Finance committee  I would like to pick up on that before the other witnesses speak about the FATCA. I understand what you are telling me, however, currently, Canadian financial institutions are under the obligation of reporting this to the Canadian government. If we had multilateral agreements

Finance committee  I agree, but it has to be carefully implemented. Mr. Murphy, for instance, supported FATCA, the Foreign Account Tax Compliance Act, out of the U.S. in 2010. This is actually a huge controversy, of course, in Canada, and there is a side agreement under way between the Canadian

Finance committee   automatic information exchange from tax havens to Canada. You can follow the precedence of the U.S.A. with its new FATCA—Foreign Accounts Tax Compliance Act—legislation and say that basically as a condition of your being able to bank in Canada, we will demand that if you operate branches

Finance committee  Thank you very much. Again, the information continues to be very valuable. I think very often we try to do too much. Focusing specifically on tax havens would probably be the way to go. So as we talk about different ways of just how things can be successful, clearly FATCA

Finance committee  I recognize that TIEAs are bilateral on request. FATCA, then, becomes an automatic one-way. So is the natural evolution not just a multilateral two-way?

Finance committee  FATCA is sort of a step in the right direction. It's not an agreement, of course, between governments, as we're suggesting should be in place, like the European savings tax directive...[Technical difficulty--Editor]...a requirement put upon foreign banks to have American account

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  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

Finance committee  Thank you, Mr. Chair. I certainly will open the floor, because I'm very interested, Mr. Cardamone, in what you have to say on FATCA.

Finance committee  I would actually like to take the opportunity to build on that thought. I've heard comments from many that there should be this multilateral exchange and free flow. To some degree, I always saw the TIEAs as being precursors to something like FATCA. Really, can you talk about

Finance committee  All that FATCA has to do with is...[Technical difficulty--Editor]...holders in foreign banks, and those foreign banks have to report back to the United States Internal Revenue Service. It's multilateral in that any foreign bank that has American account holders in it has

Finance committee   FATCA, which is a statute that one could debate all morning and probably, from the U.S. point of view, a terrible idea and very offensive to other countries. But nevertheless, it had the effect of getting the world's attention. Information exchange is all for the good, but again, I

Finance committee  , Canada can adopt a few measures. The United States Foreign Account Tax Compliance Act—FATCA, as it's known—requires banks to find American account holders and disclose their balances, receipts, and withdrawals to the Internal Revenue Service in the United States or be subject

Finance committee  , is the U.S. FATCA legislation. Also, in our submission we note that the banking industry welcomed the passage in June of this year of Bill C-25, the Pooled Registered Pension Plans Act. PRPP would be I think particularly useful for people who do not now have access to a private sector