Wow! Two major anti-FATCA shots. One from Rick Mercer on CBC. Another from a press release from the NDP.
Rick Mercer says
“Here’s another story about Canadian banks sharing their customers personal information with the United States because the person is allegedly American.”
His wife wonders if they could be considered American because of that one trip across to Niagara Falls USA.
Today, Murray Rankin, NDP Revenue Critic tweeted an NDP news release Canadians Deserve Answers on FATCA.
Murray Rankin Canadians deserve answers on #FATCA: #NDP http://ww on w.ndp.ca/o2A
“Canada cannot accept an agreement that violates Canadians’ rights,” said Rankin. “I am asking that the government acknowledge the very legitimate public concerns about the FATCA, bring transparency to this process and inform Parliamentarians on the state of negotiations as soon as possible.”
Well, this is interesting. John Weston, Conservative MP has tweeted the Rick Mercer spoof on FATCA.
John Weston, MP @JohnWestonMP 2h
“@suzanneherman1: @rickmercer spoofs FATCA http://www.youtube.com/watch?v=ConFWM-Pbfc …
” & – different story – highlights @Squamish2014 Tues, Jan 28 at 8pm PT. JW
Here are my tweets to Mr. Weston in response:
Lynne Swanson LynneBlaze 13m
@JohnWestonMP @suzanneherman1 @rickmercer @squamish2014 When will @JimFlaherty tell #IRS they can’t #FATCA Canada?
Lynne Swanson @LynneBlaze 11m
@JohnWestonMP Thank u 4 tweeting @rickmercer on #FATCA. Will u fight against #FATCA 4 Canada?
I can’t tell you how thrilled I am that FATCA is finally getting mainstream media attention and regular people are learning about this travesty! YIPPEE YAHOO!
Unfortunately, just as we are gaining speed in the Canadian media, the American media is full of negative articles about the Republican proposal to repeal FATCA. Here is just one of those articles.
http://thinkprogress.org/economy/2014/01/22/3191631/fatca-tax-evasion-repeal-rnc/
In addition, Twitter is chirping like crazy today about how sleazy the Republicans are to be helping #taxcheats.
A couple of new articles aimed at the Canadian investment industry.
The industry is obviously getting a bit antsy about the lack of an IGA
http://www.investmentexecutive.com/-/global-financial-reporting-regime-coming-?redirect=%2Fsearch
“We’re in a window in which we need to get [a Canada-U.S. IGA] very soon – in the next four to six weeks,” Taylor says, “or we’re going to have to look at some of the timelines again [for FATCA] implementation dates.”
And watch out for the smaller investment firms
http://www.advisor.ca/tax/tax-news/new-rules-for-u-s-taxpayers-in-canada-with-mutual-funds-141931
Advisors must be more diligent in determining whether clients truly are U.S. resident taxpayers, and remind them of their obligations. For our part, we won’t open accounts until prospects provide copies of their passports and sign IRS Form W-9 (Request for Taxpayer Identification Number and Certification).
Hazy, that information from advisor.ca is scary. I think it should have a thread of its own. Would you do that?
I’m stumped as to how financial advisors in Canada can ask clients if they are a “US client,” “US taxpayer” or “US person.”
They again conveniently neglected to mention CRA does not and will not collect for IRS for any Canadian citizen.
Has anyone consulted a lawyer regarding mutual fund or investment accounts? When three of us consulted Joe Arvay, we only spoke about bank accounts. We did not raise the issue of mutual funds or investment accounts. I would not be a good person to do a consultation about that because I don’t have either of those types of accounts.
? I didn’t think they could legally ask for a passport? Just two pieces of ID?
@Outraged: There seems to be a difference between what a bank can ask for to open standard bank accounts and what investment firms can ask for.
However, I don’t think they can demand a passport. Not all Canadians have passports. I know several (or all ages) who don’t.
I’m still stumped about how they can even ask the “US person,” “US taxpayer,” or “US citizen” question.