“Canadians affected by FATCA have every right to feel betrayed by their adopted country.”
That is one of many superb comments in today’s Toronto Star: U.S. tax deal jeopardizes Canadians’ privacy: Tim Harper
Reviewing this, I think we can safely conclude Tim Harper listened closely to what was said Finance Committee testimony:
Here are some of the other key points:
If one wants another clear-eyed illustration of the power imbalance between Washington and the federal Conservatives, one need look no further than a tax deal signed between the two countries last winter.
It is a deal which imperils the privacy of up to a million Canadians and creates a two-tier level of citizenship in this country, discriminating against citizens based on their ethnic origin.
FATCA is something that should be alarming in an era of NSA spying and telecom information gathering for governments.
On the CRA issue:
Ottawa may see this two-step as a means to guard privacy. Those affected see it as double jeopardy.
On the choices:
What the Conservatives didn’t have to do was essentially embed foreign legislation into their budget bill.
On the constitution:
The Conservatives have likely set themselves up for the courts to again ultimately decide on the constitutionality of this move.
Canadian financial institutions must begin handing over information by July 1, a Canada Day repudiation of our own sovereignty.