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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
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
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 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 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