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, Mr. Chair. I'd like to set the context before I move the first of several amendments to part 5 of the budget implementation act pertaining to the implementation of the U.S. Foreign Account Tax Compliance Act, or FATCA, as it's more popularly known. I'd like

Economic Action Plan 2014 Act, No. 1   by the members. Instead everything is thrown into one budget bill. Because there are so many areas that the bill touches on, I am only going to be able to mention three or four this evening, unfortunately, but I want to speak first of all about the changes to FATCA. This is the foreign

Economic Action Plan 2014 Act, No. 1   an American initiative called FATCA. This is a budget that most tellingly would do little or nothing to address the almost 300,000 Canadians who are unemployed, 300,000 more than after the recession of 2008. Those people are not back to work. Nor would it help to replace the 400,000

Canada Revenue Agency  Mr. Speaker, here is another Liberal broken promise. The Conservatives signed a deal to implement FATCA and hand over private financial information of a million Canadians to the United States. During the campaign, the Liberals said that the deal violated privacy rights and might

Finance committee  Chair, the purpose of proposed amendment NDP-1 is to delete reference to new penalties under the FATCA intergovernmental agreement implementation. Clause 27 makes failure to comply with new section 267 an offence punishable by summary conviction. Obviously, we're not in favour

Questions Passed as Orders for Returns  With regard to the Canada Revenue Agency’s (CRA) response to the provisions of the Internal Revenue Service (IRS) regarding the Foreign Account Tax Compliance Act (FATCA): (a) according to the government’s analysis, do the FATCA provisions comply with the provisions

Economic Action Plan 2014 Act, No. 1   services from Canadians across the country. I also want to raise the issue of FATCA. This may be something the majority of Canadians do not know much about, but for Canadians who hold dual Canadian-American citizenship, the bill is very troubling. An entire bill about FATCA

Finance committee  Fine. I think I have time for one more question. Under votes 1b and 5b, the Canada Revenue Agency is seeking funding for the implementation of the intergovernmental agreement between Canada and the U.S. in relation to the Foreign Account Tax Compliance Act, or FATCA. When

Economic Action Plan 2014 Act, No. 1   to explain exactly what U.S. indicia are. The whole point of my comments was that there are a number of problems between this government and the U.S. government regarding tax compliance. FATCA makes it worse. FATCA would actually distribute a whole lot of information to the U.S

Economic Action Plan 2014 Act, No. 1   in the United States. The U.S. government has decided that these children are now captured by FATCA, so this individual would have his personal tax information, personal banking information, and the contents of his bank accounts reported to the U.S. for the purpose of its tax compliance

Economic Action Plan 2014 Act, No. 1   exchange because the information is flowing in one direction only. It is a tax treaty designed to comply with the United States' unilateral measure, FATCA. This measure could jeopardize dual citizens holding both Canadian and American citizenship. They could be seen as Americans who

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, I asked this question of the member for Winnipeg South Centre and it was ducked, so I am hoping the member opposite will not duck it. On the FATCA portion of the budget implementation bill, a former U.S. diplomat, James Jatras, has said: The primary purpose

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, the implementation of FATCA would have serious implications on children in the member's riding. The implementation of FATCA, according to James Jatras, who was a former U.S. diplomat, would have the purpose of nullifying Canadian protections under the Bank Act

Economic Action Plan 2014 Act, No. 1  Mr. Speaker, we have seen some estimates. When FATCA was first introduced, Scotiabank estimated that it had to set aside $100 million to gather all of this information, and that was just for Scotiabank alone. It is an incredibly expensive thing to do. There are 17 million