Monthly Archives: September 2013

“Lot of Tension” with Canada. “Gaping Hole.”

This article is actually about Panama-US FATCA negotiations.  Buried in the article holemay be a real glimmer of hope for Canada.

A lawyer who has been advising foreign firms on FATCA says:

“There is a lot of tension between the U.S. and Canada.”

That seems to indicate Canada is holding out.  On the other hand, he also said:

“The Canadians have been really exasperated by the inability of the U.S. to have more concessions”

So, that sounds like the U.S. is not budging, which is not good news.

But:

Treasury “is struggling to complete deals with China and Canada, leaving two potentially gaping holes in the FATCA dragnet,” tax experts said

Keep digging Jim Flaherty!

 

FATCA Protest Parliament Hill October 16

Two Moms in Tennis Shoes are at it again. WhiteKat and AtticusinCanada hope others will join them on Parliament Suspend  20091230Parliament Hill October 16 to try to stop FATCA.

Here is what AtticusinCanada posted in What’s New

Sandboxers! Our permit to protest FATCA on Parliament Hill Oct. 16th has been approved between the hours of 9.am. and 3 p.m. by Heritage Canada!

Score!

I can’t make it, but I hope lots show up.

Open Letter to Flaherty, Mulcair and Trudeau

Here is an Open Letter to Flaherty, Mulcair and Trudeau from Lynne Swanson red envelope(aka Blaze) in The Money Guide.

The letter asks a simple question:

Do all Canadians have the same rights under the laws of Canada and the Charter of Rights and Freedoms?

As the letter concludes:

The answer is equally simple: Yes or No.

We need the answer now. This nightmare had dragged on for too long.

 

 

NDP Revenue Critic Letter to Flaherty

We’re getting attention. NDP now seems to have a position on FATCA. I’m just not sure it’s the position we want.

Joe Arvay just sent me an NDP Revenue critic Murray Rankin Letter to Flaherty. Joe said he sent my Financial Post article to Rankin “and pestered him a bit, so it seems to have paid off.”

The letter focuses primarily on how information may be provided to IRS:

We are concerned that these negotiations may allow United States to bypass the established exchange of information between the Internal Revenue Service and the Canada Revenue Agency to instead get information directly from Canadian financial institutions. Concerns have been raised that such a system could potentially violate Canadian privacy laws. Furthermore, at this time, it is unclear of reciprocal information would be granted in return.

Alarming to me was this statement:

Cracking down on tax cheats should occur through international cooperation rather than unilateral action.

Does that sound to anyone else like the NDP has joined the tax cheats bandwagon in writing about us?!? Flaherty has been clear since the beginning of this nightmare that we are not!

The letter goes on:

What’s more, the secrecy of the negotiations over this agreement has left Canadians in the dark as to the integrity of their personal banking information. The Canadian government should be standing up for the civil liberties of Canadians. Furthermore, the Conservative government must ensure that any agreement reached is fair for Canada.

In the interest of transparency, fair taxation and respect for privacy rights, we are asking the government to reject any agreement that violates the rights Canadians or that fails to offer Canada equal benefits to those provided to the United States.

So, NDP does make some small mention of our rights, but the major focus seems to be on IRS not being able to get information directly from banks and on “equal benefits” to Canada.

When I pointed this out to Joe, he cautioned me:

It is a politicians letter not a lawyer’s so don’t read more into it than need be. The NDP can’t waive Canadians legal and constitutional rights

Have the NDP Brass sold out to the Obamacrats?

(cross-posted at IBS)

On October 14, 2011, the BC Caucus of the NDP sent a letter to Finance Minister Jim Flaherty and Foreign Affairs Minister John Baird about FATCA. The letter states five objectives which the caucus said should guide Canada’s negotiations with the US on FATCA. (See BC Caucus Letter to Flaherty and Baird re-IRS, please read the objectives on page two). I and, I think, any reasonable Canadian could accept an IGA if it incorporates and respects ALL of these five objectives. I cannot support an IGA that fails any of these five, nor can I support a political party that would sell out any of these five objectives. It sure looks to me like a clear and excellent policy statement.

Tom Mulcair said in Toronto Thursday (see the other threads) that the NDP doesn’t have a position on FATCA and won’t until he consults his caucus. Sorry, Tom, but twelve BC members of your caucus actually listened two years ago to their US-born constituents and formulated a position before you were chosen leader. What’s wrong with that position? Why haven’t you endorsed it, and why have you waited this long even to answer questions about FATCA, refusing to date even to acknowledge receipt of emails sent to you from around Canada concerning FATCA?

The answer, my friends, may be blowing in the following quotation from a fund-raising appeal sent by NDP National Director Nathan Rotman about a week ago to all NDP party members.

“We’ve got some of the best talent in the world working with us here at New Democrat headquarters. For example, Jeremy Bird, an Obama campaign strategist and architect of the most impressive field campaign in electoral history.”

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