Questions on the Order Paper  Mr. Speaker, Canada is one of 113 jurisdictions that have signed a model 1 intergovernmental agreement, IGA, with the United States of America, U.S., with respect to the Foreign Account Tax Compliance Act, FATCA. Under the IGA, the CRA acts as a conduit to facilitate

Finance committee   proportionality cost that gets put on it. Again, as a committee, we also see common reporting standards, FATCA. With all these different measures getting thrown onto these agencies, it gets to be a bit much. Director, are you planning to start measuring administrative compliance by industry

Finance committee   I'm hesitant to advocate for more information sharing where the safeguards are not in place. I wanted to make that comment. Going to the credit unions, we had FATCA, I think it was called, introduced a while ago. The burden on the compliance for credit unions, especially some

Finance committee   FATCA as well as FINTRAC compliance. Those costs are continually going up, and you come here and say you don't track that. I understand your mission is absolutely necessary, noble, and needs to be done, but that kind of attitude doesn't really promote confidence that you're doing

Information & Ethics committee   tax information exchange agreements in force. In 2010, the U.S. Congress passed the Foreign Account Tax Compliance Act, or FATCA. FATCA requires non-U.S. financial institutions to enter into agreement with the Internal Revenue Service, the U.S. tax department better known

Information & Ethics committee   appearances before Parliament on FATCA, my office has recognized the long-established practice of information-sharing between nations for purposes of taxation enforcement. For example, the Convention between Canada and the United States of America with Respect to Taxes on Income

Budget Implementation Act, 2016, No. 1   further reforms, at least on that premise. Lastly, in the budget document there was some talk about credit unions, particularly when it came to international FATCA rules. FATCA was a big issue in the last Parliament. However, more or less, Canadian institutions, all shapes and sizes

Finance committee  , particularly the credit unions, in that it imposes a one-size-fits-all regime. We all obviously want to keep the integrity of our tax system and align with other jurisdictions, but unlike the FATCA regulations that were brought into place a few years ago, where there was a risk-based

Finance committee  Thank you, Mr. Chairman. The agreement with the United States with respect to FATCA, of course, was a bilateral agreement. The common reporting standard is a similar system in the sense that it involves a requirement on financial institutions to identify accounts that are held

Information & Ethics committee  I'll put it at the level of policy objective. That issue, of course, was raised in the context of FATCA, as an example. The first step, I think, is to determine whether the agreement between Canada and another state—here the United States—for tax purposes is trying to achieve

Finance committee  Okay. I just want to put that out. With regard to the FATCA provisions, those are imposed by the government. They are something that this committee will see. They're in the budget implementation act. You have given the suggestion that there is already another regime created

Finance committee   are talking about. I'm talking about the common reporting standards. I would like to go there. First, I would like to take a step back. In the last few years, we have seen the American regime, FATCA, the Foreign Account Tax Compliance Act, which sets out quite a net for the Americans

Finance committee   government will be implementing in July 2017. It is an example of the aforementioned concern about a one-size-fits-all in financial services legislation. Size-based exemptions, similar to those in the FATCA intergovernmental agreement, were omitted from the legislative proposal. The CRS

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 Excel

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