Finance committee   of those people would be. What does FATCA do to ensure the protection of these citizens living in Canada against any possible penalties from the IRS? Where is the line as to where CRA will help or not help the IRS to act against someone living in Canada?

Finance committee  Right. When you look at the exchange of information that's coming under FATCA, how does that compare to our existing tax exchange? I guess there would probably be a lot of detail within the existing tax exchange agreements. Is it comparable information? I can't imagine it would

Finance committee  Thank you very much, Mr. Chair. Thank you, Minister, for being here on your maiden voyage in the finance committee. I'd like to continue on the line of questioning on the Foreign Account Tax Compliance Act. The fact is that FATCA is a U.S. law, so it affects some 7.8 million

Finance committee   in the technology that would allow them to screen these accounts. No matter what happens, under FATCA they would have been ordered to comply, and therefore would have had to make these same investments in their technology to trace these accounts. Is that so?

Finance committee   with FATCA, as opposed to with the IGA. So what are you seeing in your financial institutions with respect to the cost to comply with this? Is it better under the IGA or is it relatively the same? Because you're going to have to pick this information up out of the accounts

Finance committee  Thank you very much, Mr. Chair. I just want to make one clarification to Ms. Swanson. I in fact am the one who stated that the U.S. Congress has spoken. I freely admit that. When I said that, we were in Washington and pressing the Treasury Department on this whole FATCA thing

Finance committee  : a) Where the Account Holder information unambiguously indicates a U.S. place of birth, the Reporting [FATCA Partner] Financial Institution obtains, or has previously reviewed and maintains a record of: (1) A self-certification that the Account Holder is neither a U.S. citizen nor a U.S

Finance committee  Yes, and that would be the filing on the FATCA side, but certainly on the filing of taxes, too.

Finance committee  . So with that case, if you had to go under FATCA and had a one-to-one contract relationship with the IRS, if you will, then I'm assuming that it would have been a much more significant investment on your part than having to specify, along with the exclusions of the registered

Finance committee  Mr. Chair, through you, I just have a couple of comments and clarification questions for our witnesses. Mr. Ernewein, you did indicate that there is a narrower level of information that is being contemplated under the IGA than what would have been contemplated under FATCA

Finance committee  I have just one last point on some of the procedures as well. Under the U.S. FATCA, if we didn't have an IGA, would that also contemplate account closings for U.S. citizens, for example, and banks may potentially have to close accounts?

Finance committee   to the comment about restrictions within the IGA that would ultimately make the IGA non-implementable, which would ultimately lead to the U.S. imposing FATCA on Canada itself in the absence of an IGA. I can't support that and just to confirm that with the official.... Also, if you wouldn't

Economic Action Plan 2014 Act, No. 1  , or are supposed to have filed, since 1913. FATCA came about in 2010. Does the member remember the testimony in committee that it is actually going to be taxable on the way out, so it might not necessarily even apply?

Economic Action Plan 2014 Act, No. 1   there are reasonable grounds that there has been serious criminal activity happen and only in that case. Does he not think that it is important to ensure that we are able to cover that off? The second question is with respect to the FATCA provisions. Given his tremendous length of experience, he

Economic Action Plan 2014 Act, No. 1   is a bit of the history of where we are and how we got here, a bit of what FATCA is and what it is not, and what the repercussions would have been if we had just let FATCA happen as opposed to taking the initiative to sign an intergovernmental agreement with the U.S. I would also like