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For the first time in Canadian history, our federal government is preparing to provide a foreign government with sensitive personal financial information about hundreds of thousands of Canadians. It is doing so to stave off threatened economic sanctions, and is getting nothing in return.
The sad saga began with a U.S. attempt to root out offshore tax evasion through the Foreign Account Tax Compliance Act (FATCA), enacted by Congress in 2010. Under FATCA, all non-U.S. financial institutions, including Canadian banks, are to dig through their bank records for evidence of accounts owned by U.S. expatriates and others with ties to the United States. Once this evidence is uncovered, the banks are to send the account information directly to the U.S. Internal Revenue Service (IRS) so it can go after the alleged tax cheats.
originally posted by: nwtrucker
a reply to: Trillium I'm curious, seeing the tax rates are generally lower in the U.S. Than in Canada-I'm not sure about capital gains or corporate tax rates- is there some Quid Pro Quo that hasn't been mentioned here?
Canada and the U.S. have long since had "co-operation" on social security/social insurance between the two nations and actually combine the two and split the payment based on some formula that I'm unaware of.
Any cash transfer between the two nations over 10K is also reported between the two.
So your so-called "privacy invasion" is old news.
Previous to the patriot act in the U.S., It was illegal for the U.S. gov't to spy on it's own citizens. Similar laws exist in Canada and the U.K. All three got around it by having the U.S. spy on Canadian citizens- not illegal- and vice versa, also not "illegal". They would then share that info with the other country thereby circumventing "domestic law. This went on for (decades?).
Just more U.S. bashing in this thread.
By the way Revenue Canada is even worse than the I.R.S.. At least the I.R.S. needs a court order to raid one's bank account, not so in Canada....
originally posted by: Sonder
a reply to: bobs_uruncle
Yea that's a good point, we probably do have more weight behind our own sanctions card when it comes down to it though I would be surprised if or Govt. actually went down that road. As has already been proven, especially by this.. there really is little difference between our respective governments and their agendas anymore.
And I'm not complaining about the amount of extra work, far from it. More just bemoaning the rapid decent we find ourselves in, plunging ever deeper into a full on Orwellian, dystopian society (if we're not completely there already, and I'm not entirely convinced that we're not)