Finance committee   and rules that could be applied to minimize those costs to the extent possible. Given the model of the U.S. FATCA approach, which carved out small institutions, as I say, that idea was specifically considered and debated. The prevailing view in the international community

Finance committee  Okay. This is my last intervention, Mr. Chair, and then I'll let someone else go ahead. FATCA was implemented by the Americans; we really had no say in the matter. However, the OECD requirements are something that Canada voluntarily signed up to. Is that correct?

Finance committee   obligations. So, what I want to talk to you about today are the tax compliance issues that FATCA exacerbates—and I wanted to pause here and say that because of these issues, because the U.S. has had citizen-based taxation for a very long time.... But FATCA makes these issues worse

Budget Implementation Act, 2016, No. 2  Madam Speaker, again I go back to the issue of credit unions and the common reporting standards. Credit unions, as we heard right across the country in pre-budget consultations, have had extreme issues in dealing with some of these FATCA regulations. I believe we heard from

Budget Implementation Act, 2016, No. 2  Madam Speaker, I thank my colleague for his very important question. When FATCA was introduced by the United States, there was much negotiation between our two countries on this issue. I will say that we do not want to overburden any institution with regulatory burden and extra

Budget Implementation Act, 2016, No. 2   program that was put in place by Ottawa to meet its OECD commitments. It really discriminates against small credit unions throughout this country and has caused a fair bit of grief, particularly as we already have similar American regulations to deal with, known as FATCA. My question

Finance committee  Yes. FATCA applies to the U.S. This new measure applies to OECD countries, so to a much larger number of countries.

Finance committee   from CRS obligations. This is similar to the approach that we applied under FATCA, the current bilateral tax agreement with the U.S., and it makes sense to apply it for the common reporting standard. Thank you for the opportunity to speak today. We look forward to your questions.

Information & Ethics committee   are usually reflected in law, with FATCA being the most recent and most publicized example. It's definitely enforceable. It's definitely accompanied by restrictions, and those restrictions stem from privacy law. In other words, would the federal government send tax information, through

Finance committee   includes important provisions related to compliance with U.S. FATCA legislation. It is the product of almost five years of extensive consultation between the Canadian securities industry, other institutions in the Canadian financial sector, and the Canadian and U.S. tax authorities

Finance committee   with the Minister of Finance that entering into the IGA with the U.S. was beneficial to Canada. Had Canada not entered into the IGA, Canadian financial institutions would have faced the unenviable dilemma of either complying with Canadian law and risking FATCA's 30% withholding tax or complying

Finance committee  Yes, as we mentioned, we have 259 members, which includes the U.S., already included under the FATCA.

Economic Action Plan 2014 Act, No. 1   through, with a limitation on debate that applies to all of Bill C-31, some potentially devastating changes to Canadians' rights found under something called the FATCA. This Foreign Account Tax Compliance Act is thrown into Bill C-31, and I want to refer to the opinions of legal

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, when I gave my comments before, I said that one of the unfortunate things about the FATCA part of it is that people are confusing the need to file a tax return in the U.S. with the requirement that we have under FATCA. The situation that the member raised

Finance committee  Thanks very much for the chance to appear today. I did take the time to watch yesterday's session, which was actually enormously helpful to me, as I'm sure it was to you. I have a couple of thoughts, though, that are my own but directly link to that. The signing of the FATCA