Tax | Green Party of CanadaSkip to NavigationHome /TaxLiz May sounds alarm over privacy in tax deal with U.S.30 January 2013 - 12:22pmPublication Source: iPoliticsSource Link: View the full original article >>Author: Olesia PlokhiiGreen Party leader Elizabeth May is calling on Canada to avoid being party to a U.S. law seeking to collect financial information on Canadians, arguing that it amounts to a violation of privacy.Her appeal comes on the heels of regulations released by the U.S. Treasury Department mandating that foreign financial institutions report information on American taxpayers investing money abroad – the result of a major effort to crack down on tax evasion."I continue to hold (Finance Minister Jim) Flaherty to his commitment to protect Canadians from the extra-territorial application of U.S. law," May wrote in an email to iPolitics about the Foreign Account Tax Compliance Act. "FATCA is moving fast down a track that violates our rights as Canadian citizens."View the full original article

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decision to moRead moreImplementation of FATCA Likely Unconstitutional, Says Leading Constitutional

testing and the Charter rights of immigrants.”FATCA Backlash from Abroad Over Privacy Concerns the United States seeks under FATCA “alarmingly broad.” Canadian lawyer Andrew Bonham wrote in the Canadian Tax Journal in 2012, “With the enactment of the FATCA regime, the concern has intensified to near sets of reporting requirements.”In countries with reciprocal agreements with the United States, FATCA … to rigidly impose FATCA on our citizens and financial institutions would not accomplish anything

Tax Compliance Act (FATCA).”Listen to the audio:[Download presentation slides][Project backgrounder

, Queens University, "The Privacy Implications of the Foreign Account Tax Compliance Act (FATCA)."Moderator

privacy implications of the Foreign Account Tax Compliance Act (FATCA).”Arthur Cockfield, HBA (Western