Are you panicking about FATCA? Are you looking for a “helping hand” because you are “in need of advice and reassurance?”
Coming Soon: Canadian Investment Executive to Your Rescue!
Investment Executive Encourages Canadian Investment Advisors to help you come to terms with your obligations to a foreign government.
As is usual, there is no mention of Canadian Protections from IRS. There is no mention of Canadian laws or Canadian Charter of Rights and Freedoms. There is no mention of the possibility of a getting a CLN because you may have relinquished when you became a Canadian citizen.
Instead, to help you out, Investment Executive recommends back filing US taxes. They say:
“They’re often extremely upset, frustrated and angry.”
Meanwhile, over at Brock, Canadian Bankers Association has once again told how strongly they have advocated on our behalf (which is mainly their same old hymn about the administrative and financial burdens to banks).
CBA’s advocacy is now refocused:
In Ottawa, we have raised concerns with officials from the Department of Finance, the Minister of Finance and the U.S. Embassy. Finance Minister Jim Flaherty has supported our position and expressed his own concerns publicly and we appreciate the support from the Minister and his officials.
Unfortunately and despite worldwide efforts, U.S. officials have no intention of repealing FATCA. So, governments around the world have decided that developing bilateral intergovernmental agreements (IGAs) with the U.S. is the best way to ensure that the domestic rights of their citizens are respected while still sharing relevant taxpayer information bilaterally. Once the Canada/U.S. IGA is finalized, it will be reflected in Canadian tax law and financial institutions will have to abide by these requirements.
We believe this is the best approach and support the government’s actions because the alternative would potentially expose Canadians to punitive U.S. withholding taxes on income from their investments, including retirement income. The IGA should avoid that and ensure that Canadian law is respected. Until the IGA is made public, we won’t know exactly what the final requirements will be for financial institutions and their customers.
So, there you have it. CBA wants an IGA that will allow them to sell out their long time customers to a foreign government. We need to keep the pressure on Flaherty and Finance Canada to ensure our rights as Canadian citizens and residents are not compromised.
By the way, CBA continues to refuse to advise how they will determine who was born in U.S.