Taxation   called, and will continue to call, on the U.S. government to look upon them with leniency. We are also happy to report some progress as the IRS has released a statement that says: The IRS recognizes that many Canadians face complex tax situations because of dual citizenship

Finance committee  Canadian taxpayer-funded investments in those matching grants to those programs will be considered taxable income by the IRS. Do you think it's appropriate that Canadian tax dollars are going to be going to the U.S. treasury when they're intended to help disabled Canadians

Taxation  Mr. Speaker, many of my constituents in New Brunswick Southwest have contacted me to say they are deeply concerned about the new U.S. tax reporting requirements. This affects many Canadians throughout the country. The vast majority of people being targeted by the IRS are honest

Finance committee   have agreed that we are not a tax haven—and I don't think we're any threat to become a tax haven, and any suggestions of that are foolish, by the American or Canadian perception—but we could delineate who is actually being targeted and not allow Washington to do all

Economic Action Plan 2014 Act, No. 1   is this: Has the government estimated the cost? The banks are saying that it is $100 million per chartered bank. Now that the Government of Canada is going to collect this information and pass it on to the IRS, has it estimated the cost to the Canadian taxpayer of collecting all this data

Agriculture committee  ; and establishment of the Fruit and Vegetable Dispute Resolution Corporation under article 707 of NAFTA. CHC was integral to the establishment of the Pest Management Centre, and the CHC office was previously recognized as IR-4 North as Canadian trials were coordinated with the U.S. IR-4. CHC also

Finance committee  ” under the Canadian legislation. Our recommendation this afternoon is that portfolio managers should fall under the “deemed compliant” foreign financial institution exemption, thereby exempting portfolio managers from the registration and reporting requirements under FATCA

Finance committee  Minister, yesterday you told the House that when it comes to U.S. taxes owed by Canadians under FATCA, the CRA will not assist the IRS in collecting U.S. taxes. If this is the case, why does your budget bill include penalties against dual Canada-U.S. citizens who fail

Finance committee  I'll end on this, Chair. There may be a market reality to this that the banks are going to hear complaints. Because the person who believes themselves and acts and operates like a Canadian citizen, the first letter they get from the IRS saying they owe back taxes under

Privacy  Mr. Speaker, under the agreement, financial institutions in Canada will not report any information directly to the IRS. Relevant information on U.S. residents and U.S. citizens will be reported to CRA. The exchange of tax information between Canada and the U.S. is already

Extension of Sitting Hours   of things goes completely out of whack. Things that are deeply important, like FATCA, the agreement with the United States to disclose up to one million Canadians' tax information to the IRS, get minutes of discussion. Yet we have prolonged hours on things that we agree to. That is all

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, as my colleague from the finance committee has confirmed, earnings based on the matching grants provided by the government will be taxable income under the IRS. It is absolutely perverse that the Canadian government is putting in these funds to benefit Canadian

Finance committee   child care benefit, the child tax credit, the WITB which I mentioned, and I think one other. They directly try to help low-income families. Those are the ones that could be rationalized and simplified and made more accessible to Canadians. Another point is that many low-income

Finance committee   rather than directly to the U.S. Internal Revenue Service. The CRA will then exchange the information with the IRS through the provisions of the existing Canada-U.S. tax convention. The 30% FATCA withholding tax will no longer apply to retail clients of Canadian financial institutions

Finance committee  . This report shows that Canadian companies are significant taxpayers, with an average total tax rate of 33.4% of profits. In conclusion, the CCCE strongly supports the intergovernmental agreement negotiated by the government and looks forward to its full implementation. I'd be happy