Questions Passed as Orders for Returns  With regard to the exchange of information between Canada and the United States (US) under the Foreign Account Tax Compliance Act (FATCA): (a) how many individuals were reported, in total and broken down by (i) Canadian citizens, (ii) permanent residents of Canada, (iii

Finance committee  Thank you very much for the invitation to be appear before you. I just want to say at the outset that my views are my own and are not associated with my employer. I'm a Canadian-trained lawyer and I currently practice U.S. tax law at White&Case LLP, an international law

Finance committee  Mr. Chair, LIB-7 enables the Minister of Finance to establish a Canadian form for people to fill out instead of requiring the use of IRS form W8. The agreement between the two governments makes it mandatory for Canadian financial institutions to approach Canadian account holders

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

Finance committee   between Canada and the U.S. is already a long-standing practice authorized under article 27 of the Canada-U.S. income tax treaty, and it includes rigorous safeguards with respect to the use of exchanged information. This agreement is consistent with Canadian privacy laws. That was one

Economic Action Plan 2014 Act, No. 1   in Canada to regularly file U.S. tax returns and report their property and income to the IRS. Also, Canadian banks must report to the IRS on accounts held by clients with U.S. citizenship. We are creating a problem here. As we heard from other people, this measure brings up concerns

Economic Action Plan 2014 Act, No. 1   the government is caving in to American pressure and, as my hon. colleague said, it is doing the tax collecting for the IRS. Banks in Canada would have to report to the CRA about client information for those who happen to be dual nationals. That would then be passed on to the IRS. In finance

Questions Passed as Orders for Returns   of the Convention Between Canada and the United States of America With Respect to Taxes on Income and on Capital and its amending Protocol (2007); (b) are there Canadian exemptions to FBAR; (c) has Canada negotiated the FBAR provisions with United States Treasury Officials or the IRS, (i

Economic Action Plan 2014 Act, No. 1   by the Government of Canada, funded by the taxpayers of Canada, that are intended to go to people with disabilities or to young people to save for their educations. Under FATCA, earnings from those deposits made by the Canadian government would be taxable by the IRS. Does the Minister of State

Finance committee  Oh, my apologies. That was my fault. I'm sorry. No, that's true. It wasn't today, but the minister did recently make an announcement. A commitment was made to begin the process of measuring tax gaps going forward. We are committed to moving down that road. What's important

Finance committee   citizens, who might also be U.S. citizens under the understanding of “U.S. persons”, that their information has been handed off to the IRS. There are some very fundamental constitutional law questions here as well as tax law questions. Let me try to go through my amendments fairly

Finance committee  Thank you for the question. If an IGA had not been negotiated, the consequences for Canadian financial institutions would have been significant. Financial institutions would have to negotiate individually with the IRS to come into compliance with FATCA. If they did not do so

Economic Action Plan 2014 Act, No. 1   the Canadian Environmental Assessment Act. Last year the federal government and all federal taxpayers put $160 million into Yukon alone to deal with old, abandoned mines that are leaking because they were built badly. What we said was, “When you get things wrong in resource development

Economic Action Plan 2014 Act, No. 1   American, have their file referred to the IRS and eventually be forced to pay taxes in the United States, a country that they have never lived in. I am not the only one. One of my Conservative colleagues on the Standing Committee on Finance, the member for Tobique—Mactaquac

Economic Action Plan 2014 Act, No. 1   and taxpayers, those matching grants, we were told at committee and it was confirmed, will actually be considered taxable income by the IRS. The intention, of course, of those matching grants by the Canadian taxpayer is to help young Canadians get an education or to help disabled Canadians