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.

Whitehouse.gov wants to hear OUR OPINIONS on data collection (how FATCA data collection applies should be heard too!)

Don’t know when this ends, but:

On January 17, President Obama spoke at the Justice Department about changes in the technology that we use for national security purposes, and what these technologies mean for our privacy broadly. He called on the administration to conduct a 90-day review of big data and privacy: how these areas affect the way we live, and the way we work — and how data is being used by universities, the private sector, and the government.

This is a complicated issue that affects every American — and we want to hear your feedback. Learn more about this review, and if you like, share your thoughts.

How do you go about renouncing your citizenship, Mr. Cruz?

A post made from George’s comment on the promise of Canadian-born U.S. Senator Ted Cruz to renounce his birth country’s citizenship:

Last summer Senator Ted Cruz learned he was Canadian and made a pledge that he was going to shed his “clinging Canadian Citizenship.”

Months later he remains Canadian, but why?

“AUSTIN, Texas — Canada-born U.S. Sen. Ted Cruz has yet to renounce his birth country’s citizenship as promised — but a spokeswoman said Saturday the tea party darling plans to have that finished soon.

Catherine Frazier, a spokeswoman for the junior senator from Texas, said lawyers are preparing the necessary paperwork.”

http://www.politico.com/story/2014/01/ted-cruz-canadian-citizenship-101747.html#ixzz2wuHpTHwK

Remember that Senator Ted Cruz is a Harvard educated lawyer;

“After graduating from Princeton, Cruz attended Harvard Law School, graduating magna cum laude in 1995 with a Juris Doctor.”

http://en.wikipedia.org/wiki/Ted_Cruz”>http://en.wikipedia.org/wiki/Ted_Cruz

Wow, it must be pretty difficult to renounce Canadian Citizenship. So what exactly do you need to do to shed that clinging Canadian Citizenship? After all, a Harvard educated US lawyer graduating magna cum laude needs other lawyers “prepare the necessary paperwork.”

Well, first stop is Government of Canada website;

http://www.cic.gc.ca/english/citizenship/renounce-how.asp

You fill out this four page form that asks nothing about social ties or connections;

http://www.cic.gc.ca/english/pdf/kits/citizen/CIT0302E.pdf

Folks, you are probably thinking there will be at least one interview and that you will need to face the Flag of Canada one last time. Not at all, you put it in the post and mail it to;

Citizenship and Immigration Canada
Case Processing Centre—Sydney
Renunciation
P.O. Box 10000
Sydney, Nova Scotia B1P 7C1

But you are now thinking, this simple service must have large fees?

One hundred dollars Canadian, payable online or by cheque.

How long does this all take, after all its less than one hundred dollars?

“Eighty percent of applications, four months.”

http://www.cic.gc.ca/english/information/times/canada/cit-renunciation.asp

OK, maybe Canada is unique in the world. What about your cousins across the pond who want to get rid of clinging British Citizenship?

The procedure is all online here;

https://www.gov.uk/renounce-british-nationality/apply

Amazing, you fill out this form with no questions of social ties but only two pages;

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/257089/form_rn.pdf

Whats the penalty if you make a mistake?

“I understand that I may be liable for prosecution resulting in a penalty of up to 3 months imprisonment or a fine not exceeding £5,000 or both if I knowingly or recklessly make a false declaration.”

Then hold your breath, you simply put it in the post!!

Cost in the United Kingdom? £187 payable by credit card or cheque.

It looks like the United States has managed to impose the Expatriation Act of 1868 on the rest of the world except itself.

http://en.wikipedia.org/wiki/Expatriation_Act_of_1868

While we are fighting for residence based taxation maybe what we need from the USA is simple enforcement of the Expatriation Act of 1868 on its own shores. Maybe Senator Cruz could be an ally on this if someone could write him.

I am sure many Brockers would renounce or document their relinquishment if it was simple, low cost, efficient and without fear. How can they expect all of us who are not magna cum laude Harvard Law School graduates to navigate the US waters?

But remember, Congress is on record that a CLN is not required;

“There is no obligation for an individual to obtain a CLN.”

http://www.gpo.gov/fdsys/pkg/GPO-CPRT-JCS-2-03/pdf/GPO-CPRT-JCS-2-03-7-2.pdf

CRA Draft Guidance for Financial Institutions March 06 2014

Consultation Draft – for limited distribution

March 6, 2014

DRAFT

Guidance on Enhanced Financial Account Information Reporting – Part XVIII of the Income Tax Act

Application
This guidance is released in draft to financial industry associations for comment in the context of a targeted consultation and is not for distribution to the broader public. Final guidance will be published on the website of the Canada Revenue Agency (CRA) subsequent to this consultation.

Legislative changes are required to implement the “Agreement between the Government of the United States of America and the Government of Canada to Improve International Tax Compliance through Enhanced Exchange of Information under the Convention between the United States of America and Canada with Respect to Taxes on Income and on Capital”, signed on February 5, 2014. On that day, the Department of Finance also published legislative proposals for comment and the guidance being offered is dependent on legislation being approved by Parliament in its proposed form. Industry associations are asked to provide feedback on this draft guidance by April 4, 2014 to CA-LPD.AC-DPL@cra-arc.gc.ca.

Again, those affected are out of the loop in discussion / consultation.