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Questions on the Order Paper Mr. Speaker, Canada is one of 113 jurisdictions that have signed a model 1 intergovernmental agreement, IGA, with the United States of America, U.S., with respect to the Foreign Account Tax Compliance Act, FATCA. Under the IGA, the CRA acts as a conduit to facilitate
January 27th, 2020House debate
Diane LebouthillierLiberal
Finance committee I'm hesitant to advocate for more information sharing where the safeguards are not in place. I wanted to make that comment. Going to the credit unions, we had FATCA, I think it was called, introduced a while ago. The burden on the compliance for credit unions, especially some
March 28th, 2018Committee meeting
Francesco SorbaraLiberal
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
Questions Passed as Orders for Returns With regard to the United States (U.S.) Foreign Account Tax Compliance Act (FATCA): (a) when was the government first made aware of this legislation and how; (b) what steps has Canada taken since the legislation's introduction in the U.S., broken down by year; (c) during
January 27th, 2014House debate
Scott BrisonLiberal
Questions Passed as Orders for Returns With regard to the implementation of the Foreign Account Tax Compliance Act (FATCA): (a) what steps has Canada undertaken to complete an Inter-Governmental Agreement (IGA) with the United States; (b) with what type of legal instrument will the government enact a FATCA
January 27th, 2014House debate
Ted HsuLiberal
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 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 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
Budget Implementation Act, 2016, No. 2 Madam Speaker, I thank my colleague for his very important question. When FATCA was introduced by the United States, there was much negotiation between our two countries on this issue. I will say that we do not want to overburden any institution with regulatory burden and extra
October 31st, 2016House debate
Francesco SorbaraLiberal
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
April 3rd, 2014House debate
Scott BrisonLiberal
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
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 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 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 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