Information & Ethics committee  Mr. Therrien, I have a quick question for you. So far this morning we've concentrated on individual personal accounts, but the FATCA also includes commercial accounts for commercial enterprises. Because that information is also privy to the agreement, in your estimation, do you

Information & Ethics committee  Thank you very much, Mr. Chair. I just have a quick question. It's another arbitrary question. When the United States under FATCA asks a Canadian institution about a particular bank account, is there a threshold? It can go from zero to whatever, so is there a certain threshold

Information & Ethics committee  As well, on the Canada Revenue Agency website, there is a special section on FATCA and everything that is involved.

Information & Ethics committee  As I mentioned a little earlier, Canada had to come to an agreement on FATCA. We had to sign an agreement with the United States. The problem was the process in the House. There should have been open and transparent discussions with all parliamentarians.

Information & Ethics committee  Thank you, Mr. Chair. Under the intergovernmental agreement, have any Canadian institutions failed to comply with the IGA, the intergovernmental agreement, to date and been subject to the 30% withholding tax from FATCA? Have there have been instances where there has been

Information & Ethics committee  I would like to emphasize that FATCA is an American act and more than 100 countries have to comply with it in terms of Americans with dual citizenship, wherever they are in the world. As far as constitutionality is concerned, all agreements have been and are vetted

Information & Ethics committee   that are in place from an information technology perspective. That was conducted specific to the information we are exchanging under FATCA. In addition, there's something called the global forum on information exchange. It's a global network of over 100 countries that focuses on exchange

Information & Ethics committee  That is true, but I must repeat that the difficulty was much more related to the process. If the process had involved all parliamentarians, we would probably not be here today discussing FATCA.

Canada Revenue Agency  Mr. Speaker, here is another Liberal broken promise. The Conservatives signed a deal to implement FATCA and hand over private financial information of a million Canadians to the United States. During the campaign, the Liberals said that the deal violated privacy rights and might

Economic Action Plan 2014 Act, No. 1   there are reasonable grounds that there has been serious criminal activity happen and only in that case. Does he not think that it is important to ensure that we are able to cover that off? The second question is with respect to the FATCA provisions. Given his tremendous length of experience, he

Economic Action Plan 2014 Act, No. 1   information. There are two places in this bill where Canadians’ privacy is attacked. To begin, my colleague has just talked about FATCA, and that is indeed the first element. The second element is the sharing of information between the Canada Revenue Agency and the police. We will start

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, he actually just said it. He said that, in fact, earnings on these matching grants will be considered taxable income in the U.S., and he is right. He spoke of an exemption. He is half right. There is an exemption for Canadian banks under FATCA

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, I have a question on Part 5 of Bill C-31, specifically on the issue of FATCA and its application to registered savings plans, RRSPs, registered education savings plans, and registered disability savings plans. Those plans have matching grants provided

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, during question period and at other times FATCA has come up a number of times. I feel, though, that the member's question was somewhat misleading, because as Canadians listened to that question, they believed that all Canadian taxpayers would now be forced to reveal

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, I welcome the question from my colleague who is absolutely correct. He sits with the opposition members on the finance committee. I thought we had a very conclusive and thorough debate on the implications of FATCA to American citizens living in Canada and their tax