December 5, 2012
The Progressive Canadian Party presents
A Fact Finding Forum on U.S. Tax Grab in Canada
“FATCA”: What is at Stake for Canada and Canadians?
Saturday, December 15, 2012 11:00 a.m. – 6:00 p.m. (doors will open at 10:00 a.m.) University of Toronto – Victoria College – Victoria College Building – Room VC115
In 2010, U.S. President Barack Obama signed into law the “Foreign Account Tax Compliance Act” (FATCA) with the stated purpose of detecting “U.S. persons” (which by U.S. Internal Revenue Service definitions would include many Canadian citizens residing in Canada) who may be hiding taxable income abroad. FATCA would place expensive data collection and reporting requirements on Canadian financial institutions: banks, stock and equity funds, pension funds, insurance companies, etc. – costs that would be passed on the Canadian consumer. A 30% withholding on U.S.-derived income would punish “recalcitrant” Canadian institutions for failing to provide the demanded information to the IRS.
In an effort to ease compliance costs for Canadian firms, the Government has indicated its interest in signing an intergovernmental agreement (IGA) with the U.S. under which the Canadian Government would enforce FATCA – a U.S. law – in Canada. An IGA also would override Canadian laws barring transfer of private information, such as Canada’s Personal Information Protection and Electronic Documents Act. On November 8, The Department of Finance has asked for comments from the Canadian public on a FATCA agreement with the U.S.
In an effort to help in developing responsible, well-analyzed submissions to the Finance Department, as well as to assist the Government, MPs, and the Canadian public in making informed choices, the Progressive Canadian Party invites you to a fact-finding forum on FATCA and consequences for Canada. Speakers include the following:
- The Honourable Sinclair Stevens, Progressive Canadian Party Leader, former MP and Cabinet Minister.
- Dorian Baxter, Progressive Canadian Party President.
- Professor Allison Christians, H. Heward Stikeman Chair in Tax Law, McGill University Faculty of Law.
- James George Jatras of www.repealfatca.com, Washington, DC; former U.S. Senate staffer and diplomat.
- Representative (name to be announced) of the Canadian Civil Liberties Association.
Among the questions to be addressed by speakers and in general discussion:
- What would be the costs of FATCA (with or without an IGA) for Canada and Canadians?
- Should the U.S. be allowed to make laws for Canadians? Is FATCA consistent with Canada’s sovereignty?
- Is FATCA consistent with Canadian privacy laws, the Canadian Charter of Rights and Freedoms, WTO, NAFTA, and principles of international law?
- Is the Government rushing into an IGA with the U.S.? Where are the Opposition and Canadian media?
- Would FATCA subject the retirement savings of Canadian citizens to confiscation by the IRS?