Minister, the Honourable Bill Morneau…
15: PMJT Enjoys Yoga – Makes Sense That He Enjoys Flip-Flops, Too…
15: Dear Valued Customer, Indicators Found: Your Place of Birth is the United States
Baby Elle’s FATCA Letter (Lynne Swanson’s good work)…
01: What is REALLY in the U.S.-Canada Tax Treaty
March 2016
30: A Paper Detailing FATCA’s Costs to Canada
30: March 30, 2016: Toronto Star Publishes Today a Mr. Justin Trudeau Flip-Flop Article
29: March 29, 2016: Yet Another Article Comparing Pre- vs. Post-election Comments of Mr. Justin Trudeau
17: From Elizabeth Thompson a new post at iPolitics — Round Three : March 17, 2016 (evening edition)
16: John Richardson being interviewed by CBC’s The Exchange tonight
08: AICPA recommends that Treasury implement measures to reduce tax and reporting burdens associated with various cross-border deferred and tax-exempt savings accounts
February 2016
17: New instructions to book Canada appointments to relinquish or renounce US citizenship
11: Listen up, Canadian Liberal Government — *The Truth About FATCA* — Jim Jatras
10: John Richardson on CTV “Power Play” with Don Martin today
04: Getting Canadian Charter of Rights and Freedoms Right
02: NDP Revenue Critic, Pierre-Luc Dusseault, Writes to Minister of Revenue
January 2016
31: Discussion at @Canada2020 on Canada Foreign Policy of interest in @ADCSovereignty #FATCA lawsuit
28: How the government will argue Charter S. 1 against the @ADCSovereignty Charter lawsuit
22: Bravo MP Pierre-Luc Dusseault for keeping the pressure up on FATCA!
19: Tune Into CBC “All in a Day” at 4:45 EST pm today – John Richardson interview (92)
19: Uncle Sam Wants…Who? at UBC Law This Week – Allison Christians, McGill University, Faculty of Law
December 2015
15: Fatca Forum Exactly 3 Years Ago Today! How Far We Have Come!!
14: We need Witnesses for Canadian Charter Trial willing to file affidavits and go public
05: Letter to my bank manager: What do Brockers think?
November 2015
20: Allison Christian Interview – Lessening the hardship inflicted by FATCA
10: The Younger Trudeau tells off Prime Minister Harper in debate: Bravo!
09: Solving U.S. Citizenship Poblems – University of Guelph, Monday, November 16, 2015
09: Our Sociopathic Society V: Government invasion of the castle
06: Our Sociopathic Society IV: King Justin’s first sociopathic act
04: Information Session – Toronto, Sunday, November 8, 2015 – POSTPONED
October 2015
Posts and Threads on the last Canadian election, go to Canada Election 19 Oct 2015 – Resources
30: Elizabeth May: Fixing What Harper Broke: a to-do list for the incoming government
24: Liberal Party Position on U.S. Foreign Account Tax Compliance Act (FATCA)
18: October 19 is Election Day in Canada
15: Louise Arbour, “My children and I are caught in a useless bureaucratic nightmare”
13: Call for Letters to Our New Prime Minister
13: Letter of Nathan Cullen, NDP Critic for Finance, to Ministers of Finance and Revenue
11: Canadian expats out of country more than 5 years can still vote
03: Submit a tip to the Canadian Press on an issue of national interest?
02: Last chance for the NDP to garner our votes…
September 2015
30: Plaintiffs Ginny and Gwen denied injunction: WE NOW BEGIN ROUND TWO OF A LONG FIGHT
30: U.S. IRS and Mexican SAT begin sharing info on bank accounts
24: If we don’t ask (the Conservative government), we don’t get. Today, one Brocker got! (
23: Important: NDP has stepped up to the plate with another letter to the Minister (updated)…
22: Until the government acknowledges it’s seen the light, please continue to make them feel the heat
16: Part I: Justice Martineau provides @ADCSovereignty the only thing worse than a root canal
16: Back to the drawing board…
09: Green Party Platform includes their pledge to repeal FATCA in Canada
August 2015
26: Which will come first: A decision in the FATCA legal challenge or the first exchange of info?
Reminder: Toronto Info Session on Solving US Citizenship Problems-Aug 30, 2015
25: An Interesting Analysis of an Analysis: John Richardson on Roy Berg on the Summary Trial
24: Our Tee-Shirts are Available! Great Work Native Canadian!
18: With such an amazing group, it’s simply NOT possible to NOT succeed! Thanks from @ADCSovereignty
13: Canadian FATCA Trial — *Tweet by Tweet* account of proceedings for the U.S. Library of Congress
10: More US Hypocrisy re Canadian RDSP (cont.) / Comments requested to be received September 15, 2015
05: UPDATES — From @ADCSovereignty #FATCA lawsuit – thoughts on day 1, 2 and post-trial dates(and more)…
July 2015
29: Reminder – Solving US Citizenship Problems – Vancouver
18: “The Shot Heard Round The World” Live from ThatChannel.com
11: Tricia Moon, your comment at the *Jack Townsend blog* is heart-felt and brilliant – THANK YOU!
08: Canadian Federal Election: It’s Time to Throw the People Who Betrayed Us Out of Office
07: Message in a bottle 2: Democracy, the Appointment of Judges and the Canadian Charter of Rights
June 2015
24: Help Me Keep My April 5 Promise Revisited-We Will Never Forget the IGA Betrayal by the CONs
12: It’s official – second class citizenship goes into effect
May 2015
08: Should proof of non-U.S. citizenship be an absolute condition for accepting public office in Canada?
04: U.S. citizenship taxation burdens Canada’s sovereignty by imposing U.S. taxes on Canadian residents
01: Congratulations to ALL Donors to the #FATCA Canada lawsuit – Looking forward to August 4/15
April 2015
22: 2015 Canadian Budget Introduces the “Common Reporting Standard”
16: We Delivered! Monumental Submission to Senate Finance Committee! #Fight CBT (42)
15: Reminder: “2015: Solving U.S. Citizenship Problems: Have You Received a FATCA Letter?” London ON
07: Video Portion of Senate Finance Committee Submission Ready!
06: WANTED – Ginny and Gwenny – Runaway Tax Slaves!
01: Renouncing US citizenship? How the S. 877A “Exit Tax” may apply to your Canadian assets – 14 Parts
March 2015
20: Reminder: “Have You Received a #FATCA Letter?” Hamilton ON March 26
12: Harper government accepts national origin discrimination for US Persons, but not for meat
07: Financial Post hits a new low in FATCA reporting
04: Terminating a Green Card (Abandonment of Lawful Permanent Resident Status)
February 2015
25: Barrie McKenna reports on Canadian Direct Financial’s milestone FATCA announcement
17: ADCS-ADSC LITIGATION UPDATES: Key Actions, Milestones and Timeline Estimates
13: Volunteers required for research project on Canada – USA dual citizens (current and former)
06: Congratulations to @ADCSovereignty lawyer, Joe Arvay, on today’s Supreme Court of Canada Decision
04: Will Canada turn a blind eye to the IGA’s “faux reciprocity”? (39)
January 2015
29: Professor Allison Christians posts “Responses to Questions on Canada’s Adoption of FATCA IGA”
27: Are strata corporations the next target of Canadian banks’ FATCA zeal?
2014
Isaac Brock Society Posts on FATCA and Canada – 2014 – at this link.
Pre-2014 – Lists are in preparation
You can also search for articles using the “Archives” button (on the menu at top of main page) for a list of all articles in reverse chronological order.
http://lawprofessors.typepad.com/intfinlaw/2016/09/canadas-measures-to-combat-money-laundering-and-terrorist-financing.html
Sunday, September 25, 2016
‘Canada’s measures to combat money laundering and terrorist financing’
ex.
……..”…The International Monetary Fund conducted a detailed assessment of Canada’s AML/CFT framework, and the resulting report was adopted by the FATF as Canada’s 4th mutual evaluation report. The assessment found that the Canadian AML/CFT regime is comprehensive and presents several characteristics of an effective system, but improvements in the legal framework and its implementation are nevertheless necessary.
Canada faces important money laundering and, to a lesser extent, terrorist financing risks. The authorities have a good understanding of these risks and have put a number of mitigating measures in place. The AML/CFT regime covers all high-risk areas, except legal counsels, legal firms and Quebec notaries; the Supreme Court declared AML/CFT measures inoperative in their respect. The lack of coverage of these professions is a significant loophole in Canada’s AML/CFT framework and raises serious concerns. Legal persons and arrangements are at high risk of misuse for money laundering or terrorist financing purposes, and that risk is not satisfactorily mitigated.
Constitutional constraints limit the analysis that Canada’s financial intelligence unit, FINTRAC, can conduct. The fact that FINTRAC is not authorized to request information from any reporting entity creates a gap, however, FINTRAC does cooperate effectively with law enforcement agencies…..”………..
Haven’t looked through the linked documents to see if FATCA is mentioned.
https://www.cpacanada.ca/en/connecting-and-news/news/professional-news/2016/september/duplicative-us-tax-reporting-should-end
Duplicative U.S. tax reporting should end
September 28, 2016
“Americans living in Canada and their advisors will welcome the American Institute of CPAs (AICPA)’s call for the U.S. government to end to duplicative tax reporting rules for foreign accounts…….”
Another Canadian needing help with the OMG moment and what to do about it – or not.
https://www.reddit.com/r/PersonalFinanceCanada/comments/59hcnj/born_and_raised_in_canada_but_us_citizen_from/
RCMP notice re offshore fraudsters posing as agents for CRA and IRS in phishing calls;
http://www.rcmp-grc.gc.ca/on/news-nouvelles/2016/16-10-21-milton-eng.htm
I don’t do Reddit but this poor soul is getting terrible advice. Anyone born in Canada who is a Canadian citizen can easily do nothing to bring on the hounds.
@badger, @dod
I’d don’t do Reddit either. Someone please put the poor soul out of his misery and invite him over to Brock for some better advice.
@badger, @dod, @BC_Doc – done (re reddit)
@Karen,
Thanks for jumping in. I don’t do Reddit (or any other social media stuff) and it really pained me to read this guy’s OMG breakdown timeline and the bad advice he was getting (re: the post about “some information was incorrect”: by far less incorrect as the junk being posted there).
no commenting available;
And in the meantime, this will just create more people who find out that having a local bank account in Canada is an IRS penalty revenue generator:
“…..in his remarks, Ambassador Heyman emphasized that encouraging American students to seek higher education in Canada is a productive investment for both countries. Beyond the economic impact international students have at their host institutions and in the local communities that support them, educational exchanges also foster mutual understanding and long-term connections between academics, students, and the wider community.
“Nearly 10,000 American students choose to study at Canadian universities every year, and it’s heartening to confirm that they overwhelmingly have positive educational experiences in Canada,” said Davidson. “Canada’s universities recognize how transformative study-abroad opportunities are to students’ lives and future careers. We hope to welcome even more students from the United States to Canadian campuses in the future, and look forward to strengthening ties with our American neighbours through the diplomacy of knowledge.
This report was commissioned in support of 100,000 Strong in the Americas, President Obama’s signature education initiative in the Western Hemisphere. The goal of 100,000 Strong in the Americas is to increase the number of U.S. students studying in the Western Hemisphere to 100,000, and the number of Western Hemisphere students studying in the United States to 100,000 each year.” https://ca.usembassy.gov/ambassador-heyman-universities-canada-promote-strengthening-academic-ties-canada-united-states/
God help those “…. 10,000 American students [who] choose to study at Canadian universities every year,…” who the find out that their local Canadian bank accounts are suddenly the business of FINCEN and who have never heard of the FBAR. God help the crossborder families that form as a result of visiting and studying in Canada, and the UStaxable children who result.
And the US is up here making more demands for ‘harmonization’ = surrender of Canadian sovereignty;
“On October 27, Secretary of Homeland Security Jeh Johnson will visit Ottawa, Canada to participate in bilateral meetings with key counterparts. Discussions will focus on continued cooperation on priority issues for both governments, including efforts to enhance perimeter security and economic competitiveness. While in Canada, Secretary Johnson will meet with the Ministers of Public Safety Canada; Immigration, Refugees and Citizenship Canada; Justice Canada; and Transport Canada.
U.S. Ambassador to Canada Bruce Heyman will also participate in the discussions.”
https://ca.usembassy.gov/dhs-secretary-johnsons-upcoming-trip-canada/
And will FATCA be discussed? And the violation of our Charter and constitutional rights by the US – a foreign country? And what about that “economic competitiveness” of our financial system under the FATCA IGA when the US has hobbled them and all Canadian accountholders and Canadian taxpayers with the bill for the US free lunch – enforced at the point of the FATCA witholding gun? And made our TFSAs, RESPs, RDSPs, mutual funds, etc. taxable and penalizable ‘foreign’ trusts? And Canadian home sales deemed US taxable?
Thanks for the Reddit help @Karen!
FATCA and CRS and burden of reporting, costs mentioned in Parliament;
11:55 a.m.
Conservative
Dan Albas Central Okanagan—Similkameen—Nicola, BC
Common reporting standards, this is something that’s coming in. We can all complain about old red tape, but I think we should stop digging the hole. On common reporting standards, right now you have FACTA regulations that basically exempt if you’re 2% under. Is that correct?
11:55 a.m.
President and Chief Executive Officer, Interior Savings Credit Union
Kathy Conway
That’s correct.
starts at
https://openparliament.ca/committees/finance/42-1/39/dan-albas-17/
11:55 a.m.
Conservative
Dan Albas Central Okanagan—Similkameen—Nicola, BC
Could the same methodology be easily applied to the OECD new common reporting standards?
11:55 a.m.
President and Chief Executive Officer, Interior Savings Credit Union
Kathy Conway
Yes, we believe an exemption in similar respects would be fine.
11:55 a.m.
Conservative
Dan Albas Central Okanagan—Similkameen—Nicola, BC
Do you feel that groups like yourself have such low risk that they shouldn’t even be considered?
11:55 a.m.
President and Chief Executive Officer, Interior Savings Credit Union
Kathy Conway
Yes, as we mentioned, we have 259 members, which includes the U.S., already included under the FATCA.
11:55 a.m.
Conservative
Dan Albas Central Okanagan—Similkameen—Nicola, BC
Will you have to put in a new full-time employee or more to be able to deal with these standards? I do know there’s a lot of paperwork.
Noon
President and Chief Executive Officer, Interior Savings Credit Union
Kathy Conway
There’s work to the systems. There’s work to reporting. There’s work to procedures. Initially, it probably would be a full-time person for several months and then an additional part-time person to monitor on an ongoing basis.
Noon
Conservative
Dan Albas Central Okanagan—Similkameen—Nicola, BC
This is one of our larger credit unions. A small one like Summerland Credit Union has only 10 staff or so, but they would have to do the same reporting.
I hope the government members and other members here hear your testimony. Thank you………….
Recent
Information & Ethics Committee on Oct. 6th, 2016 exchange re FATCA, re privacy laws
Starts at
https://openparliament.ca/committees/ethics/42-1/27/raj-saini-4/
11:45 a.m.
Liberal
Raj Saini Kitchener Centre, ON
You’re such an important organization here in Canada, and you must get foreign requests for information. Once that information leaves Canada, how do we prevent that information from being disseminated or divulged in another jurisdiction where we don’t necessarily have control? Do you have written sharing agreements with other countries, and how enforceable or how relevant are they?
11:45 a.m.
Assistant Commissioner and Chief Privacy Officer, Public Affairs Branch, Canada Revenue Agency
Maxime Guénette
There are two parts to that question. We do have about 350 information sharing agreements. About 160 of these are with 46 federal organizations, and those are information agreements to share information across departments, and 186 are with provincial or territorial departments. There are some clearly established provisions in these information sharing agreements that outline the purposes for which the information is being shared and the acceptable use.
As to the extent to which these agreements are enforceable legally, my understanding is that these agreements have more of an MOU-type of reach, if you will. I would hesitate to go further on that, unless Madam Bernier has views on the enforceability of these types of information sharing agreements.
October 6th, 2016 / 11:50 a.m.
Counsel, Privacy and Cybersecurity, Dentons Canada
Chantal Bernier
Yes, I can certainly complete that in the sense that there are laws about how information can go from one country to another. The tax laws, as you know, are fundamentally international because there are agreements between countries to ensure that tax is recovered. Those are usually reflected in law, with FATCA being the most recent and most publicized example.
It’s definitely enforceable. It’s definitely accompanied by restrictions, and those restrictions stem from privacy law. In other words, would the federal government send tax information, through a request from, let’s say, the French government? It is all subject to the privacy laws here and the privacy laws in France.
11:50 a.m.
Liberal
The Vice-Chair Joël Lightbound
Okay.
11:50 a.m.
Liberal
Raj Saini Kitchener Centre, ON
I’ll use the 30 seconds. I have one question for you, Madam Bernier.
In PIPEDA, or when you have the difference between the private and public model, you have informed consent where you opt in and opt out. Do you think that is something we should investigate on the public side, also? In 30 seconds or less….
11:50 a.m.
Counsel, Privacy and Cybersecurity, Dentons Canada
Chantal Bernier
No. It goes back to my answer to Ms. Rempel. The pivotal notion of legitimacy in the public sector is necessity. The pivotal notion of legitimacy in the private sector is consent.
Wondering if this credit union chose The Local Bank exception FATCA status due to very very low percentage of non-resident members;
October 3rd, 2016 / 11:10 a.m.
Kathy Conway President and Chief Executive Officer, Interior Savings Credit Union
“…….Item three relates to the OECD’s common reporting standard, known as CRS, that the federal government will be implementing in July 2017. It is an example of the aforementioned concern about a one-size-fits-all in financial services legislation. Size-based exemptions, similar to those in the FATCA intergovernmental agreement, were omitted from the legislative proposal. The CRS would require all Canadian financial institutions to report on accounts held by non-residents of Canada or the U.S. to the Canada Revenue Agency. We ask that a test, similar to the 98% test under FATCA, which exempts those institutions that have 2% or less of their assets held by non-residents, be implemented with the CRS legislation.
Interior Savings Credit Union has 68,000 retail members, of which only 259, or 0.38% of our membership, have non-Canadian addresses, including the U.S. We believe there is a low risk of cross-border tax evasion due to the handful of accounts held by non-residents.”
https://openparliament.ca/committees/finance/42-1/39/kathy-conway-1/
For those who might understand this, I’m posting the link to read the whole submission.
https://www.sec.gov/rules/sro/occ/2016/34-79172.pdf
I noticed it because it mentioned Canadian members of something called the OCC and mentioned FATCA witholding changes.
”
SECURITIES AND EXCHANGE COMMISSION
(Release No. 34-79172; File No. SR-OCC-2016-014)
October 27, 2016
Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of
Proposed Rule Change Related to Compliance with Section 871(m) of the Internal
Revenue Code
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),1
and Rule 19b-4 thereunder,
2
notice is hereby given that on October 18, 2016, The
Options Clearing Corporation (“OCC”) filed with the Securities and Exchange
Commission (“Commission”) the proposed rule change as described in Items I, II and III
below, which Items have been prepared by OCC. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested persons.
I.
Clearing Agency’s Statement of the Terms of Substance of the Proposed
Rule Change
The purpose of this proposed rule change is to amend OCC’s By-Laws and Rules
to address the implementation of Section 871(m) of the Internal Revenue Code of 1986,
as amended (“I.R.C.”),3
and the Treasury Regulations thereunder as they will apply to
listed options transactions. ”
……….
Under both IGA models, payments to such FFIs would not be subject to FATCA
Withholding so long as the FFI complies with the FATCA Partner’s laws as mandated in
the IGA. OCC currently has eight non-U.S. Clearing Members, all of which are
Canadian firms. Canada entered into a Model 1 IGA with the United States on February
5, 2014, as a result of which OCC’s Canadian Clearing Members that comply with the
Canadian laws mandated in such Model 1 IGA are “Reporting Model 1 FFIs” and are
exempt from FATCA Withholding.
Because OCC does not make payments of U.S.-source interest and dividends to
its Clearing Members, OCC’s transactions with its Clearing Members have not to date
given rise to payments subject to Chapter 3 Withholding or to FATCA Withholding.
Both Chapter 3 Withholding and FATCA Withholding will become applicable to OCC
and its Clearing Members, however, once Section 871(m) applies to listed options
commencing January 1, 2017″………..
Am moving badger’s comment as requested
badger says
November 6, 2016 at 10:50 pm (Edit)
As Hilary is a fan of national origin, parentage and ancestry based extraterritorial taxation, she should pay into Canada’s national revenue base, because of her Canadian ancestry, or maybe pay taxes to France;
See:
“…presidential candidate’s well-documented French-Canadian ancestry.
Clinton’s family ties to Canada stretch back to the days of New France, making her a distant relative of many prominent Quebecers, including Prime Minister Justin Trudeau and Celine Dion, genealogists have noted.
Gail Moreau-Desharnais of the French-Canadian Heritage Society of Michigan has traced a branch of Clinton’s family tree all the way back to the Filles du Roi or “King’s Daughters,” a group of young women who were sent from France in the 17th century to help populate the colony.”………
‘Hillary Clinton’s Quebec ancestry dates back to New France’
http://www.cbc.ca/news/canada/montreal/hillary-clinton-s-quebec-ancestry-dates-back-to-new-france-1.3839020
Because the US government says everyone should pay their “fair share” of extraterritorial taxes – even if only based on ancestry rather than actual residence or economic connection; in addition to Obama owing taxes to Kenya, in light of recent genealogical discoveries, maybe Hilary Clinton should pay taxes to France and Canada.
Thanks Tricia, sometimes not sure where best to park things.
This http://taxpol.blogspot.ca/2016/11/how-to-rob-from-poor-and-give-to-rich.html is not strictly about FATCA, however, it would impact Canada as a major trading partner of the US ( https://www.thestar.com/business/2016/03/08/our-status-as-americas-top-trading-partner-is-behind-us.html ). US lawmakers already consistently ignore that those resident in Canada who the US claims as ‘UStaxablepersons’ pay significant Canadian comsumption taxes / VAT, and refuse to recognize or credit those local taxes paid in the context of US extraterritorial CBT assessed.
https://taxinterpretations.com/content/392117
“Finance official indicates that the U.S. was informed in the FATCA negotiations of Canada’s view that estate planning trusts are excluded”
14 November 2016
“A Finance official indicated that, in the course of the negotiations of the IGA with the U.S., the US tax authorities were informed of the Canadian government’s position that personal trusts used for estate planning purposes and not seeking to raise external capital are excluded from the FATCA reporting requirements for Canadian financial institutions. Finance considers that the Canadian legislation in this regard is compatible with the “financial institution” definition in the IGA.
Neal Armstrong. 7 October 2016 APFF Financial Strategies and Instruments Roundtable, Q.10.”
I posted this also on another thread.
For those Canadian and other readers who are still US citizens, if you’re still a US voter, and are inclined to try and lobby US politicians, you might want to try lobbying this US Congressman in Connecticut – who was born, lived, went to university and worked outside the US, and married a Canadian in Toronto, and has Canadian in-laws:
FWIW, I am no longer an US citizen, so will just point out that this Congressman should already know very well about extraterritorial FATCA, FBAR and CBT because at least one of us tried to school his office about it previously (but never received any reply from the Congressman himself).
https://en.wikipedia.org/wiki/Jim_Himes
http://www.nytimes.com/elections/results/connecticut-house-district-4-himes-shaban
https://www.himesforcongress.com/about/
You’ll see that he was born and lived abroad – in Peru, educated at Oxford in England, and worked in Latin America. His wife went to McGill in Montreal, and was probably born and raised a Canadian citizen, they were married in Toronto,ON, where her father was an investment banker.
http://www.nytimes.com/1994/10/16/style/weddings-mary-l-scott-james-a-himes.html
He would be acquainted firsthand that people living outside the US, bank legally and locally where they actually live. And is a member of the Americans Abroad caucus.
Just thought it valuable to put on the record that this is a US Democrat born and raised ‘abroad’, and married ‘abroad’, to a Canadian.
Course Obama also has close Canadian connections, and that hasn’t made any difference to the way he is mistreating Canadians with extraterritorial FATCA http://www.insidehalton.com/news-story/6387013-obama-mentions-visit-to-burlington-at-state-dinner-with-trudeau/ https://www.whitehouse.gov/the-press-office/2016/03/10/remarks-president-obama-and-prime-minister-trudeau-canada-state-dinner http://www.cbc.ca/news/canada/obama-in-canada-uncle-rocky-and-his-burlington-family-ties-1.771456
Just a reminder of some connections between the Liberals and Obama;
http://www.ctvnews.ca/obama-has-personal-professional-ties-to-canada-1.370645
FATCA in Canada cited in the context of implementation costs and structures for the OECD CRS;
starts here:
https://openparliament.ca/committees/finance/42-1/58/dan-albas-3/
More Liberal flipflopping on FATCA.
Ironically, now it is a Conservative citing the cost of FATCA IGA implementation on Canadian credit unions and a Liberal defending it:
https://openparliament.ca/debates/2016/10/31/dan-albas-2/
Budget Implementation Act, 2016, No. 2
Government Orders
October 31st, 2016
12:35 p.m.
Conservative Dan Albas Central Okanagan—Similkameen—Nicola, BC
“Madam Speaker, again I go back to the issue of credit unions and the common reporting standards.
Credit unions, as we heard right across the country in pre-budget consultations, have had extreme issues in dealing with some of these FATCA regulations. I believe we heard from Desjardins that they have to submit 300-plus separate reports while some other banks only have to produce one. These commons reporting standards will add to that, particularly to smaller credit unions.
The member heard the Canadian Credit Union Association request that the same kind of exemption for low risk, under 2%, assets that are held by a foreign national in a credit union be waived.
Will the member agree that we should be looking at trying to make the burden on these small credit unions less, to help grow our economy?”
https://openparliament.ca/debates/2016/10/31/francesco-sorbara-6/
Budget Implementation Act, 2016, No. 2
Government Orders
12:35 p.m.
Liberal
Francesco Sorbara Vaughan—Woodbridge, ON
Madam Speaker, I thank my colleague for his very important question.
When FATCA was introduced by the United States, there was much negotiation between our two countries on this issue. I will say that we do not want to overburden any institution with regulatory burden and extra cost, but we need to balance that with having institutions conform to global financial standards that are introduced, whether it is with the United States or Europe, that we agree to, and we have agreed to that.
Of course, if there are anomalies that we need to look at, we should look at them. We do not want to hinder the intermediation process in financial institutions. We want to encourage competition among credit unions and banks, and we want to keep that healthy.
I am very cognizant that many credit unions exist and are operating in rural communities. Therefore, we do not want to hinder their competitive landscape. We want to make sure that they are there to serve the local residents. I fully understand that.”
Interesting potential research tool
http://rabble.ca/toolkit/guide/search-through-political-archives-to-find-out-what-party-actually-said
Sample results for keyword ‘fatca’
http://webarchives.ca/search?query=fatca&tab=results&action=search&mode=full
I found it linked from some Canadian source resources listed here;
http://rabble.ca/toolkit/guide/search-through-political-archives-to-find-out-what-party-actually-said
http://rabble.ca/toolkit/guide/manual-which-outlines-tech-tools-activists
Looks like resource above is only up to some time in 2015, but might be useful to find past political and other statements.
Read more about the archive I mention above, and its limitations;
http://webarchives.ca/about