Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
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.
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.
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 citizen based 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 Americans 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
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.
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 citizen based 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 Americans 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
