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May 1st, 2014

Conservatives must remove FATCA from budget bill

New Democrats are calling on the Conservatives to acknowledge the concerns with the U.S. Foreign Account Tax Compliance Act (FATCA) and agree to remove it from Budget Bill C-31.

"Despite broad opposition, the Conservatives are charging ahead with the implementation of this agreement," said NDP National Revenue Critic Murray Rankin (Victoria). "Serious concerns remain about the potential violation of privacy and constitutional rights, as well as unknown costs to Canadians."

Bill C-31 moves to implement the Canada-US intergovernmental agreement on the FATCA and also to grant the Minister of National Revenue sweeping powers to make any regulation necessary to carry out the agreement.

"How can the Conservatives justify burying this agreement – that could negatively affect 1 million people and that has nothing to do with the budget – inside a 359-page omnibus bill," said NDP Finance Critic Nathan Cullen (Skeena—Bulkley Valley)."There’s no excuse. FATCA must be removed from the budget so it can be properly scrutinized.”