TORONTO CHINESE BUSINESS ASSOCIATION
NEWSLETTER
Spring 2015
China
Trade
Mission
November 2014
The Right Honourable Stephen Harper, Prime Minister
of Canada, and The Honourable Ed Fast, Minister of
International Trade, invited the President of the Toronto
Chinese Business Association, Mr. John Leung, to
participate in the trade mission to China from November 1
to November 13, 2014.
Prime Minister Stephen Harper wrapped-up his third
official visit to China. While in Beijing, the Prime Minister
and China’s Premier Li Keqiang agreed to a series of
initiatives under the Canada-China Joint List of Outcomes
2014, including the establishment of an economic and
financial strategic dialogue to enhance Canada-China
commercial ties and the expansion of a Memorandum of
Understanding on Nuclear Cooperation to increase exports
to China. The leaders also agreed to a set of measures to
support the increased use of renminbi in trade, commerce
and investment between the two countries, which will help
establish North America’s first offshore renminbi centre
in Canada. The Prime Minister also met with President
Xi Jinping and discussed the bilateral relationship and
international issues of mutual interest.
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TORONTO CHINESE BUSINESS ASSOCIATION
NEWSLETTER
Spring 2015
China Trade Mission (con’t)
As part of promoting bilateral commercial trade, the Prime
Minister met with a Canadian business delegation from a wide
range of sectors to discuss the tremendous opportunities for
Canadian companies to invest and grow their businesses in China.
He also witnessed a series of commercial signings between
Canadian and Chinese firms which are expected to create more
than 2,000 jobs in the Canadian market. Lastly, while in Beijing,
the Prime Minister took part in the Canada-China Business Forum
where he engaged business leaders from both countries and
highlighted the importance of the Canada-China commercial
relationship.
members to accelerate trade and investment liberalization,
highlighting significant measures that Canada has taken to further
facilitate international commercial flows with the region.
While in Hangzhou, the Prime Minister announced that Canada
will open new trade offices in the Chinese cities of Hangzhou,
Xi’an, Xiamen and Tianjin. This will help Canadian businesses
flourish in some of the fastest growing regions of China, bringing
Canada’s trade network to a total of 15 locations across the
country.
The signings, which took place in Beijing during the Prime
Minister’s third official visit to China, are valued at more than $2.5
billion and are expected to create more than 2,000 new jobs in
the Canadian market.
Finally, on the first day of the Asia-Pacific Economic Cooperation
(APEC) Leaders’ Meeting, the Prime Minister strongly encouraged
Prime Minister Stephen Harper also witnessed the signing of
more than 20 commercial agreements between Canadian and
Chinese companies and organizations, which are a testament to
the significant growth taking place in the bilateral commercial
relationship. Several sectors stand to benefit from these
agreements, including sustainable technologies, aerospace,
transportation, construction, mining, energy, infrastructure, agrifood, and information and communications technologies sectors.
During his visit to China, the Prime Minister was accompanied
by John Baird, Minister of Foreign Affairs, Ed Fast, Minister of
International Trade, Alice Wong, Minister of State for Seniors and
Senator Victor Oh.
Information provided by Government of Canada.
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TORONTO CHINESE BUSINESS ASSOCIATION
NEWSLETTER
Spring 2015
Financial Institution
Compliance Update
What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) is a U.S. tax legislation
enacted in 2010, designed to target tax avoidance by U.S. persons using
financial accounts with financial institutions outside of the U.S.
FATCA requires financial institutions outside of the U.S. (any Canadian
financial institution) to report information about financial accounts held by
U.S. individuals, U.S. entities, passive non-financial foreign entities in which
the U.S. persons hold a substantial ownership interest, and non-participating
financial institutions.
“The goal of FATCA and its regulations, which was
enacted by the US Department of the Treasury and
the IRS, is to improve tax compliance involving US
Persons with foreign financial assets and offshore
accounts.”
FATCA requires US and Non-US Financial Institutions
(and to some extent certain non-financial
institutions) to:
• Register Foreign Financial Institutions (FFIs)
• Identify existing US Persons owning non-US assets
• Revise new account on-boarding procedures to
identify US Persons
• Report holdings
• Withhold tax (30%) on US source payments,
where appropriate
Effective July 1, 2014, Canada adopted the FATCA rules into the Canadian
tax legislation which requires Canadian financial institutions to collect
information from account holders and report information on the FATCA
reportable accounts (as well as account holders that fail or refuse to certify
their FATCA status) to the Canada Revenue Agency (CRA). The CRA may
in turn provide the information to the Internal Revenue Service (IRS).
Registered accounts are exempted in Canada: this includes RRSP, RRIF, TFSA,
LIF, LI-RRSP, REST, RDSP, RPP, to name a few. Only non-registered accounts are
subject to these rules.
Canadian financial institutions are required to comply with FATCA. Should
an investor refuse to provide the information requested for FATCA purposes,
the financial institution will treat the account as a “reportable account” and
report it to the CRA, whether you are a U.S. person or not.
If you have been requested to provide FATCA
documentation or information by your Financial
Institution, you must promptly comply. If you decline
or fail to respond to these requests in a timely
manner, your account information may be reported
to the CRA.
Please contact your Financial Institution for more
information regarding FATCA. You can also visit the
CRA website:
http://www.cra-arc.gc.ca/tx/nnrsdnts/nhncdrprtng/
menu-eng.html
*This document contains general information only and is not a
substitute for professional advice or services. Before making any
decision or taking any action that may affect you or your business,
you should consult a qualified professional advisor.
Pembroke Private Wealth shall not be responsible for any loss sustained
by any person who relied on this document of information therein.
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TORONTO CHINESE BUSINESS ASSOCIATION
NEWSLETTER
Spring 2015
Toronto International
Dragon Boat Race Festival
At the time of writing, the outside temperature is minus 14
degrees Celsius. Looking out the window, I see streams of steam
puffing from the office towers. It is hard to imaging that in less
than six months, drums will be beating, paddles will be swinging,
water will be splashing and the athletes’ roars will be filling the
Toronto Centre Island again in the 27th Toronto International
Dragon Boat Race Festival!
While water sports may not be on top of many people’s mind
at this weather, our team is already hard at work planning for
the event. Many of our divisions are already in motion; ranging
from the meeting with the local city officials, coordination with
our sponsors, to the setting up the team-paddlers registration
process.
This year, we will introduce a new registration system to
streamline the process of registration for both the teams and the
paddlers. Also, we will have a much stronger presence on the
various social media channels to enhance our messages to our
competing athletes and visitors.
2015 is an exciting year for our region. The Toronto International
Dragon Boat Festival will take place in June and it marks as the
opening act for a number of major events and festivities that will
take place at this great city of ours; notably the Pan Am Games in
July and the Parapan Am Games in August.
This year, SickKids Foundation will once again be our charity
partner. SickKids will be introducing SickKids Dragon, where
teams and paddlers can enjoy a number of benefits by raising
money for our Toronto very own world-renowned children
hospital. I cannot think of a better way to participate in a team
sports while raising money for a worthy cause. We will announce
more information about the SickKids Dragon program in the near
future.
If you plan to participate, either as a paddler, or team captain, I
urge you to visit our website (www.dragonboats.com) and register
as soon as possible. Connect with us on Facebook or Twitter to
receive the latest news and announcements.
If you are planning to come visit as our guest-visitor: to cheer on
and support our paddling-athletes, or to enjoy and soak-in the
fun filled festivities that we have planned on our beautiful Toronto
Centre Island, mark June 20 and 21 on your calendar.
On behalf of the Toronto International Dragon Boat Race Festival, I
look forward to seeing you all in June 2015.
Toronto Chinese Business Association
1220 Ellesmere Road, Unit 13, Toronto, Ontario, Canada M1P 2X5
Call: (416) 595-0313 | Fax: (416) 595-7334 | www.tcbacanada.com
Design and production sponsored by Prime Advertising
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