Every country has the right to craft and enforce its own laws within its borders. But when a nation insists that its laws must apply in other countries – as the United States does in this and other instances – that’s a problem.
As of this month, the Canada Revenue Agency works for the Internal Revenue Service. The subordination of Canada’s tax authority to its American counterpart came in the form of a euphemistically named “Intergovernmental Agreement” pursuant to the U.S. Foreign Accounts Tax Compliance Act (FATCA).
The result is that starting Canada Day (July 1), Canadian banks and other financial institutions will be required to comb through client accounts containing $50,000 or more to determine if they are “U.S. Reportable.” They must then inform CRA, which will pass the information along to the United States.
Notwithstanding that Canada’s leaders have subjected their citizens to the most rapacious and malevolent tax department in the world in the form of the IRS, they have committed a craven surrender of national sovereignty.
FATCA, passed by the U.S. Congress in 2010, is an extension…
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