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A taxing situation
A public tax information session for those Canadians considered to be U.S. “persons” is being sponsored next week by the region’s MP.
Alex Atamanenko, MP BC Southern Interior, is hosting the free session Tuesday, Feb. 11 (7-9 p.m.) at the Fireside Conference Centre in Castlegar.
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, said Atamanenko.
“Canadians fear for the security of their personal banking information and the security of their savings,” he said. “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.”
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 on Tuesday, Feb. 11 from 7-9 p.m. at the Fireside Conference Centre, 1810 8th Ave., 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.