14 thoughts on “@TorontoCentre Debates: ALL #TorCen candidates invited to “#FATCA Centric” All Candidates – November 18/13

  1. Blaze

    Thank you for organizing this important debate. You have summed it up well: The most important issue Canadians are not aware of and Candidates won’t talk about!

    Full Disclosure: I am the author of the article you referenced from Op Ed News, as well as the author of several other articles.

    FATCA is about far more than “US persons” in Canada. It is about Canada’s sovereignty. If Canada capitulates to FATCA, what American demand will Canada capitulate to next? And, what happens if China, Russia, India, Iran or Eritrea make similar demands?

    FATCA is about Canadian laws and most importantly, the Canadian Charter of Rights and Freedoms. Do all Canadians have the same rights? The answer is simple: Yes or No.

    Are we going to change Canadian laws and violate the Charter for a foreign government. If so, lawsuits await.

    The fact Liberal, Conservative and NDP candidates refuse to reply to questions about FATCA is alarming, especially when Liberals and NDP are on record as being opposed to FATCA and Finance Minister Jim Flahery has called FATCA “extraterritorial” and “unwarranted.”

    Again, thank you for bringing this issue into an open debate. My prediction is the major parties will refuse to participate. I hope they prove my prediction to be totally wrong.

    Reply
    1. torontocentredebates Post author

      Blaze:

      Welcome to the Toronto Centre Debates blog and thank you for the article that we quoted. You say you have several other articles on this topic. If you could reply with the URLs would be happy to link to them or post them.

      This is an election where the candidates are looking for an issue. Yet FATCA the most serious threat to Canada’s sovereignty since the War of 1812 – is right under their noses. FATCA is begging for their attention, begging for their understanding, begging for their leadership and begging for their attention. FATCA is an evil institution. Yet, like the three monkeys, the three large party candidates sit in a row with willfully blind to FATCA:

      http://en.wikipedia.org/wiki/Three_wise_monkeys

      See No Evil – Liberals

      Hear No Evil – Conservatives

      Speak No Evil – NDP

      There is sometimes a fourth monkey which symbolizes “do no evil”. This would be reserved for the Green Party who, since January of 2013, have taken a consistent postion against FATCA.

      This is a time when Canada should expect leadership from its politicians in the face of FATCA – the great evil!

      Reply
      1. Blaze

        Here is one of the articles which was published in Financial Post:
        financialpost.com/2013/09/17/dual-canadian-american-citizens-we-are-not-tax-cheats/

        Here are two that were published in The Hill in Washington. I should have perhaps named this one Cruzing Out of Canada:
        http://thehill.com/blogs/congress-blog/foreign-policy/318061-nothing-against-the-united-states-until-now-

        These were cowritten with a woman in France:
        http://thehill.com/blogs/congress-blog/foreign-policy/313775-fatca-simple-premise-gone-terribly-wrong

        http://www.tax-news.com/articles/FATCA_Reality_Check__570962.html
        http://www.opednews.com/articles/FATCA-We-Are-Not-Myths-by-Lynne-Swanson-and-Congress_Privacy_Privacy_Privacy-131006-69.html

        One other one from Op Ed News FATCA Attack Around The Globe
        http://www.opednews.com/articles/FATCA-Attack-Around-The-Gl-by-Lynne-Swanson-Banks_Financial_People-131025-839.html

        I had two other Open Letters (one to Flaherty, Mulcair and Trudeau and one to Obama, Lew and Werfel published at The Money Guide, but they are no longer available on line. I will try to post them at Maple Sandbox sometime in the n ext few days.

  2. Pingback: FATCA Centric Debate–Toronto Centre November 18 | Maple Sandbox

  3. Ann

    Wasn’t the Liberal candidate living in the US until recently? She might be impacted by this too especially if any of her children were born there. The US is big on tagging its citizens for future tax contributions while they are too young to be allowed to legally renounce it. Hope they don’t have RESP’s yet. The IRS considers them taxable income, making them useless savings vehicles for duals.

    Reply
      1. Ann

        RESP’s are considered “foreign trusts” and not tax deferred vehicles – at least as it stands at presents. An IGA might exempt them for taxation on the capital gains each year like the current tax treaty with the US exempts RRSP’s for instance.

        But an RESP or an RSDP are used by Canadians and residents here to save money whose taxes are deferred to a later point. The US govt doesn’t care that the Canadian govt has this exemption and would expect a US person for taxable purposes (citizenship is really no the only thing that makes you taxable in the US govt’s eyes) to report the gains on these accounts and pay taxes on those gains. Basically this renders them worthless for those Canadian/American dual children for whom RESP’s are set up.

        In fact there are several investment/savings vehicles that the Canadian govt encourages Canadians to make use of for retirement saving purposes or saving for education that can’t be used by those considered taxable by the US. They won’t be able to use them as they are intended and the US govt expects US citizens to report ALL of their investment and bank accounts if the sum total exceeds $50k. The information they require is where the money is being held, what type of account, what the account number is and how much money was in the account at its highest value point during the course of a year.

        FATCA is simply the next step beyond the current tax filing and financial reporting that the US expects already although the CRA already shares quite a bit of information on Americans in Canada with the IRS via the tax treaty we have with them. The US wants very specific and identifying information.

        FATCA will also help the American govt identify Canadians who may not realize they are duals or who think, incorrectly, that American citizenship needs to be claimed in order to put them under the jurisdiction of US authority. It doesn’t because the US acknowledges that dual citizenship exists but they don’t formally recognize that your country of residence and citizenship is the country to whom you owe primary allegiance. In the US’s eyes, an American is first and foremost an American regardless of the fact that they may never have even stepped foot in the US or have spent most of their lives somewhere else.

        Good on you for trying to bringing this conversation out in the open. Though a couple of Liberal MP’s have recently submitted formal questions about it to the sitting government, they have not formally come out against it like the Greens and the NDP have.

  4. Blaze

    The IRS may consider RESPs on Canadians taxable if one parent was born in U.S. At a minimum, the parent is expected to file an FBAR (Foreign Bank Account Report) to IRS.

    In terms of Chrstia Freeland, she would have had to have had a Green card to work in US. Therefore, IRS considers her a “US person” for FATCA.

    Reply
  5. Em R.

    Will there be any reports issued about which candidates attended and what was said? Should we watch here or elsewhere for this information? I hope all went well and that everyone in attendance took away a better understanding of the serious consequences of FATCA.

    Reply
  6. torontocentredebates Post author

    All candidates were invited.

    The following candidates participated:

    Dorian Baxter – Progressive Canadian

    Leslie Bory – Independent

    Bahman Yazdanfar – Independent

    Michael Nicula – Online Party

    John Turmel – Independent

    Linda McQuaig specifically declined the invitation

    Another McLeans article on FATCA:

    Reply
  7. Em R.

    I have a question which was brought up at isaacbrocksociety.ca. Was there a recording made at the debate? If so will it be posted here? Understandably everyone at Isaac Brock is always keen to hear a FATCA centric discussion. FATCA seems to be a problem, perhaps because of its complexity, that is too easily swept under the carpet. When people do get a whiff of it they just shrug and think it doesn’t concern them. Canadians think it only affects Americans in their midst and Americans think it only affects those “other” Americans, the strange ones who live “overseas”. FATCA can’t be reduced to a sound bite and it is so hard these days to attract attention to anything that requires a deeper level of understanding, unless it is a nice juicy scandal. That’s why it’s so important to have venues which give this topic the expanded time that I believe it deserves. I thank the organizers who made this debate happen.

    Reply

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