Economic Action Plan 2014 Act, No. 1  , it will not assist the IRS, in collecting U.S. taxes. Also, there are no new taxes being implemented through FATCA, and no new taxes that Canadians need to worry about. In our negotiations, we obtained a number of significant concessions that would not normally have been included

Finance committee   with the Minister of Finance that entering into the IGA with the U.S. was beneficial to Canada. Had Canada not entered into the IGA, Canadian financial institutions would have faced the unenviable dilemma of either complying with Canadian law and risking FATCA's 30% withholding tax or complying

Finance committee   have the payment and the taxpayer ID, and a software program, either in the United States or in Canada, could quickly be run to see if I had disclosed that information—the interest income—on my Canadian tax return. That's the system that has been ongoing, and I think it's the most

Finance committee   means in terms of the lives of Canadians, and precious little in terms of what it means in terms of the country itself. The simple fact of the matter is that FATCA, once implemented, will allow the U.S. to put a permanent capital tax on Canada every day of every year for as long

Taxation  , and Canadian financial institutions. The agreement addresses those concerns. The agreement relies on the existing framework under the Canada-U.S. tax treaty. Under the agreement, Canadian banks will not report information directly to the IRS. In our negotiations, we obtained a number

Finance committee   a situation where because of this, Canadian financial institutions will not have to report directly to the IRS. This protects Canadian privacy, and I think that's what most of us here are really worried about, protecting that financial privacy of Canadian citizens. As for American citizens

Finance committee   are inherently less likely to travel for work than workers from the United States. Funnily enough, the IRS allows deductions for travel to obtain temporary work against income. Here is an opportunity to make Canada's workforce more productive and reduce taxes for everyday Canadians. I

Economic Action Plan 2014 Act, No. 1   to allow for a tax credit for volunteers conducting search and rescue. We think that is very important. It is a small measure, but for those who risk their lives to protect Canadians, we think it is a good measure. Now, let us get to the bad things that are in Bill C-31. Let us start

Finance committee  Right, okay. The Conservative government keeps saying that they're not assisting with U.S. tax collection. It seems to us rather absurd when you consider that they'll be systematically gathering information and spending millions of Canadians' tax dollars to send

Economic Action Plan 2014 Act, No. 1   to transmit personal and confidential information to any police force, without the taxpayers’ consent. This is a frontal attack on Canadian tax confidentiality. This clause violates the right to liberty. It is going to lead to unreasonable searches. That is why we must not go ahead

Finance committee  Thank you. Each year, Canadians provide the CRA with information on their registered accounts, their TFSAs and their registered disability and education savings plans, on their tax returns. Once a Canadian is identified as a U.S. person, can the CRA then share that information

Finance committee   let's talk for a minute about tax havens and offshore accounts. The committee has heard various estimates of the amount being held by Canadian individual and corporate taxpayers in offshore accounts. If those numbers are to be believed, it's in the billions of dollars. No one seems

Economic Action Plan 2014 Act, No. 1   to do with a budget bill. Once again, it is an omnibus budget bill and so our government decided to accept almost holus-bolus things such as the decision to allow the IRS to have some of the most sensitive information Canadians hold namely, their personal financial information, under

Economic Action Plan 2014 Act, No. 1   account tax compliance act, and Bill C-31 moves to implement a Canada-U.S. intergovernmental agreement about FATCA. What is FATCA? The bill means that Canadian-U.S. dual citizens would find that they would have their financial information scrutinized by the American government, even

Economic Action Plan 2014 Act, No. 1   cause real grief and hardship for about a million Canadians who may find themselves swept up, not as U.S. citizens, but described as U.S. persons. I refer again to the Foreign Account Tax Compliance Act. This is unusual in a lot of ways. My friend from Victoria and I are both