I have read with interest the claims that this is a “good deal” because it provides “reciprocity” to the Canadian government. This is not true, according to my investigations. Anyone who believes this is true should check out a post by James George Jatras on his RepealFATCA.com website. Check out the links to the two letters at the top of that page. Following is an excerpt from the article written by Mr Jatras in July 2013:
Without this new authority, on which the Congressman’s letter pronounces what amounts to a veto, Treasury cannot deliver on promises of “equivalent levels of reciprocal automatic exchange.”
And without imposing “equivalent levels of reciprocal automatic exchange” on domestic U.S. banks, credit unions, and other institutions, Treasury cannot pretend that IGAs are anything but a one-sided, extraterritorial diktat that foreign governments enforce FATCA to the detriment of their countries’ institutions, taxpayers, and consumers, and in violation of their sovereignty.
