“FATCA is really a sea change,” according to Queen’s University professor Arthur Cockfield.
The testimony of Professor Cockfield, McGill University Professor Allison Christians and lawyer John Richardson were reported in FATCA Sea Change, an article by Lynne Swanson (aka Blaze) that was published today in Tax-News, a global tax news service.
Professor Christians advised:
FATCA, as reflected in the bill before us today, tells us to ferret out our own citizens as likely U.S. tax debtors and present them and their financial resources to our most important treaty partner in an agreement of dubious status that may not even be a tax treaty,”
John Richardson insisted:
It’s extremely important, absolutely essential, under any FATCA agreement that the definition of a U.S. citizen could never, never, never include any Canadian citizen who is a resident in Canada.
Professor Cockfield agreed with constitutional experts that FATCA violates the Charter of Rights and Freedoms, He calls FATCA:
“A gotcha penalty regime”
“A very dangerous precedent.”
The article reports Canadians are fundraising through Alliance for the Defence of Canadian Sovereignty for a legal and constitutional challenge to FATCA if it passes as it is currently written.