Alex Atamanenko, MP BC Southern Interior, is sponsoring a public tax information session for Canadians considered to be “U.S. persons.” A panel of immigration and cross-border tax experts will address issues related to U.S. tax and the Foreign Account Tax Compliance Act (FATCA).
The Canadian government is in negotiations with the Americans on an Intergovernmental Agreement (IGA) to impose U. S. tax legislation (FATCA) on Canadian financial institutions. The agreement may require Canadian banks and other financial institutions to disclose information on accounts held by “U.S. persons” to the U.S. Internal Revenue Service. Negotiations are being conducted in secret and raise concerns that the IGA could potentially violate Canadian privacy laws. Furthermore, the misinformation and secrecy around FATCA is causing a great deal of public anxiety and anger.
“Canadians fear for the security of their personal banking information and the security of their savings”, said Atamanenko. “It is my hope that by providing my constituents with professionals who can offer advice and address their questions and concerns, we may alleviate some of the anxiety and give them the means to make informed decisions”, added Atamanenko.
Murray Rankin, Official Opposition critic for National Revenue, expressed concern at the prospect of a foreign nation unilaterally imposing obligations on Canadian banks. “The Canadian government has a responsibility to protect Canada’s tax base, and while we understand the United States’ desire to protect their own tax base, this should not come at the cost of the rights of individuals residing in our own country,” stated Rankin.
The session is free, TUESDAY, FEBRUARY 11, 2014 from 7 – 9 PM at the Fireside Conference Centre, 1810 8th Avenue, Castlegar.
Robert Clegg, JD, LL.M (U.S. Tax)
Senior U.S. Tax Manager – CanadAmerica Tax Services, Vancouver Island
U.S. Personal Taxation •U.S. Estate Tax Planning and Compliance for U.S. Citizens and Non-Residents•U.S. Corporate Taxation•U.S. & Canadian Expatriation Tax Planning
Aleksandr Isakov, BA, MS (U.S. Tax), CA, CPA
U.S. Tax Partner – CanadAmerica Tax Services, Kelowna
•U.S. Taxation •U.S. Real Estate Transactions •U.S. – Canada Tax Treaty
Greg Boos, Attorney at Law
Cascadia Cross-Border Law, Vancouver & Bellingham
Debbie Perepolkin CFP CPCA
Financial Advisor, Assante Wealth Management & Partner, The Affolter Financial Group Inc.
For more information contact the office of Alex Atamanenko at 250.365.2792 or 1.800.667.2393.