Economic Action Plan 2014 Act, No. 1   that the steps we have already taken completely vouchsafe Canadian business and protect Canadian banks. We do not need to push FATCA through, and we certainly should not be pushing it through in an omnibus budget bill. Their recommendation I think is worth reading into the record

Finance committee  ” as a matter of law. There are many ambiguities, many questions here that make it particularly inappropriate, as my friend Murray Rankin has already said, to deal with FATCA in the body of an omnibus budget bill that is being moved rather rapidly through this House. Let me go to just one

Finance committee   the agreement itself. To your point about the scope of the agreement, yes, there is a narrower scope or field of accounts that have to be reported or are subject to reporting under the intergovernmental agreement as compared to FATCA itself. I won't list them all, but we've talked before

Finance committee   to group all my remarks for the next three clauses. I will put all my remarks on the record now, and I will not be making extensive remarks for the next three clauses. This legislation regarding the Conservative government's FATCA deal with the United States should not be part

Finance committee  Forgive me; I'm melding two things. There's the consequence of FATCA versus an IGA, and FATCA itself, in the event of information not being furnished as required under FATCA, could involve account closing. It is not specific to your point about why information is provided

Finance committee  Chair, the purpose of proposed amendment NDP-1 is to delete reference to new penalties under the FATCA intergovernmental agreement implementation. Clause 27 makes failure to comply with new section 267 an offence punishable by summary conviction. Obviously, we're not in favour

Finance committee  Okay, but there are really two parts to your question. The first would be the FATCA legislation itself. I think what's going on in the United States is not so much on the constitutionality of the enabling FATCA legislation, but the way U.S. Treasury is trying to implement

Finance committee  Yes. FATCA and the subsequent intergovernmental agreement raised a number of concerns here in Canada; however, the intergovernmental agreement, or IGA, addresses these concerns by relying on the existing framework under the Canada-U.S. tax treaty. The exchange of information

Finance committee  Okay, I'll try to be quick. On the Foreign Account Tax Compliance Act, or FATCA, we know that Americans have always had to pay income taxes in the United States, even when they've lived abroad. The U.S. has been much more aggressive in tracking down such compliance

Finance committee   in our own data matching. That's immediately. It's not delivered immediately, but we also do have the commitment to full equivalence, if you will, over time. There is one other thing I would add and you might consider this a soft point, but I think it's worthwhile. Even though FATCA

Finance committee  , on at least the basic sources of income. So in that respect, what FATCA does is not different. However, FATCA does go further in relation to that example I've given in that it seeks a bit more information, not only the account holder and the financial institution, it requires

Questions Passed as Orders for Returns  With regard to the Canada Revenue Agency’s (CRA) response to the provisions of the Internal Revenue Service (IRS) regarding the Foreign Account Tax Compliance Act (FATCA): (a) according to the government’s analysis, do the FATCA provisions comply with the provisions

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, members of the NDP as well as the Liberal Party who have spoken previously to the bill today have talked about FATCA. FATCA would be unilaterally and automatically imposed on Canadian financial institutions and their clients as of July 1, 2014. Because

Economic Action Plan 2014 Act, No. 1   services from Canadians across the country. I also want to raise the issue of FATCA. This may be something the majority of Canadians do not know much about, but for Canadians who hold dual Canadian-American citizenship, the bill is very troubling. An entire bill about FATCA

Finance committee  Thank you very much, Mr. Chair. Thank you to our witnesses for being here. I want to follow up with a few questions with respect to the intergovernmental agreement and FATCA. I think, Mr. Huppé, you talked about $2.4 million to implement the intergovernmental agreement