The Isaac Brock Society and Maple Sandbox today issued a joint letter to Mr. Terry Campbell, President of the Canadian Banker’s Association, detailing their opposition to FATCA. The letter, which was hand delivered to Mr. Campbell’s office, is reproduced below. As well, you can download the PDF of the letter here.
November 12, 2013
Canadian Bankers Association
Dear Mr. Campbell,
As citizens and residents of Canada, we are strongly opposed to the Canadian Bankers Association’s (CBA) recently-stated advocacy for an intergovernmental agreement (IGA) that would allow the government of the United States – through the Foreign Account Tax Compliance Act – to impose its tax laws in Canada.
Such an agreement would represent a gross violation of Canadian sovereignty and would violate the rights of Canadian citizens and residents under the Charter of Rights and Freedoms, the Canadian Human Rights Act, the Personal Information Protection and Electronic Documents Act, and other legal guarantees. The CBA’s claim that an IGA would mitigate these violations in any meaningful way is illusory.
There are an estimated one million people in Canada who have, one way or another, connections to the U.S. that would place them, through FATCA, on the U.S. Internal Revenue Service’s radar screen. Add in family members, who are also caught up in this net, and the one million gets closer to four million – that’s nearly 12% of the Canadian population! Continue reading Letter to Canadian Bankers Association, Issued Jointly by Isaac Brock Society and Maple Sandbox, in Opposition to FATCA →
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. Continue reading Canadian Investment Executive and Canadian Bankers Association Preparing for FATCA →
On another thread last week, Badger wondered what happened to the opinion piece that Maura Drew Lytle of CBA had advised Brock had been submitted to Washington Post.
I sent an e-mail to Maura on Friday. This morning, I received this reply from her.
Yes, we did submit an opinion piece to the Washington Post about FATCA to try to get the attention of U.S. policymakers as part of our strategy to fight for changes to FATCA. They are the ones who have the ability to make changes. Unfortunately, the newspaper did not publish the piece but I have attached it here for your information. Advertising in major U.S. newspapers is prohibitively expensive: this is one of many issues that we work on and we don’t think that it would be the best use of resources. Instead, we are focusing on discussions with the Canadian government and U.S. authorities for a solution that will be more palatable for the situation in Canada. As you’ve seen in my post on the Isaac Brock Society forum, our president also talked about FATCA in speeches this spring and we will continue to look for other opportunities to raise our concerns.
I reiterate again that Canadian banks are opposed to FATCA and are well-aware that FATCA, as it is currently written, may contradict Canadian legislation. Discussions are on-going so it is too early to jump to conclusions about what Canadian banks may or may not be required to do to comply with FATCA. We continue to work hard behind the scenes to find a solution to this issue.
Best regards, Maura
Maura Drew-Lytle | Director, Media Relations and Communications | Directrice, Relations avec les médias et Communications
Maura attached a copy of the opinion piece by CBA President Terry Campbell.