CANADIANS DESERVE ANSWERS ON FATCA
March 25th, 2014 - 9:36am
Charlie Angus has written the Privacy Commissioner about the potential breach of privacy rights of Canadian citizens of American background. Under the American Foreign Account Tax Compliance Act (FATCA), and Intergovernmental Agreement Canadians of American origin are being pressured to turn over all manner of personal financial information for potential taxation.
Angus says the bill is an over reach and an invasion of the rights of ordinary Canadians.
“When I am being contacted by 80-year-olds who have lived in our country for half a century that they are being told to turn over the details of their life insurance policies, this is an unfair intrusion. I have written to the Privacy Commissioner asking her what steps are needed to protect the privacy rights of Canadians.”
Angus says the problem facing Canadians of American origin is that the Privacy Act is woefully out of date especially when it comes to sharing cross-border information.
“There are serious concerns that Canadians privacy rights are not going to be respected by the negotiations over FATCA.”
Angus says he doesn’t have faith in the Conservative government’s negotiations on the FATCA file.
“The Conservative government says that private information will be handled by CRA and covered by the Privacy Act, but, several audits by the Privacy Commissioner have pointed out consistent deficiencies in CRA’s handling of Canadians private information, and several reports by the Privacy Commissioner have argued that the Privacy Act is in need of urgent reform.”