Questions Passed as Orders for Returns  With regard to the Canada Revenue Agency’s (CRA) responses to the provisions of the Internal Revenue Service (IRS) regarding the Report of Foreign Bank and Financial Accounts (FBAR): (a) according to the government’s analysis, do the IRS provisions comply with the provisions

Finance committee  If I may, I will answer that question. Currently, the Internal Revenue Service has a program called “Streamlined”, to allow non-compliant U.S. citizens to come into compliance. What they are requiring as part of that is six years of foreign bank account reports, known as FBARs

Finance committee  I think people do confuse FATCA with IGA, where in fact the IGA displaces FATCA. It says instead of FATCA we'll do this, so that is an important point. I would also say that as a result of FATCA and the discussion around it and FBAR a couple of years ago I think

Taxation   to file. As such, our government called on the U.S. government to look upon these individuals with leniency. We were also clear that penalties imposed by the IRS under FBAR will not be collected by the Canada Revenue Agency on their behalf. Can the parliamentary secretary please

Taxation  Mr. Speaker, I want to thank my colleague for this very important question. We share this concern and raised this issue directly with the U.S. government. We have also been very clear: any penalties imposed by the IRS under FBAR will not be collected by Canada. As such, we have

Taxation   have to do more, which is why we asked the United States government to treat these people with clemency. We also clearly explained that the Canada Revenue Agency will not collect the fines imposed by the IRS under FBAR on their behalf.

Finance committee  The primary reporting requirement in the United States is both on the tax return and on a separate form called an FBAR, a Foreign Bank Account Report. It's a special treasury department form. Until three or four years ago, very few people knew that this form existed. It had been