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Economic Action Plan 2014 Act, No. 1 Mr. Speaker, I have a question on Part 5 of Bill C-31, specifically on the issue of FATCA and its application to registered savings plans, RRSPs, registered education savings plans, and registered disability savings plans. Those plans have matching grants provided
June 5th, 2014House debate
Scott BrisonLiberal
Economic Action Plan 2014 Act, No. 1 of Commerce. They actually questioned the chamber's true motives and suggested it was just self-interested lawyers who wanted to maximize fees, not employers who wanted to grow the economy and hire more Canadians. There has been a lot of discussion on FATCA. Members of the business
June 11th, 2014House debate
Scott BrisonLiberal
Economic Action Plan 2014 Act, No. 1 Mr. Speaker, he actually just said it. He said that, in fact, earnings on these matching grants will be considered taxable income in the U.S., and he is right. He spoke of an exemption. He is half right. There is an exemption for Canadian banks under FATCA
June 11th, 2014House debate
Scott BrisonLiberal
Economic Action Plan 2014 Act, No. 1 information. There are two places in this bill where Canadians’ privacy is attacked. To begin, my colleague has just talked about FATCA, and that is indeed the first element. The second element is the sharing of information between the Canada Revenue Agency and the police. We will start
June 11th, 2014House debate
Emmanuel DubourgLiberal
Economic Action Plan 2014 Act, No. 1 Mr. Speaker, first, let us start with the last point. The member mentioned FATCA and the information exchange with the Americans. He did say “information exchange”, but no provision is made for any exchange in the agreement that was signed. The Canada Revenue Agency will give
June 11th, 2014House debate
Emmanuel DubourgLiberal
Information & Ethics committee tax information exchange agreements in force. In 2010, the U.S. Congress passed the Foreign Account Tax Compliance Act, or FATCA. FATCA requires non-U.S. financial institutions to enter into agreement with the Internal Revenue Service, the U.S. tax department better known
April 14th, 2016Committee meeting
Diane LebouthillierLiberal
Information & Ethics committee My last question deals with the Foreign Account Tax Compliance Act, or FATCA. Madam Minister, you told us about the reciprocity between the Americans and the Canadians. How many documents do you estimate we could receive from the Americans in this regard? What kind
April 14th, 2016Committee meeting
Joël LightboundLiberal
Information & Ethics committee The financial institutions are aware of this kind of information exchange. I must emphasize that, if the agency had not signed an agreement with FATCA, the information exchange would be done by the banks. The fact that the agency is involved and that agreements have been reached
April 14th, 2016Committee meeting
Diane LebouthillierLiberal
Information & Ethics committee After we had obtained all the information about FATCA, we clearly would still have entered into agreements with the United States. FATCA is an American act. The position that was taken at the time really allowed the Canadian banking system, and Canadians with dual citizenship
April 14th, 2016Committee meeting
Diane LebouthillierLiberal
Information & Ethics committee That is true, but I must repeat that the difficulty was much more related to the process. If the process had involved all parliamentarians, we would probably not be here today discussing FATCA.
April 14th, 2016Committee meeting
Diane LebouthillierLiberal
Information & Ethics committee I would like to emphasize that FATCA is an American act and more than 100 countries have to comply with it in terms of Americans with dual citizenship, wherever they are in the world. As far as constitutionality is concerned, all agreements have been and are vetted
April 14th, 2016Committee meeting
Diane LebouthillierLiberal
Information & Ethics committee As I mentioned a little earlier, Canada had to come to an agreement on FATCA. We had to sign an agreement with the United States. The problem was the process in the House. There should have been open and transparent discussions with all parliamentarians.
April 14th, 2016Committee meeting
Diane LebouthillierLiberal
Information & Ethics committee As well, on the Canada Revenue Agency website, there is a special section on FATCA and everything that is involved.
April 14th, 2016Committee meeting
Diane LebouthillierLiberal
Information & Ethics committee Thank you very much, Mr. Chair. I just have a quick question. It's another arbitrary question. When the United States under FATCA asks a Canadian institution about a particular bank account, is there a threshold? It can go from zero to whatever, so is there a certain threshold
April 14th, 2016Committee meeting
Raj SainiLiberal
Information & Ethics committee Mr. Therrien, I have a quick question for you. So far this morning we've concentrated on individual personal accounts, but the FATCA also includes commercial accounts for commercial enterprises. Because that information is also privy to the agreement, in your estimation, do you
April 14th, 2016Committee meeting
Raj SainiLiberal