This Toronto Centre by-election has been interesting NOT for what has been said, but for what has NOT been said. In fact, nothing has been said. It’s as though there are no issues. Most of the discussion (to the extent that there is any) is about, well, nothing at all.
It’s the FATCA issue stupid. FATCA is a U.S. law that the U.S. is trying to impose on Canada. Yes, hard to believe but true. What’s worse, 200 years after the War of 1812, Canada may surrender to it. Why? Well, the Canadian banks under the leadership of the Canadian bankers association are lining up to support the surrendering of Canada’s Sovereignty to the United States.
To learn more about FATCA visit RepealFATCA.com.
To learn more about how FATCA affects Canadians read this October 31, 2013 article at MacLeans.
The article includes:
FATCA, in case you don’t know, stands for Foreign Account Tax Compliance Act, a piece of U.S. legislation that requires financial institutions around the world to disclose to the IRS foreign accounts held by American citizens and others who might owe money to Uncle Sam.
To say that FATCA is controversial is an understatement. The law is so complex and onerous to implement that some foreign banks have reportedly kicked out their U.S. clients in order to avoid dealing with it. Americans living abroad are queuing to give up their U.S. passports over it. The other problem with FATCA is that it asks foreign banks to do things that are often illegal in their home countries, such as passing on certain private information.
It has caused a stir in Canada as well, but the press here generally portrays it as something that affects only dual citizens and green-card holders. Given the number of Americans who live in Canada, that would be enough to make it a big issue (and a big headache for Ottawa). But the truth is FATCA has the potential to touch a much larger number of unsuspecting Canadians.
Want to know more about how it might all play out? Well, Hsu and Brison are a good place to start.
On Oct. 25 and 28, respectively, each MP separately submitted a long lists of questions to the government that provide an excellent map to many of the issues surrounding FATCA. I’ve teased out some the highlights below—the government has 45 days to get back to them.
Maybe the residents of Toronto Centre should join the Isaac Brock Society protest.
Toronto Centre Candidates:
If you care about:
– Canada’s sovereignty as a nation: whether Canada makes it own laws or should be subject to U.S. laws
– whether the current Conservative Government is getting ready to sell the country to the USA
– whether Canada is a county that is run for the benefit of the banks or run for the benefit of the people
– whether the Canadian banks should be allowed to hurt Canada in order to help the banks
– whether Canada’s Charter of Rights should apply to all people (including people of U.S. citizenship/origin)
– whether your local bank should be an IRS collection agent
– whether a percentage of Canada’s GNP should be turned over to the USA every year
– and more
You need to educate yourself about FATCA.
The candidates in Toronto Centre need to take a position on FATCA.
It really is time for each and every candidate to explain their position on FATCA.
Let’s ask them:
Please do respond in the comment box.
- New U.S. foreign account crackdown could hit unsuspecting Canadians: Alini (canadianbusiness.com)
- RepealFATCA.com Files Freedom of Information Act Request on ‘Intergovernmental Agreements’ (1389blog.com)
- Liberal byelection candidate Chrystia Freeland is still thinking about the U.S. (torontocentredebates.wordpress.com)
- Canada’s Charter of Rights – Political Debates and #TorCen Debates (torontocentredebates.wordpress.com)