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ARTICLE · 28 MAY 2014

FATCA In Canada: Is The Intergovernmental Agreement A "Good Deal?"

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I was called to testify regarding Canada’s legislation that implements the IGA between the US and Canada concerning the Foreign Account Tax Compliance Act.

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On May 13, 2014, I was called to testify before the House of Commons Standing Committee on Finance regarding Canada's legislation that implements the Intergovernmental Agreement ("IGA") between the US and Canada concerning the Foreign Account Tax Compliance Act ("FATCA"). You may view the hearing by clicking here and my prepared remarks follow this article. I have come under considerable criticism for my support of the Department of Finance's decision to enter into the IGA. In short, I have said, and continue to believe, that the execution of the IGA is unquestionably a "good deal" for Canada. I would like to use this short article, however, to expand on this statement and offer that the analysis in reaching the answer is more interesting than the answer itself.

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