If we may say so respectfully, Mr. Campbell, that is not good enough for Canadians!
You have the option to say "NO" to FATCA.
If you say "Yes" to an IGA, it is an avowal of failure.
"You have an option, sir. You could do better."
Please don't capitulate to U.S. demands!
There are small, weak countries in the world that, when confronted with threat of illegal reprisal by a powerful foreign state for not surrendering their sovereignty and abrogating their citizens' rights, have no choice but to capitulate.
Canada is not one of them. True, Canada is not so powerful as the United States. But neither is she small or weak.
The CBA states: "[T]he financial services industry has not capitulated and we are not enthusiastic about an IGA."
The U.S. Treasury Department does not demand Canada's enthusiasm, just Canada's obedience. An IGA is exactly the capitulation they demand.
Mr. Campbell, you have to do better:
Instead of urging the Government of Canada to accept an IGA that would impose U.S. law in Canada --
- Please ask the Government to tell the U.S. they cannot impose FATCA on Canadian citizens, residents and financial institutions;
- Please ask the Government to demand that the U.S. follow "international norms' of residency based taxation, and not try to impose its unique citizenship taxation and penalties on the Citizens and residents of Canada;
- Please tell the Government that it should not change Canadian laws to accommodate the demands of a foreign government;
- Please tell the Government that Canadian banks are committed to enforcing only Canadian laws on banking, privacy, and human rights, and that the Government has a duty to protect you from any American reprisal, with counter-reprisals if necessary.
Instead of preparing to violate the legal rights of Canadian citizens and residents, the CBA and your member banks should insist that Canadian citizens and residents born in United States:
- Are not second class citizens and residents in their country of choice;
- Have the same rights to manage their finances with confidence and in privacy with their banks as all other Canadian customers;
- Should not fear closure of accounts for just being born in United States or simply because they will not consent to having their financial information divulged to a foreign government;
- Should not have to accept a two tier banking service, based on place of birth and without respect for the privacy of Canadian customers.
The CBA should belatedly begin a serious lobbying and media campaign to secure FATCA's repeal.
If the Canadian Government and Canadian citizens spoke with one voice and told the U.S a firm "No" on an IGA, and a firm "No" on FATCA enforcement in Canada, it would resound around the world. Other countries would be encouraged to stand up to the U.S. on FATCA, and the path to the repeal of this misguided law would be opened. Anything less is capitulation and sovereignty surrender to American imperial will.
To accept FATCA with or without an IGA, is an abrogation of all Canadian citizen Charter rights, freedoms and privileges! We earnestly and respectfully urge you "to do better," and thank you for your kind attention.
This letter is the collaborative effort of Canadians from coast to coast -- most are active participants in both the Isaac Brock Society and Maple Sandbox blogs. Many are dual U.S. citizens, many are former U.S. citizens or former green card holders; but all have palpable fear about an impending betrayal of their financial privacy rights by their banks and by their government. They do not want their names revealed at this point because what they fear most is an unprincipled predatory financial attack by the U.S. helped by that Canadian betrayal.
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