Economic Action Plan 2014 Act, No. 1   unreasonable and harmful and regressive measures that we cannot support. The bill also includes new rules around FATCA, the U.S. Foreign Account Tax Compliance Act. Under the bill, Canadians effectively are going to be doing the dirty work and becoming tax collectors for the IRS. Canada

Budget Implementation Act, 2018, No. 1  Mr. Speaker, the Liberals had an opportunity with this implementation act to build an economy that would lift everyone up, people who counted on them, instead of just the wealthy few at a top with their tax havens. Unfortunately, the Liberals decided instead to defend

Business of Supply  , and others. It seems to me that the Liberals are thumbing their noses at Canadians by continuing to say that the government is cracking down on tax havens. Canada is one of the biggest users of tax havens in the world. That is particularly true of Canada's five largest banks. Their use

Business of Supply  . Once again, instead of doing things out in the open and having an honest debate with the people who represent Canadian taxpayers, the Prime Minister is meeting these investors in hotel rooms behind closed doors. Nobody knows what is going on, and everything is worked out in secret

Foreign Affairs committee   the American economy as well as the Canadian economy going. Canadians create millions of good American jobs, and the United States economy helps to fuel the Canadian economy by creating jobs there as well. The problem, however, is that the Trump administration has created a great deal

Economic Action Plan 2014 Act, No. 1   the Canada-U.S. tax treaty. CRA will not assist the IRS in collecting U.S. taxes, and no new taxes will be imposed on Canadians. In our negotiations, we obtained a number of concessions, including exempting certain accounts, such as RRSPs, RDSPs, TFSAs, et cetera. I would remind my

Finance committee  . Investors will not be asked to provide any additional information to document or demonstrate their non-U.S. taxpayer status in any such accounts. Without the IGA, Canadian financial institutions would each need to sign an agreement with the IRS that would prevent them from opening

Finance committee  The simple point is that it's going to affect all of us. The minister suggested that there was no collection of unpaid taxes, no collection of taxes by IRS from Canadians. I think I understood that, but isn't it odd to say that the CRA is not assisting the IRS in collecting U.S

Canada-U.S. Relations  , will be American citizens, such as Canadians, for all intents and purposes, who happen to have been born in the states. They will have to correct their citizenship. However, dual citizens have always had a tax obligation. American citizens living in Canada who have permanent resident status

Finance committee   for the 20 years of negotiations it has taken. One, it encourages trade with a decidedly democratic jurisdiction. Two, it allocates taxing rights between the two jurisdictions so that taxpayers are not subject to double taxation. Three, it reduces the risk of excessive taxation that may

Finance committee  , is administrative. If the CRA and the Canadian government were to push the IRS to have simpler and clearer rules on things like tax-free savings accounts, RRSPs, Canadian mutual funds, then the compliance burden on U.S. citizens in Canada would be reduced. So my suggestion to you here today

Economic Action Plan 2014 Act, No. 1   partner, and it is the most significant tax treaty that we could see. I wonder if the member has any misgivings at all about the implications for the up to one million Canadians who would be impacted and have their personal tax information sent on to the IRS without their even knowing

Finance committee   States, Canada's skilled trades workers are inherently less likely than American workers to travel temporarily for work. Funnily enough, the IRS allows deductions for travel to obtain temporary work. Here's an opportunity to make Canada's workforce more productive and reduce taxes

Canada-U.S. Relations  % withholding tax and there would be direct reporting by Canadian banks to the IRS. We got rid of that. They have agreed that we will use our existing framework under the Canada-U.S. tax treaty, which has been successful. No new taxes will be imposed. The CRA will not assist the IRS

Economic Action Plan 2014 Act, No. 1  . It is not a withholding against tax. It is a withholding tax. Essentially, there is potentially double taxation. There are also potential privacy issues if we just let FATCA go the way it is because, then the IRS is going to negotiate individual agreements with every bank. That is what is going