Finance – May 13, 2014

In Committee from the House of Commons

Finance – May 13, 2014

The committee continues its study of the budget bill (C-31) with two panels that focus on the enforcement of the Foreign Account Tax Compliance Act. FATCA requires foreign financial institutions to provide the U.S. Internal Revenue Service (IRS) with information on accounts held by U.S. residents and citizens, including individuals who are residents or citizens of Canada.
MPs hear from the following witnesses during the first panel: McGill University tax law professor Allison Christians, Marc-André Pigeon with the Credit Union Central of Canada, American tax lawyer Roy Berg, and Ian Russell with the Investment Industry Association of Canada.
Queen’s University law professor Arthur Cockfield, Ralf Hensel from the Investment Funds Institute of Canada, Katie Walmsley with the Portfolio Management Association of Canada, concerned citizen Lynne Swanson, and American tax attorney Max Reed make up the second panel. (May 13, 2014) UPDATE: Bill C-31 received royal assent on June 19.