May 2 2014 ACA-Sponsored Toronto Forum/Debate on Citizenship-Based Taxation vs. Residence-Based Taxation (cross-post from Maple Sandbox.ca)

The American Citizens Abroad Global Foundation has just launched its educational program with a forum/debate on the merits of Citizenship-based taxation vs. Residence-based taxation.

This is a full day event, sponsored and organized by the ACA, that will be held at the University of Toronto on May 2. Registration and Information

UPDATE re booking accommodations:

My understanding is that the speakers will be staying at the Holiday Inn 280 Bloor Street West in Toronto phone 416-968-0010.

At the moment all rooms at this hotel are booked up at the central reservation service for May 1, but I called the hotel and arranged for a University rate of about C$130 night plus tax. There are 20 or so rooms still available at that May 1 date (many more for May 2). The rooms cannot be held for us but you can book now until all are taken.

To book a room you email cn312res@whg.com and request a $130 room for the RBT vs. CBT conference. You also have to provide a code. I asked the conference person to choose between RBT vs. CBT and she came up with the correct answer RBT (!) which will be your code.

If you are interested in coming to the conference I would book right away.

To my knowledge, this is the first public debate — worldwide — devoted to this important topic.

The speakers will include academic tax specialists Bernard Schneider and Michael Kirsh, who have different approaches to the taxation of US citizens abroad, with the program moderated by Toronto lawyer John Richardson.

Dr. Stephen Kish, who co-authored with Mr. Richardson a submission to the U.S. Senate Finance Committee (see below), will be the academic host.

Bernard Schneider:

The End of Taxation Without End: A New Tax Regime for U.S. Expatriates, Virginia Tax Review, Vol. 32, No. 1, 2012, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2186076

Michael Kirsch:

Revisiting the Tax Treatment of Citizens Abroad: Reconciling Principle and Practice, October 23, 2013, Florida Tax Review, (Forthcoming), Notre Dame Legal Studies Paper No. 1457, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2346458

Richardson/Kish:

John Richardson, Willard Yates, Stephen Kish, Request for Tax Rules Changes for U.S. Citizens Overseas: Submission to the Senate Finance Committee, January 2014, http://citizenshipsolutions.ca/wp-content/uploads/2014/01/RichardsonYatesKishJan232014SFCSubmission.pdf

Keynote Speakers
Prof. Michael S. Kirsch, Professor of Law, Notre Dame Law School

Dr. Bernard Schneider, Teaching Fellow, Centre for Commercial Law Studies, Queen Mary University of London School of Law

Phil D.W. Hodgen, International Tax Attorney, Hodgen Law Group PC, Pasadena, CA

David Kuenzi, Certified Financial Planner,® Founder, Thun Financial Advisors, Madison, WI

Charles W. Cullen III, Certified Financial Planner, ® RBC Dominion Securities, Inc., Halifax, NS

Neil Sinclair, Chapter Chair, Amcham Canada – Ontario Region

Closing comments: Jackie Bugnion, American Citizens Abroad, Inc., Director of Tax Team

As some have predicted, the IGA legislation has been buried in the Budget Implementation Act.

Little likelihood for free vote now. One source tells us that final reading of the bill in the House may happen by end of May/June.

Posted by Blaze on Sandbox:

The Cons continue their sneaky games. They have hidden the law to enable FATCA and the IGA in the 375 page omnibus Budget Implementation Act 2014.

http://www.scribd.com/doc/215070578/2014-Budget-Implementation-Bill

The enabling law begins on page 72 (Clause 99). The IGA begins on page 313.

A source tells me it is possible the FATCA legislation could pass by late May or June.

So, now we know what Finance Canada did with all of our submissions. Nothing.

http://maplesandbox.ca/2014/breaking-news-cons-hiding-fatca-law-in-budget-act/

March 29 Update on Joe Arvay Legal Opinion:

Just to let everyone know that Lynne Swanson and I contacted Joe Arvay today (Saturday, March 29) for an update.

He tells us that he is on track to provide the legal opinion on the FATCA IGA legal challenge in April — but that there is a possibility that it might take longer because not all can be predicted. Mr. Arvay wants to get this right.

I know all of us want the answer today, but please be patient.

Stephen Kish

A recent letter published in the Squamish Chief, called “The FATCA of the Matter”, by Suzanne Herman, must have upset some people with the truth.  Not to be outdone, Bill Cavanagh, former Program Manager, Capital Markets, Bank of Montreal has managed to get a counter letter published, titled “The Facts about FATCA”.

Read Mr. Cavanagh’s enlightening facts:

http://www.squamishchief.com/opinion/letters/the-facts-about-fatca-1.932064

Read Ms. Herman’s original letter:

http://www.squamishchief.com/opinion/letters/the-fatca-of-the-matter-1.933164

Update Apr 2, 2014:

MP John Weston responds: http://www.squamishchief.com/opinion/letters/safeguards-lauded-1.939921

Just so we don’t get too smug among ourselves here in Canada I wanted to post this late breaking story.

http://www.cbc.ca/news/canada/montreal/philippe-couillard-legally-deposited-money-in-an-off-shore-account-1.2587922

Liberal Leader Philippe Couillard put $600,000 he earned in the 1990s in an offshore bank account in the Channel Islands, reveals a report by Radio-Canada’s investigative team Enquête.

Couillard worked in Saudi Arabia between 1992 and 1996, setting up a neurosurgery clinic.

He stated publicly this week that he had money in an offshore account between 1992 and 2000.

Couillard did not pay Canadian taxes on the money, which is perfectly legal as he had severed all ties with Canada at the time.

“In Saudi, like all people who are there, I was a non-resident. So I put my assets at the time in a foreign bank and when I returned, I transferred the money back home,” Couillard said Tuesday.

A spokesperson for the Liberal leader told Enquête today that Couillard declared the revenue from the interest on the money and paid taxes as required by law, and also added that Couillard chose Jersey because that particular bank had links to a Canadian bank.

Seems that the US has always planned to annex Canada one way or another and the war of 1812 was just the first attempt. FATCA and the Canadian IGA are the latest attempts in a long history of planned US invasions of Canada. Perhaps all this “around the world” business is just a ruse to disguise the fact that the US is trying to make us a part of their country, YET AGAIN.

We CANNOT allow this to happen! We MUST fight for our sovereignty and win, YET AGAIN!

http://www.globalresearch.ca/reflecting-on-canadas-sovereignty-americas-plan-to-annex-and-invade-canada/5341097

Another sneaky attempt that has, so far, somewhat succeeded (notice that there is acknowledgement by both Harper and Obama of “Canadian Sovereignty” during their joint press conference):

http://www.globalresearch.ca/the-integration-of-canada-and-the-usa-the-security-perimeter-derogates-national-sovereignty/23109

As sent to one of NDP MP Charalie Angus’ constituents, “northernstar”:

In NDP Letter to Acting Privacy Commissioner, March 24, 2014, MPs Charlie Angus and Murray Rankin ask Acting Privacy Commissioner of Canada, Chantal Bernier, if the IGA negotiated and signed with the US adequately respect the privacy rights of Canadian-US dual citizens. They also ask what modifications to the Canadian Privacy Act are required to better protect the privacy rights of Canadians affected by aggressive FATCA reporting requirements.

Press Release, March 25, 2014: CANADIANS DESERVE ANSWERS ON FATCA

Angus says the problem facing Canadians of American origin is that the Privacy Act is woefully out of date especially when it comes to sharing cross-border information.

“There are serious concerns that Canadians privacy rights are not going to be respected by the negotiations over FACTA.”

Angus says he doesn’t have faith in the Conservative government’s negotiations on the FACTA file.

“The Conservative government says that private information will be handled by CRA and covered by the Privacy Act, but, several audits by the Privacy Commissioner have pointed out consistent deficiencies in CRA’s handling of Canadians private information, and several reports by the Privacy Commissioner have argued that the Privacy Act is in need of urgent reform.”

Thanks for your persistence in communications with you MP, northernstar. Your NDP MP response and action compared to that of my Conservative MP, is outstanding. He is to be congratulated.