Here is the news release which was sent to Canadian media this morning:
Canada’s Banks: Would they Sacrifice Charter and Privacy Rights to Comply with Extraterritorial U.S. Tax Law?
November 12, 2013
For Immediate Release
TORONTO – U.S. Treasury officials are engaged in a financial attack on millions of law-abiding Canadians and Canada’s banking industry appears ready to help them win.
An open letter sent today to Terry Campbell, President of the Canadian Bankers Association (CBA), urges him and his association to abandon their policy of capitulation to unreasonable U.S. demands and instead defend the rights of Canadians everywhere. The letter is a collaborative effort of Canadians from coast to coast. Most are participants at the Isaac Brock Society and Maple Sandbox websites at which the letter is posted online.
Under the Foreign Account Tax Compliance Act (FATCA), the U.S. demands that Canadian financial institutions identify “U.S. persons” among their customers and report comprehensive financial information on them to the U.S. Internal Revenue Service. This would include millions of Canadians with U.S. connections, however tenuous. Continue reading