Economic Action Plan 2014 Act, No. 1  Mr. Speaker, I would like to salute and thank my neighbour and friend from Saanich—Gulf Islands for her intervention and her wisdom in pointing out the FATCA provisions in the bill. We already know those provisions will go to the Supreme Court of Canada. We already know

Economic Action Plan 2014 Act, No. 1   of this one bill that my friend raises around FATCA, witnesses at committee reported that up to one million Canadians might be exposed to this agreement. What it would do very explicitly, with no notice whatsoever, is affect people suspected of having some sort of relation or experience

Economic Action Plan 2014 Act, No. 1   something as egregious as the Foreign Account Tax Compliance Act, known as FATCA, as well as changes to the trademark regime, which will hurt Canadian business, as well as changes to the Hazardous Products Act and the WHIMS system are all wrapped up into one piece of legislation. Does

Finance committee   are also a citizen of another country. If that country happens to be the United States, then you fall under the rules of FATCA and that's not anyone's making but the American tax law. Unfortunately, there will be some people who are caught up in this who may be caught in a larger net

Finance committee  Well, thanks, Mr. Chair. This is relatively straightforward, although the drafting would make it look complicated. It's simply an amendment I'm putting forward to ensure that if the FATCA is repealed in the United States—and after all, it is a U.S. law in origin, facing its own

Finance committee   broad and could be interpreted to mean that any inconsistency between this agreement and the provisions of any other law, that the FATCA agreement would supersede any other law. That could include the Privacy Act of Canada. It could include the Charter of Rights and Freedoms. We

Finance committee  Actually, I think FATCA is evolving toward an intergovernmental system, because FATCA, as drafted, really doesn't work very well. It's just incredibly intrusive. The United States has developed several models of intergovernmental arrangements, and it's negotiating currently

Finance committee  Very good. Opponents of FATCA—and I'll ask this of Mr. Richardson—have just hired Jim Bopp, who is renowned for his defeat of the Supreme Court in McCain-Feingold. Can you comment on how perhaps the U.S. constitutionality of FATCA is in question?

Finance committee  Absolutely. From our perspective, the IGA allows us to void the application of FATCA. It gives us greater control. It allows us to provide information to the Canada Revenue Agency and then exchange it on a state-to-state basis, as opposed to trying to enforce a relationship

Finance committee  Thank you, Chair. Thanks to our witnesses for being here today. My first question is for Brian Kingston. Absent an intergovernmental agreement, I understand that obligations for Canadian financial institutions to comply with FATCA would be unilaterally and automatically

Finance committee  Absolutely not. If you don't pass the IGA, you're then subject to FATCA itself. FATCA itself is enormously complex and enormously expensive, and the implications of non-compliance would be astronomical. Let me throw a couple of numbers at you. Canadian foreign direct investment

Finance committee  Thank you, Mr. Chair. Thank you, members of the committee, for inviting me to discuss the privacy implications of Bill C-31. Like my colleagues, I will focus on the United States Foreign Account Tax Compliance Act, or FATCA, and I will conclude with some brief comments on two

Finance committee  The FATCA agreement didn't even pass Congress as a FATCA agreement. It passed as part of a jobs bill, so clearly some member of Congress wanted to fund something. He had a project he needed to fund, so he came up with this nice arrangement for himself. But having said

Finance committee  That is on the compliance side. To be clear, that's not a cause of FATCA. That is a U.S. tax problem under the Internal Revenue Code, and the way that the Internal Revenue Code classifies tax-free savings accounts. The only issue with FATCA is the amount of information being

Finance committee  . We have a sound system of taxation that is open and transparent. I agree with what you said earlier. We ought to have been able to leverage on these facts and our historic relationship with the U.S. to negotiate some exceptions. We were not targeted by FATCA, but we were caught