Big Week For FATCA News

There has been lots in the news about FATCA this week. In addition to the two CBC articles that were posted, there were others on CBC.
Gwen was on Metro Morning on CBC Radio
The next morning Gwen was on Ontario Morning on CBC Radio (I haven’t been able to locate that one to post here).
Allison Christians called FATCA ridiculous..extraterritorial..overreach on CBC News Now.
Then, there was a story by John Lancaster on CBC Toronto at 6:00. (begins at about 14.35.) Note CBA says “saying no to FATCA is like saying no to winter. Both will arrive.” Carol says US persons in Canada will be “toxic.” A government statement says they are powerless to change US tax law.  Note, the anchor says “Unbelievable” at the end.
The National with Peter Mansbridge also did a story by James Fitz-Morris on CBC that night featuring Calagay411, including a comment from Liberal MP Scott Brison.
Huffington Post picked up the story about Calagary411.
The next day, CTV Canada A.M. featured Allison Christians. (I viewed it online, but I haven’t been able to locate it today to post here.)
Also, the next day, CTV website featured a Q and A on FATCA.
From all of this, James Jatras posted that the Anti-FATCA Campaign Picks Up Steam in Canada.
Bahamas Weekly picked up James’ post with the headline Anti-FATCA Campaign Picks Up Visibility in US, Canada.
Allison Christians posted on her blog FATCA Rising in Canadian Media.
Victoria posted at Franco-American Flophouse on FATCA: Topic of the Day at CBC
Then, Forbes was covering the FATCA story with an article by the former head of the tax division of the U.S. Department of Justice. She writes about its complexity, says its consequences were not thought through, points to problems with IGAs and concludes Congress is “biting off more than the Administration can, or ought to, chew.”
However, a US Federal Court denied the lawsuits of the Texas and Florida banking associations who were challenging the requirement that they provide limited reporting under IGA reciprocity.
If you want the IRS off your back, starting scouring your client files for U.S. citizens now, advises one Toronto advisor.
As always, the Canadian compliance industry is singing the IRS FATCA song. Wealth Management is telling financial advisors:

“If you want the IRS off your back, start scouring your client files for U.S. citizens now”


5 thoughts on “Big Week For FATCA News

  1. Here’s one more from Friday on CBC Radio’s On the Island (That’s Vancouver Island–not Caymans, Bahamas or Bermuda).
    “How American are you?” asked the interviewer. Like many of us, John Schneider considers himself as Canadian only.
    He’s an “ordinary person”, a high school teacher in Victoria. John asks the same question we’re all asking

    Aren’t I protected by my own country?”

    I wonder if he knows about Maple Sandbox and Brock. Does anyone have any ideas how we might be able to contact him?

  2. great summary, Blaze. Gwen’s interview has it’s own post from January 13 but the link to her interview is:
    If John Schneider is following the comments on his interview, there are commenters who’ve mentioned us and Isaac Brock. Also, I just posted a comment, because I’m not sure he has passed on that toxic citizenship to his children, depending upon his age, and when his children were born. I thought he said he came here at age 8, but then I thought it was 11, but regardless, he didn’t reach the age of 14, which is one of the requirements. Let’s hope they’re not, and they’ve escaped the trap.

  3. I wrote to the host and asked him to pass my comment onto Jonathan, with info on this site & IBS. There are an awful lot of us here in Victoria. On The Island is doing an interview with a ‘professional’ on Monday. It’s not a call in show, unfortunately. But I can provide comments both online and via the talkback line.

  4. Crap. Stupid auto correct on my new phone… my above comment should be from Fifi! I should never post before having caffeine!

  5. On the Island read part of my feedback email onair. I made sure I referenced Maplesandbox and IBS, and Kalil read the websites on air.

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