Finance committee  Yes. FATCA applies to the U.S. This new measure applies to OECD countries, so to a much larger number of countries.

Finance committee   from CRS obligations. This is similar to the approach that we applied under FATCA, the current bilateral tax agreement with the U.S., and it makes sense to apply it for the common reporting standard. Thank you for the opportunity to speak today. We look forward to your questions.

Finance committee   are talking about. I'm talking about the common reporting standards. I would like to go there. First, I would like to take a step back. In the last few years, we have seen the American regime, FATCA, the Foreign Account Tax Compliance Act, which sets out quite a net for the Americans

Information & Ethics committee   are usually reflected in law, with FATCA being the most recent and most publicized example. It's definitely enforceable. It's definitely accompanied by restrictions, and those restrictions stem from privacy law. In other words, would the federal government send tax information, through

Finance committee  Yes, as we mentioned, we have 259 members, which includes the U.S., already included under the FATCA.

Finance committee   government will be implementing in July 2017. It is an example of the aforementioned concern about a one-size-fits-all in financial services legislation. Size-based exemptions, similar to those in the FATCA intergovernmental agreement, were omitted from the legislative proposal. The CRS

Budget Implementation Act, 2016, No. 1   further reforms, at least on that premise. Lastly, in the budget document there was some talk about credit unions, particularly when it came to international FATCA rules. FATCA was a big issue in the last Parliament. However, more or less, Canadian institutions, all shapes and sizes

Questions Passed as Orders for Returns  With regard to the exchange of information between Canada and the United States (US) under the Foreign Account Tax Compliance Act (FATCA): (a) how many individuals were reported, in total and broken down by (i) Canadian citizens, (ii) permanent residents of Canada, (iii

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   appearances before Parliament on FATCA, my office has recognized the long-established practice of information-sharing between nations for purposes of taxation enforcement. For example, the Convention between Canada and the United States of America with Respect to Taxes on Income

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