Finance committee  Fine. I think I have time for one more question. Under votes 1b and 5b, the Canada Revenue Agency is seeking funding for the implementation of the intergovernmental agreement between Canada and the U.S. in relation to the Foreign Account Tax Compliance Act, or FATCA. When

Canada-U.S. Relations  Mr. Speaker, after lengthy negotiations we have reached an agreement with the United States related to FATCA. FATCA has raised a number of concerns in Canada, both among dual Canadian citizens and Canadian financial institutions. The agreement addresses those concerns. In our

Finance committee  Yes. Agreed. I'm also interested in FATCA. I know that there were a few unintended consequences of FATCA, and it is really insulting to a lot of other countries what FATCA has seemed to accomplish. Mr. Rosenbloom, you were speaking before on FATCA. Could you comment

Finance committee  Yes, of course. The worst aspect of FATCA is what it did to the United States. It basically deflected large numbers of our resources into writing these incredibly detailed rules for something that's not going to produce a lot of revenue. It never made much sense to me to take

Economic Action Plan 2014 Act, No. 1   to explain exactly what U.S. indicia are. The whole point of my comments was that there are a number of problems between this government and the U.S. government regarding tax compliance. FATCA makes it worse. FATCA would actually distribute a whole lot of information to the U.S

Economic Action Plan 2014 Act, No. 1   in the United States. The U.S. government has decided that these children are now captured by FATCA, so this individual would have his personal tax information, personal banking information, and the contents of his bank accounts reported to the U.S. for the purpose of its tax compliance

Economic Action Plan 2014 Act, No. 1   exchange because the information is flowing in one direction only. It is a tax treaty designed to comply with the United States' unilateral measure, FATCA. This measure could jeopardize dual citizens holding both Canadian and American citizenship. They could be seen as Americans who

Economic Action Plan 2014 Act, No. 1   they would have to do under FATCA and will have to do under the IGA. I would argue that they will probably have to spend less money under the IGA than they would under FATCA. At the same time, it is also important to understand that they need certainty with respect to getting this started

Economic Action Plan 2014 Act, No. 1   of Commerce. They actually questioned the chamber's true motives and suggested it was just self-interested lawyers who wanted to maximize fees, not employers who wanted to grow the economy and hire more Canadians. There has been a lot of discussion on FATCA. Members of the business

Finance committee  Yes, but it becomes a little bit like pushing mercury. Outside of the G-20, even if you implemented a FATCA for the G-20, there might be a 21st, a 23rd country that would not comply with FATCA. There are probably financial institutions that are not complying with FATCA because

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, I asked this question of the member for Winnipeg South Centre and it was ducked, so I am hoping the member opposite will not duck it. On the FATCA portion of the budget implementation bill, a former U.S. diplomat, James Jatras, has said: The primary purpose

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, the implementation of FATCA would have serious implications on children in the member's riding. The implementation of FATCA, according to James Jatras, who was a former U.S. diplomat, would have the purpose of nullifying Canadian protections under the Bank Act

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, my hon. colleague started her speech by saying she represented the people of Renfrew—Nipissing—Pembroke and was bringing their concerns to the table. This is a list of the people, and I am sure there are many in her riding, who would be affected by FATCA. It is far

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, we have seen some estimates. When FATCA was first introduced, Scotiabank estimated that it had to set aside $100 million to gather all of this information, and that was just for Scotiabank alone. It is an incredibly expensive thing to do. There are 17 million

Economic Action Plan 2014 Act, No. 1   me get to my question, which deals with FATCA. As we know, under FATCA, Canadian banks must report to the IRS the accounts held by clients who happen to have U.S. citizenship. In Canada there are about a million of them. Otherwise they face the prospect of a 30% withholding tax