Questions Passed as Orders for Returns  With regard to the United States (U.S.) Foreign Account Tax Compliance Act (FATCA): (a) when was the government first made aware of this legislation and how; (b) what steps has Canada taken since the legislation's introduction in the U.S., broken down by year; (c) during

Economic Action Plan 2014 Act, No. 1   is a bit of the history of where we are and how we got here, a bit of what FATCA is and what it is not, and what the repercussions would have been if we had just let FATCA happen as opposed to taking the initiative to sign an intergovernmental agreement with the U.S. I would also like

Questions Passed as Orders for Returns  With regard to the implementation of the Foreign Account Tax Compliance Act (FATCA): (a) what steps has Canada undertaken to complete an Inter-Governmental Agreement (IGA) with the United States; (b) with what type of legal instrument will the government enact a FATCA

Information & Ethics committee  After we had obtained all the information about FATCA, we clearly would still have entered into agreements with the United States. FATCA is an American act. The position that was taken at the time really allowed the Canadian banking system, and Canadians with dual citizenship

Information & Ethics committee  The financial institutions are aware of this kind of information exchange. I must emphasize that, if the agency had not signed an agreement with FATCA, the information exchange would be done by the banks. The fact that the agency is involved and that agreements have been reached

Information & Ethics committee  My last question deals with the Foreign Account Tax Compliance Act, or FATCA. Madam Minister, you told us about the reciprocity between the Americans and the Canadians. How many documents do you estimate we could receive from the Americans in this regard? What kind

Finance committee   in mutual funds. The industry takes its responsibilities to these investors very seriously. IFIC's interest is in Bill C-31's implementing legislation for the intergovernmental agreement between Canada and the United States concerning FATCA. Recognizing that non-compliance with FATCA

Finance committee   into the intergovernmental tax information sharing arrangement with the U.S., because it relieves Canadians of the burden they would otherwise face due to the U.S. Foreign Account Tax Compliance Act. As you know, FATCA, as legislation, was passed in the United States in 2010 and is intended to detect

Finance committee  Thank you Mr. Chair and honourable members of the committee for this opportunity to share with you our thoughts on Part V of Bill C-31. As you know, Part V implements an intergovernmental agreement on FATCA, or the Foreign Account Tax Compliance Act. Before addressing our

Finance committee   be turning over in his grave at FATCA. A widowed grandma in Vancouver was told by a U.S. consulate when she became a Canadian citizen in 1972 she was permanently and irrevocably relinquishing American citizenship. She insists, “my financial records are definitely none of the business

Finance committee  , universities, and pension plans. For FATCA purposes, portfolio managers are considered to be an “investment entity” under the FATCA rules, as they provide individual and collective portfolio management services. Portfolio managers also fall within the definition of “financial institution

Finance committee   the privilege of appearing before this committee on three separate occasions and have critiqued FATCA, the subject matter of today's discussion, in the past, although I hope to tease out some of these critiques in greater detail today. Before I launch into a one-minute spiel on my opening

Finance committee   information on request, meaning you had to have some sense of there being a particular taxpayer who had an investment in a particular place to know to ask the question, which had its own limits. More recently, sort of following the U.S. FATCA legislation, which has its own issues

Finance committee   of this bill. It is a big mistake for the government to introduce legislation without having some sort of provision à la FATCA where it allows small credit unions to be exempted if they have less than 2% of their assets being held by foreign nationals. It will cause a lot of angst

Finance committee  Thank you, Mr. Chair. I'd like to set the context before I move the first of several amendments to part 5 of the budget implementation act pertaining to the implementation of the U.S. Foreign Account Tax Compliance Act, or FATCA, as it's more popularly known. I'd like