Business of Supply  These three Canadian banks hold almost all of the banking assets there. The government needs to stop saying that Canada is a champion in the fight against tax havens. That is not true. The reality is that Canada is an advocate, protector, and spokesperson for tax havens.

Business of Supply  We are all for private investment when it is done right and goes through PPP Canada. We also do not object to foreign investment as long as it benefits Canadians and does not just line investors' pockets. Just a few minutes ago, my colleague clearly illustrated in a pertinent, clear, and obvious way that all the risks associated with the government's investment bank will be assumed by Canadian taxpayers and any problems will be paid for by taxpayers and not the foreign investors.

Economic Action Plan 2014 Act, No. 1  The bill also includes new rules around FATCA, the U.S. Foreign Account Tax Compliance Act. Under the bill, Canadians effectively are going to be doing the dirty work and becoming tax collectors for the IRS. Canada-U.S. dual citizens are going to be punished if they do not provide their U.S. tax number to the CRA.

Foreign Affairs committee  Laura underscored the energy component of this, and I would concur, but there are so many ways in which the Mexican market would be a good diversification of Canada's export portfolio and a great opportunity for Canadians. I think that's going to require some diplomacy, because Mexicans are feeling Trump's ire. They need a friend right now, and I think Canada can be that friend. With regard to the security relationship, President Trump has brought burden-sharing front and centre in the NATO alliance.

Finance committee  Six, it encourages adherence to the rule of law for people by promoting tax compliance. Seven, it increases tax revenues. Eight, it discourages good Canadians—those of Taiwan background—from renouncing their citizenship. In my experience, Canadians who hold dual U.S. citizenship are renouncing their U.S. citizenship in increasing numbers due to arbitrary and capricious practices by the IRS and the U.S.

Bill C-31 An Act to implement certain provisions of the budget tabled in Parliament on February 11, 2014 and other measures

Second Session, Forty-first Parliament, 62-63 Elizabeth II, 2013-2014 STATUTES OF CANADA 2014CHAPTER 20 An Act to implement certain provisions of the budget tabled in Parliament on February 11, 2014 and other measures ASSENTED TO 19th JUNE, 2014 BILL C-31 RECOMMENDATION His Excellency the Governor General recommends to the House of Commons the appropriation of public revenue under the circumstances, in the manner and for the purposes set out in a measure entitled “An Act to implement certain provisions of the budget tabled in Parliament on February 11, 2014 and other measures”.

Finance committee  The simple point is that it's going to affect all of us. The minister suggested that there was no collection of unpaid taxes, no collection of taxes by IRS from Canadians. I think I understood that, but isn't it odd to say that the CRA is not assisting the IRS in collecting U.S. taxes? Isn't it assisting it in many, many ways by providing the banking information and turning it over to the IRS?

Finance committee  Incidentally, in the United States, Canada's skilled trades workers are inherently less likely than American workers to travel temporarily for work. Funnily enough, the IRS allows deductions for travel to obtain temporary work. Here's an opportunity to make Canada's workforce more productive and reduce taxes for Canadians everywhere. I remain available to take your questions.

Economic Action Plan 2014 Act, No. 1  The agreement we reached, after a long period of discussion, addresses those concerns by relying on the existing framework under the Canada-U.S. tax treaty. CRA will not assist the IRS in collecting U.S. taxes, and no new taxes will be imposed on Canadians. In our negotiations, we obtained a number of concessions, including exempting certain accounts, such as RRSPs, RDSPs, TFSAs, et cetera.

Finance committee  The government should include a non-discrimination clause in the IGA so that U.S. citizens cannot be disadvantaged from accessing financial services. The solution to all of this, I think, is administrative. If the CRA and the Canadian government were to push the IRS to have simpler and clearer rules on things like tax-free savings accounts, RRSPs, Canadian mutual funds, then the compliance burden on U.S. citizens in Canada would be reduced.

Finance committee  It wasn't today, but the minister did recently make an announcement. A commitment was made to begin the process of measuring tax gaps going forward. We are committed to moving down that road. What's important for me, with the Canada Revenue Agency, is that if we do this, we do it well. I've certainly discussed it with the IRS, and I've discussed with the United Kingdom their approaches.

Questions Passed as Orders for Returns  With regard to the exchange of information between Canada and the United States (US) under the Foreign Account Tax Compliance Act (FATCA): (a) how many individuals were reported, in total and broken down by (i) Canadian citizens, (ii) permanent residents of Canada, (iii) temporary residents of Canada; (b) how many individuals were reported, broken down by (i) individuals with Canadian addresses, (ii) individuals with US addresses, (iii) individuals with addresses in other countries; (c) how many accounts were reported, in total and broken down by (i) bank accounts, (ii) credit union accounts, (iii) investment accounts, (iv) insurance accounts, (v) other types of accounts; (d) with respect to (c)(iii), what types of insurance accounts were reported; (e) with respect to (c)(v), what other types of accounts were reported; (f) of the accounts reported, how many were (i) under $50,000 US, (ii) between $50,000 and $1,000,000 US, (iii) over $1,000,000 US; (g) of the accounts reported, how many were (i) Registered Retirement Savings Account accounts, (ii) Registered Education Savings Account accounts, (iii) Registered Disability Savings Account accounts, (iv) Tax Free Savings Account accounts; (h) of the accounts reported, how many were held jointly with one or more non US persons, broken down by type of account and indicating the type of relationship between the joint account holder and the US person, if it is known; (i) how many accounts of organizations were reported to the IRS because a US person had signing authority, interest in, or other connection to the organization; (j) of the accounts that were reported, how many were (i) business accounts, (ii) professional accounts, (iii) charitable or non-profit organization accounts, (iv) connected to other organizations, broken down by type of organization; (k) what agency, organization, and individuals was the information provided to; (l) what measures were taken to ensure this information will not be provided to any other agency, organization, and individuals; (m) what measures were taken to ensure that information transmitted will not be subject to identity theft, fraud, other criminal activities, or breach of privacy; (n) how many records did Canada receive from the US, in total and broken down by (i) individuals who live in Canada, (ii) individuals who live in the US, (iii) individuals who live in other countries, broken down by country; (o) how many accounts did Canada receive information about; (p) what type of information was in the records Canada received; (q) did Canada receive information regarding (i) income from the accounts, (ii) total assets in accounts, (iii) account balances, (iv) transactions, deposits and withdrawals, (v) account numbers, (vi) names of account holders, (vii) Social Insurance Numbers, (viii) other related information; (r) what type of information did Canada receive that was not provided by the US prior to the FATCA Intergovernmental Agreement; and (s) when did Canada receive the information?

Finance committee  Investors will not be asked to provide any additional information to document or demonstrate their non-U.S. taxpayer status in any such accounts. Without the IGA, Canadian financial institutions would each need to sign an agreement with the IRS that would prevent them from opening or maintaining accounts for investors who do not provide sufficient information about their U.S. taxpayer status.

Canada-U.S. Relations  Dual citizens will have to pay taxes in the U.S. or, properly speaking, for the hon. member's benefit, they have to file tax returns. They may not have tax debt, they may not have to pay taxes in the states, but they do have to file returns, which they have always had to file.

Finance committee  Canadian taxpayer-funded investments in those matching grants to those programs will be considered taxable income by the IRS. Do you think it's appropriate that Canadian tax dollars are going to be going to the U.S. treasury when they're intended to help disabled Canadians and to help people get an education?