Economic Action Plan 2014 Act, No. 1  Mr. Speaker, he actually just said it. He said that, in fact, earnings on these matching grants will be considered taxable income in the U.S., and he is right. He spoke of an exemption. He is half right. There is an exemption for Canadian banks under FATCA

Economic Action Plan 2014 Act, No. 1   of Commerce. They actually questioned the chamber's true motives and suggested it was just self-interested lawyers who wanted to maximize fees, not employers who wanted to grow the economy and hire more Canadians. There has been a lot of discussion on FATCA. Members of the business

Economic Action Plan 2014 Act, No. 1   of the parliamentary secretary concerning FATCA and the compliance cost of it. He pointed out that it was $100 million that one bank would have to spend in order to come into compliance with it. He mused about what the cost would be for the government to bring this into line, but he got absolutely

Economic Action Plan 2014 Act, No. 1   and rescue operations. However, my question is about FATCA. We have a million Canadians in this country who have to now report their own personal financial information, which will go to the U.S. government, and they are subject to fines and penalties because they now have to file taxes

Economic Action Plan 2014 Act, No. 1   come down to by 2020, which is 25%. We are currently at about 32%. That compares to the next-lowest country, which is Germany, at 54%. The numbers speak for themselves. Canada is in very good shape with respect to our trading partners and to other G7 countries. With regard to FATCA

Economic Action Plan 2014 Act, No. 1   of that. The Conservatives ignored the Canadian chambers of commerce on the trademark provisions that were in this bill. There were also the intellectual property components; and FATCA, on which my friend from Victoria has done amazing work, exposing this travesty that over a million Canadians may

Economic Action Plan 2014 Act, No. 1   disdain and anger. It is called FATCA, which would be used to try to grab money from Americans living overseas. Now Canada is obviously not a tax haven, and the Americans admit that, but lo and behold, Canada has to do something about this. What the government has done is shield

Economic Action Plan 2014 Act, No. 1   colleague opposite that without an agreement in place, our financial institutions would still have to comply with FATCA. In fact, it would have been much more onerous. FATCA would be unilaterally and automatically imposed on Canadian financial institutions by the U.S. as of July 1

Economic Action Plan 2014 Act, No. 1   budget document that would change everything from veterans to FATCA to all the other things that are in there, could we not have put one small regulation in place to prevent the anti-competitive practices being used by Visa and Mastercard and some of the banks and help our small

Economic Action Plan 2014 Act, No. 1   through the IRS and FATCA. The justification is that because the government may suspect someone could be doing something, it has a right to surveillance without any kind of legal right to do so. The attitude is, “We are the government, and we now have that right”. We have seen

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, I appreciate the member did not pay attention to my intervention, but I will try to answer his question on FATCA nonetheless. I will not speak to what the U.S. motives are in all of this. It is its own sovereign decision as to whether it wants to start looking

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, I asked this question of the member for Winnipeg South Centre and it was ducked, so I am hoping the member opposite will not duck it. On the FATCA portion of the budget implementation bill, a former U.S. diplomat, James Jatras, has said: The primary purpose

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, the implementation of FATCA would have serious implications on children in the member's riding. The implementation of FATCA, according to James Jatras, who was a former U.S. diplomat, would have the purpose of nullifying Canadian protections under the Bank Act

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, I have a question on Part 5 of Bill C-31, specifically on the issue of FATCA and its application to registered savings plans, RRSPs, registered education savings plans, and registered disability savings plans. Those plans have matching grants provided

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, during question period and at other times FATCA has come up a number of times. I feel, though, that the member's question was somewhat misleading, because as Canadians listened to that question, they believed that all Canadian taxpayers would now be forced to reveal