Refine by MP, party, committee, province, or result type.
Questions on the Order Paper Mr. Speaker, Canada is one of 113 jurisdictions that have signed a model 1 intergovernmental agreement, IGA, with the United States of America, U.S., with respect to the Foreign Account Tax Compliance Act, FATCA. Under the IGA, the CRA acts as a conduit to facilitate
January 27th, 2020House debate
Diane LebouthillierLiberal
Finance committee proportionality cost that gets put on it. Again, as a committee, we also see common reporting standards, FATCA. With all these different measures getting thrown onto these agencies, it gets to be a bit much. Director, are you planning to start measuring administrative compliance by industry
May 24th, 2018Committee meeting
Dan AlbasConservative
Finance committee I'm hesitant to advocate for more information sharing where the safeguards are not in place. I wanted to make that comment. Going to the credit unions, we had FATCA, I think it was called, introduced a while ago. The burden on the compliance for credit unions, especially some
March 28th, 2018Committee meeting
Francesco SorbaraLiberal
Finance committee FATCA as well as FINTRAC compliance. Those costs are continually going up, and you come here and say you don't track that. I understand your mission is absolutely necessary, noble, and needs to be done, but that kind of attitude doesn't really promote confidence that you're doing
February 14th, 2018Committee meeting
Dan AlbasConservative
Finance committee information on request, meaning you had to have some sense of there being a particular taxpayer who had an investment in a particular place to know to ask the question, which had its own limits. More recently, sort of following the U.S. FATCA legislation, which has its own issues
December 5th, 2016Committee meeting
Brian Ernewein
Finance committee of this bill. It is a big mistake for the government to introduce legislation without having some sort of provision à la FATCA where it allows small credit unions to be exempted if they have less than 2% of their assets being held by foreign nationals. It will cause a lot of angst
November 28th, 2016Committee meeting
Dan AlbasConservative
Finance committee and rules that could be applied to minimize those costs to the extent possible. Given the model of the U.S. FATCA approach, which carved out small institutions, as I say, that idea was specifically considered and debated. The prevailing view in the international community
November 17th, 2016Committee meeting
James Greene
Finance committee Okay. This is my last intervention, Mr. Chair, and then I'll let someone else go ahead. FATCA was implemented by the Americans; we really had no say in the matter. However, the OECD requirements are something that Canada voluntarily signed up to. Is that correct?
November 17th, 2016Committee meeting
Dan AlbasConservative
Finance committee , particularly the credit unions, in that it imposes a one-size-fits-all regime. We all obviously want to keep the integrity of our tax system and align with other jurisdictions, but unlike the FATCA regulations that were brought into place a few years ago, where there was a risk-based
November 17th, 2016Committee meeting
Dan AlbasConservative
Finance committee Thank you, Mr. Chairman. The agreement with the United States with respect to FATCA, of course, was a bilateral agreement. The common reporting standard is a similar system in the sense that it involves a requirement on financial institutions to identify accounts that are held
November 17th, 2016Committee meeting
James Greene
Information & Ethics committee I'll put it at the level of policy objective. That issue, of course, was raised in the context of FATCA, as an example. The first step, I think, is to determine whether the agreement between Canada and another state—here the United States—for tax purposes is trying to achieve
November 1st, 2016Committee meeting
Daniel Therrien
Budget Implementation Act, 2016, No. 2 Madam Speaker, again I go back to the issue of credit unions and the common reporting standards. Credit unions, as we heard right across the country in pre-budget consultations, have had extreme issues in dealing with some of these FATCA regulations. I believe we heard from
October 31st, 2016House debate
Dan AlbasConservative
Budget Implementation Act, 2016, No. 2 Madam Speaker, I thank my colleague for his very important question. When FATCA was introduced by the United States, there was much negotiation between our two countries on this issue. I will say that we do not want to overburden any institution with regulatory burden and extra
October 31st, 2016House debate
Francesco SorbaraLiberal
Budget Implementation Act, 2016, No. 2 program that was put in place by Ottawa to meet its OECD commitments. It really discriminates against small credit unions throughout this country and has caused a fair bit of grief, particularly as we already have similar American regulations to deal with, known as FATCA. My question
October 31st, 2016House debate
Dan AlbasConservative
Finance committee Okay. I just want to put that out. With regard to the FATCA provisions, those are imposed by the government. They are something that this committee will see. They're in the budget implementation act. You have given the suggestion that there is already another regime created
October 27th, 2016Committee meeting
Dan AlbasConservative