Archive for the ‘Canada’ Category
Arthur Cockfield / Allison Christians
How the U.S. pulled off the great Canadian privacy giveaway
Globe and Mail (10 Apr 2014)
Two Canadian law professors succinctly outline unprecedented FATCA giveaway of Canadian sovereignty to the United States. They propose: “Canada should only transfer data associated with U.S. persons who are not Canadian residents.”
How to get rid of your U.S. citizenship
Global News (4 Apr 2014)
A lengthy account of FATCA, bank reporting on US persons, and terminating US citizenship concludes with four personal Canadian stories.
Border shakeup could have tax consequences for snowbirds
Financial Post (11 Mar 2014)
After 30 June 2014, cross-border initiatives will track Canadian ingress and egress at the US border. “A snowbird who is in the U.S. too long also risks becoming a deemed U.S. resident subject to tax on worldwide income.”
Canada’s draft legislation undermines FATCA agreement with U.S.
Financial Post (10 Mar 2014)
Tax lawyer Roy Berg of Calgary’s Moodys Gartner Tax Law warns that Canada’s intended implementation of FATCA legislation may prove invalid because of definition of “financial institutions.”
James George Jatras
Enforce Canadian law, not FATCA
Toronto Star (3 Mar 2014)
A Washington-based lobbyist sees Canada’s capitulation to FATCA’s “expensive, invasive and anti-sovereign demand” as unnecessary. He refutes Canada’s excuses under five points of failure: to lobby, to negotiate the best deal, to protect privacy, to avoid costs, to obtain reciprocity.
FATCA in Canada: constitutional challenge mounting
Tax, Society & Culture (28 Feb 2014)
Law professor Christians identifies Canada’s core FATCA problem as “serious mismatch between the goals targeted and what will be attained by FATCA when law on the books meets law in practice.”
Canadian warns U.S. citizens abroad of new tax collector
Toronto Observer (24 Feb 2014)
Comment from Peter Dunn features prominently in this story on FATCA.