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Canadian banks to be compelled to share clients' info with U.S.
This article has over 800 comments on it in the matter of a short time. FATCA is going to control all the worlds banks. Imagine if China has the USA do this to their citizens who now live in the USA, or Russia , or ex Cubans or ex North Koreans .. Those who came to invest, work and live in the USA forever, yet their countries back from where they were born want their money due.. I think there will be less immigration. The economies will stagnate.
So far the banks' protests have changed little. The best they have been able to do is take some of the heat off themselves directly. Canada is close to negotiating an Inter-Governmental Agreement (IGA) with the U.S. to implement FATCA.
Once in place, the bank would no longer be required to send private customer information directly to a foreign government agency. Instead, Canadian banks will flag their customers to the Canada Revenue Agency, and — under the terms of the agreement — the CRA will be the one that automatically transmits all the information to the IRS.
'Infringement of liberty and privacy'
To enact the IGA, the Canadian government would almost certainly need to introduce a new law or amend existing ones to allow financial institutions to breach the privacy of Canadian citizens and residents.
It’s not clear how that can be done without running afoul of the Canadian Charter of Rights and Freedoms.
Once in place, the bank would no longer be required to send private customer information directly to a foreign government agency. Instead, Canadian banks will flag their customers to the Canada Revenue Agency, and — under the terms of the agreement — the CRA will be the one that automatically transmits all the information to the IRS.
'Infringement of liberty and privacy'
To enact the IGA, the Canadian government would almost certainly need to introduce a new law or amend existing ones to allow financial institutions to breach the privacy of Canadian citizens and residents.
It’s not clear how that can be done without running afoul of the Canadian Charter of Rights and Freedoms.
Perhaps to add insult to injury, the individual Canadian financial institutions being deputized by the IRS to sniff out wayward U.S. taxpayers need to cover the cost of the added scrutiny, monitoring, and reporting themselves.
The CBA estimates it will likely cost the big banks $100 million each to comply with FATCA.
http://www.cbc.ca/news/politics/canadian-banks-to-be-compelled-to-share-clients-info-with-u-s-1.2437975
The USA and Eritrea are the only 2 countries in the world that are citizenbased taxation.
http://en.wikipedia.org/wiki/International_taxation#Citizenship
The other countries, 193, are resident based taxation. (same link as above)
Residential systems face the daunting tasks of defining "resident" and characterizing the income of nonresidents. Such definitions vary by country and type of taxpayer, but usually involve the location of the person's main home and number of days the person is physically presence in the country.
There is a record number of return of Green Card Holders, Renunciations and Relinquishment of USA citizenships .
http://www.cnbc.com/id/101195604
http://www.bbc.co.uk/news/magazine-24135021
I know many on DU will say " Don't let the door hit you when you leave." but think of it. The USA is turning people who would be great ambassadors abroad into sad ex pats. Also the loss of jobs for Amercans as most countries now are not allowing Americans to open bank accounts or are interested in hiring Americans.
It is strange that what is wrong for Eritrea to do is Okay for the USA to do.
http://www.cbc.ca/news/politics/eritrean-diplomat-ordered-out-of-canada-after-tax-on-ex-pats-1.1309691
The CBA estimates it will likely cost the big banks $100 million each to comply with FATCA.
http://www.cbc.ca/news/politics/canadian-banks-to-be-compelled-to-share-clients-info-with-u-s-1.2437975
The USA and Eritrea are the only 2 countries in the world that are citizenbased taxation.
http://en.wikipedia.org/wiki/International_taxation#Citizenship
The other countries, 193, are resident based taxation. (same link as above)
Residential systems face the daunting tasks of defining "resident" and characterizing the income of nonresidents. Such definitions vary by country and type of taxpayer, but usually involve the location of the person's main home and number of days the person is physically presence in the country.
There is a record number of return of Green Card Holders, Renunciations and Relinquishment of USA citizenships .
http://www.cnbc.com/id/101195604
http://www.bbc.co.uk/news/magazine-24135021
I know many on DU will say " Don't let the door hit you when you leave." but think of it. The USA is turning people who would be great ambassadors abroad into sad ex pats. Also the loss of jobs for Amercans as most countries now are not allowing Americans to open bank accounts or are interested in hiring Americans.
It is strange that what is wrong for Eritrea to do is Okay for the USA to do.
http://www.cbc.ca/news/politics/eritrean-diplomat-ordered-out-of-canada-after-tax-on-ex-pats-1.1309691
8 replies
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But not too many on DU participate in the Canada Group.
post this sort of topic in General Discussion -
You may not like the responses . . .
but you will get responses!
Exposure in many Groups is minimal - GD is a jungle - but thousands of viewers every day.
Posting the same article/thread in different forums/groups is normal here.
Give it a shot - post something in GD like this
but be warned aforehand . .
dress appropriately.
CC
