Economic Action Plan 2014 Act, No. 1   and the Internal Revenue Agency under this agreement, FATCA, would invade the privacy of roughly 1 million American citizens. This is hidden somewhere in the hundreds of pages of yet another omnibus bill. That is not insignificant. There is another difficult aspect that the people at home need

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, yes, this is yet another bill that is likely to find its way to the Supreme Court at some point and be ruled ineffective and that it is not possible to have this bill, particularly the FATCA portion of it. That is something we face, apparently, almost on a daily

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, when I gave my comments before, I said that one of the unfortunate things about the FATCA part of it is that people are confusing the need to file a tax return in the U.S. with the requirement that we have under FATCA. The situation that the member raised

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  Mr. Speaker, my hon. colleague is absolutely right. The terms around FATCA are not defined. The intergovernmental agreement, the so-called IGA between the U.S. and Canada, has not been ratified as a treaty by the United States. We are treating it as though we have treaty

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   respect our obligations. I do not buy the argument that it is either this piece with no changes or nothing and then we would be in breach of our obligations. It does not work that way. It is the same for the agreement with the U.S., answering to FATCA and the proposed IGA, where

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   the committee. I am going to speak to the tax agreement between the United States and Canada whose purpose was to provide an alternative to FATCA. What is clear, and I think the member can agree, given the complexity of the technical details he gave in his presentation, is that the agreement

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   is a bit of the history of where we are and how we got here, a bit of what FATCA is and what it is not, and what the repercussions would have been if we had just let FATCA happen as opposed to taking the initiative to sign an intergovernmental agreement with the U.S. I would also like

Economic Action Plan 2014 Act, No. 1   there are reasonable grounds that there has been serious criminal activity happen and only in that case. Does he not think that it is important to ensure that we are able to cover that off? The second question is with respect to the FATCA provisions. Given his tremendous length of experience, he

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, first, let us start with the last point. The member mentioned FATCA and the information exchange with the Americans. He did say “information exchange”, but no provision is made for any exchange in the agreement that was signed. The Canada Revenue Agency will give

Economic Action Plan 2014 Act, No. 1   information. There are two places in this bill where Canadians’ privacy is attacked. To begin, my colleague has just talked about FATCA, and that is indeed the first element. The second element is the sharing of information between the Canada Revenue Agency and the police. We will start

Economic Action Plan 2014 Act, No. 1  , or are supposed to have filed, since 1913. FATCA came about in 2010. Does the member remember the testimony in committee that it is actually going to be taxable on the way out, so it might not necessarily even apply?