May 29, 2014
Conservatives have to fix flawed FATCA agreement
New Democrats are fighting the reckless implementation of the U.S. Foreign Account Tax Compliance Act (FATCA) and pushing Conservatives at Finance Committee to remove it from Budget Bill C-31 so it can be properly scrutinized and amended.
“It has become increasingly clear, through departmental and witness appearances at the Finance Committee, that the Conservative government simply has not studied the implications of the FATCA implementation agreement with respect to privacy, constitutionality or cost,” said NDP National Revenue criticMurray Rankin (Victoria). “Rushing it through in an omnibus budget bill without proper study is reckless and unnecessary.”
The U.S. has delayed the application of FATCA sanctions until January 2015. Canada is already deemed in compliance with U.S. law, and legal experts agree there is enough time to properly study and amend the agreement.
"More than one million Canadians could be negatively affected by this deeply flawed agreement," said NDP Finance critic Nathan Cullen (Skeena—Bulkley Valley). “We are simply asking again that the Conservatives slow down and remove FATCA from the budget, so that we can ensure the privacy and constitutional rights of Canadians are protected.”
Today, the NDP will move a series of amendments at committee to fight the Conservatives’ attempt to impose FATCA and protect the privacy of Canadians.