Opinion Piece from Canadian Bankers Association to Washington Post (Not Published)

On another thread last week, Badger wondered what happened to the opinion piece that Maura Drew Lytle of CBA had advised Brock had been submitted to Washington Post.

I sent an e-mail to Maura on Friday.  This morning, I received this reply from her.

Hello (Blaze),
Yes, we did submit an opinion piece to the Washington Post about FATCA to try to get the attention of U.S. policymakers as part of our strategy to fight for changes to FATCA.  They are the ones who have the ability to make changes.  Unfortunately, the newspaper did not publish the piece but I have attached it here for your information.  Advertising in major U.S. newspapers is prohibitively expensive: this is one of many issues that we work on and we don’t think that it would be the best use of resources.  Instead, we are focusing on discussions with the Canadian government and U.S. authorities for a solution that will be more palatable for the situation in Canada.  As you’ve seen in my post on the Isaac Brock Society forum, our president also talked about FATCA in speeches this spring and we will continue to look for other opportunities to raise our concerns.
I reiterate again that Canadian banks are opposed to FATCA and are well-aware that FATCA, as it is currently written, may contradict Canadian legislation. Discussions are on-going so it is too early to jump to conclusions about what Canadian banks may or may not be required to do to comply with FATCA.  We continue to work hard behind the scenes to find a solution to this issue.
Best regards, Maura
Maura Drew-Lytle | Director, Media Relations and Communications | Directrice, Relations avec les médias et Communications
Maura attached a copy of the opinion piece by CBA President Terry Campbell.

 

31 thoughts on “Opinion Piece from Canadian Bankers Association to Washington Post (Not Published)

  1. Arrow

    @all
    I’ve been away for a couple of weeks backpacking in the Rockies — no wireless, no newspapers, no email, no cell phones — heaven.

    Many of you are asking about credit unions. I have written a 2000-wd magazine piece on how credit unions in BC (and nationally) are dealing with FATCA. I can’t share details with you now, but the piece will be published in BC Business magazine on Oct. 1. The magazine is hoping this will spark significant reader comment, and everyone at IBS is welcome to go online and submit a letter to the editor. Here’s what the BCB Editor said in a post
    I got this morning:

    “You can just let them know to look for your story in our October issue, which will be out first week of October. It should be online by Monday, Oct. 8. If they want to send a letter to the editor, they can address it to:

    bcb@canadawide.com

    and put “letter to the editor” in the subject line.

    Thanks — Here’s hoping for a lively discussion!”

    So — go for it Brockers. And don’t hesitate to take a shot at the piece if it doesn’t meet your expectations. After 40 years of doing this, I’ve got a very thick hide. My one almost-daily panic is that magazine deadlines are such that the story must be submitted at least two months before publication — and a lot can change on a file like this in a couple of months. I’m praying the whole thing isn’t irrelevant by the time it sees the light of day.

    BTW — on our backpacking trip, met a couple from Virginia. They were astounded when we filled them in on FATCA, FBARS, citizenship-based taxation etc. — they knew NOTHING about this issue and were horrified that their governmet is inflicting this kind of pain on expats.

    Reply
    1. tiger

      @Arrow

      Really look forward to the piece and the discussion that follows. I doubt it will be irrelevant by early October – Flaherty and others in Ottawa are completely silent on the whole thing.

  2. Blaze Post author

    @CanuckDoc: Thanks. Outraged and I are trying to stay on top of the Spam. but it keeps sneaking in–especially in the wee hours of the morning.

    Reply
  3. Blaze Post author

    @Tiger: Thanks for that clarification.

    The important point is no Canadians have to report on their total assets within Canada. Canadians and our banks are only required to report income from those assets to CRA.

    An IGA where banks report to Canadian government to report to a foreign government would single out one group of people based on place of birth (or even worse based on place of birth of one parent!).

    Reply
  4. tiger

    @Blaze

    Although Canadian citizens and residents need not report to CRA all of their assets, they are required to report any ‘foreign’ assets with a cost basis greater than $100,000 on the front page of the tax return (Form 1135). On that form they must also report any income/earnings that result from those assets. It actually does not take alot to exceed the $100,000 threshold if someone were to have expensive real estate abroad.

    Reply

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