Finance committee  I want to start with Professor Cockfield. Professor, I've appreciated your appearance before this committee in the past. I think if you were to ask the Canadian government and Canadian financial institutions, they would obviously prefer that FATCA did not exist. They would

Points of Order   of the elements of the legislation dealing with what is called the FATCA treaty with the United States that has to do with taxpayers with an American association and its implementation. His concerns were the government's treaty tabling policy. The hon. House leader of the official opposition

Economic Action Plan 2014 Act, No. 1   unreasonable and harmful and regressive measures that we cannot support. 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

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, my hon. colleague is absolutely right. The terms around FATCA are not defined. The intergovernmental agreement, the so-called IGA between the U.S. and Canada, has not been ratified as a treaty by the United States. We are treating it as though we have treaty

Economic Action Plan 2014 Act, No. 1   colleague opposite that without an agreement in place, our financial institutions would still have to comply with FATCA. In fact, it would have been much more onerous. FATCA would be unilaterally and automatically imposed on Canadian financial institutions by the U.S. as of July 1

Economic Action Plan 2014 Act, No. 1   by the members. Instead everything is thrown into one budget bill. Because there are so many areas that the bill touches on, I am only going to be able to mention three or four this evening, unfortunately, but I want to speak first of all about the changes to FATCA. This is the foreign

Economic Action Plan 2014 Act, No. 1   an American initiative called FATCA. This is a budget that most tellingly would do little or nothing to address the almost 300,000 Canadians who are unemployed, 300,000 more than after the recession of 2008. Those people are not back to work. Nor would it help to replace the 400,000

Finance committee  Mr. Chair, through you, I just have a couple of comments and clarification questions for our witnesses. Mr. Ernewein, you did indicate that there is a narrower level of information that is being contemplated under the IGA than what would have been contemplated under FATCA

Finance committee   information sharing arrangement with the U.S. The agreement will ensure that Canadians are not exposed to punitive U.S. withholding taxes on income from their investments under the Foreign Account Tax Compliance Act, or FATCA. Fortunately for the overwhelming majority of Canadian account

Finance committee  I am somewhat familiar with the work that the OECD is doing, and my understanding is that they are sort of using FATCA as a model for a series of what I understand to be bilateral agreements between different tax information-sharing agreements. So I am sort of familiar

Finance committee  Thank you, Mr. Chair. Thank you so much for inviting me to speak to the committee regarding the portion of Bill C-31 that enacts FATCA in Canada. While tax law professors are generally not known for brevity, I hope to be succinct and clear in conveying two points

Finance committee  Thank you, Mr. Saxton. I just wanted to pose some very basic questions here. I'm getting a fair amount of correspondence on this, as you can imagine. When I'm phoning people back I'm asking if they are talking about FATCA or the IGA. Many people actually believe FATCA

Finance committee  I think people do confuse FATCA with IGA, where in fact the IGA displaces FATCA. It says instead of FATCA we'll do this, so that is an important point. I would also say that as a result of FATCA and the discussion around it and FBAR a couple of years ago I think

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, again, we did have the opportunity to listen to a number of speeches this morning from the government and the opposition sides. With all due respect, the opposition brought forward concerns regarding the FATCA agreement, which this member has talked about

Finance committee  I won't go too far down on FATCA, but in the case of FATCA, you're talking about whether or not there's actually any income earned on this as opposed to simply a transaction. If we're talking about transactions, those are not directly related to FATCA. FATCA relates to income