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”