I found some interesting comments in Hansard by Halifax MP Megan Leslie on FATCA made on Febuary 27th. They actually came up in the context of Canada Panama relations discussing how the US was claiming to go after tax havens such as Panama using legislation such as FATCA but instead FATCA is being used to go after lawful Canadian citizens. I have posted the comments below:
Americans in Sweden suffer US tax crackdown
Like Canada, Sweden is definitely not a tax haven. Expat4ever posted a link to an article about Americans in Sweden facing the wrath of the IRS. One woman, who has been filing with IRS every year for 25 years was told by IRS she owed over $1 million for failure to file FBARs (which she, like others, didn’t know about).
I’m moving the link to the article here so it has its own thread. I have posted a comment on the Swedish website inviting folks in Sweden to join with us here at Isaac Brock.
Swiss Paliament Accepts Taxation Treaty with the USA (French) ….(English)
Today is 6 March 2012, the morning after a very tragic day for Switzerland, and democracy all over the world. The Swiss parliament has agreed yesterday to cede yet more of our sovereignty to the US, in violation of its duties under Article 2 of the Constitution “The Swiss Confederation shall protect the liberty and rights of the people and safeguard the independence and security of the country.” Alongside the abstentions of some, the only party that adamantly opposed this was the Swiss People’s Party (“UDC”, the largest party) but that wasn’t enough.
Update: Blaze asked me to upload this letter from the Canadian Bankers Association to the United States (pdf) – Petros
Schubert and I wrote to Canadian Bankers Association two weeks ago concerning FATCA. We had a reply on Friday. CBA provided a copy of a comprehensive submission they made to IRS and Department of Treasury. They covered many of the issues we raised, but did not mention Canadian Charter of Rights and Freedoms:
Interesting article about FATCA and Lebanon linked to below. Same old story. FATCA compliance incompatible with Lebanese privacy law. Some discussion of changing Lebanese law but Lebanon MP’s yet to be informed of this. Some discussion of Lebanon trying to join a block of other countries unhappy with FATCA. Perhaps Flaherty needs to ring lead. Interesting quote:
Given his druthers, Brock — a tall, robust man of 42 and no fan of life in the colonies — would have returned to England to be assigned to service with the British army fighting in Spain. In fact, his deployment to the continent had been authorized near the end of January 1812. But quitting Upper Canada had become impossible as the warlike temper between England and the United States continued to rise.
What a box his sense of duty had put him in. He had few trained troops, the “dubious characters” of a ramshackle militia and few resources to equip them. Moreover, Brock had no good opinion of the fighting spirit in the society he led.
“A full belief possesses them that this Province must inevitably succumb . . . Most of the people have lost all confidence. I however speak loud and look big.”
In an era when governments are becoming increasingly active in regulating online activities, the Bodog.com case provides a warning that by using popular dot-com domain names, companies and registrants are effectively opting-in to U.S. law and courts as part of the package.
FATCA compliant foreign financial institutions (FFIs), including Canadian banks and investment houses, are required to close “recalictrant” accounts or collect 30 percent Withholdable Payments made to Recalcitrant Account Holders or noncompliant FFIs.
If anyone could use a laugh, I highly recommend watching this episode of Roseanne called “April Fool’s Day.” It’s about dealing with the IRS and I think we can all relate to the sentiment expressed here.
Some of you are familiar with attorney Hale Sheppard who has written extensively on FBAR issues. Renounceuscitizenship has provided links to his past writing at Looking for Mr. FBAR – In Search of FBAR fullfilment and Consciousness, which is an excellent post that provides history and back ground for the FBAR. In his post, he refers to Hale Sheppard as the FBAR Scholar for his 2006 work EVOLUTION OF THE FBAR: WHERE WE WERE, WHERE WE ARE, AND WHY IT MATTERS If you are still somewhat hazy on this history, and especially if you are going through the OVDI, this is required reading.
I bring this up as an introduction to Hale, as I recently came across some of his writing from 2008 about the Canadian RRSP. Continue reading
