Economic Action Plan 2014 Act, No. 1   it was their turn to speak. This is unacceptable. The worst part of this closure motion, this time allocation motion, is the provisions of the bill. We are talking about FATCA, whereby a million Canadians of American origin would simply be flushed away by the current government. They would have

Economic Action Plan 2014 Act, No. 1   the government that there is a problem with the temporary foreign worker program. Unfortunately, they have not addressed it. To answer the question on FATCA, yes, it is a huge issue in my community of Surrey North. There are many Canadian citizens who will be affected by it. This would

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, my hon. colleague started her speech by saying she represented the people of Renfrew—Nipissing—Pembroke and was bringing their concerns to the table. This is a list of the people, and I am sure there are many in her riding, who would be affected by FATCA. It is far

Economic Action Plan 2014 Act, No. 1   by the members. Instead everything is thrown into one budget bill. Because there are so many areas that the bill touches on, I am only going to be able to mention three or four this evening, unfortunately, but I want to speak first of all about the changes to FATCA. This is the foreign

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, at the finance committee, of which we are both members, an official from the Department of Finance confirmed that one million people in Canada, so-called dual citizens, would be affected by FATCA and the government's implementation of that. At the finance committee

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, I welcome the question from my colleague who is absolutely correct. He sits with the opposition members on the finance committee. I thought we had a very conclusive and thorough debate on the implications of FATCA to American citizens living in Canada and their tax

Economic Action Plan 2014 Act, No. 1  , which we know they would not absorb but pass on to consumers. Not only is FATCA discriminatory towards approximately one million Canadians, not only is it likely to waste government resources in fighting off a Supreme Court challenge on its constitutionality, which the federal

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, we have seen some estimates. When FATCA was first introduced, Scotiabank estimated that it had to set aside $100 million to gather all of this information, and that was just for Scotiabank alone. It is an incredibly expensive thing to do. There are 17 million

Economic Action Plan 2014 Act, No. 1   down the hall just to be shown a modicum of respect. Regarding FATCA, I could do an entire speech on this agreement. The Conservatives said they wrestled hard with those Americans and they really brought them to their knees, and they got basically nothing. According to StatsCan, up

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, given that the FATCA buried in Bill C-31 requires that the bank search every single customer record with a fine-tooth comb, does the government have any estimates for what that is going to cost and how much of those costs will be passed on to every bank customer

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, what the hon. member refers to is a conversation I had with the former finance minister, as I had several constituents in my riding come to my office and inquire about the FATCA situation and how it was going to affect them. I was told at that time by the finance

Economic Action Plan 2014 Act, No. 1   to explain that. She had no idea. I am sure she will vote for it happily without even understanding it. I want my friend to expand a bit on not just the process, but on the issue of FATCA, this agreement with the U.S., and how little information has gone forward to Canadians, how

Economic Action Plan 2014 Act, No. 1  . There is even no comparison. My colleague from Prince Edward Island is reminding me of balanced budgets and paid-down debt and cut taxes. Those were the good old days. In terms of FATCA, I can say absolutely that when the minister appeared before the committee he did not even know how many

Economic Action Plan 2014 Act, No. 1   to ignore the challenges faced by veterans in Canada, continues to show contempt for veterans. The bill, through the FATCA provisions, makes the CRA effectively the tax collector for the IRS, and continues to demonstrate disrespect for Parliament and democracy by putting all

Economic Action Plan 2014 Act, No. 1   me get to my question, which deals with FATCA. As we know, under FATCA, Canadian banks must report to the IRS the accounts held by clients who happen to have U.S. citizenship. In Canada there are about a million of them. Otherwise they face the prospect of a 30% withholding tax