Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Toronto StarBank account data of Americans in Canada will be sent to US taxmanToronto StarOTTAWA—Canadian banks will for the first time begin sending account information on American citizens in this country to the United States tax authorities next year. But Finance Minister Jim Flaherty says he has reduced the reach of the U.S. taxman in …US, Canada forge deal in global anti-tax dodger pushReuters CanadaCanada signs agreement to dull impact of US crackdown on tax cheatsRegina Leader-PostCanada to give bank account information to IRS under tax-sharing dealToronto SunCBC.caall 64 news articles »
OTTAWA – A new deal with the United States over an American law aimed at rooting out tax cheats north of the border will ensure that Canadian financial institutions won’t be required to report directly to American tax authorities, Finance Minister Jim Flaherty announced Wednesday.
The U.S. Foreign Account Tax Compliance Act, which takes effect in July, would compel Canadian banks to report information about anyone considered to be a U.S. resident or citizen, including dual citizens, directly to the U.S. Internal Revenue Service.
The new arrangement means Canadian banks would report “relevant” information on accounts held by U.S. residents or citizens to the Canada Revenue Agency, which would share it with the IRS under existing tax treaty rules — making it consistent with Canadian privacy laws, said senior government officials.
The IRS will also provide more information on certain accounts of Canadian residents in U.S. financial institutions, they said.
The deal narrows the scope of information that banks would be required to collect and avoids the U…
The U.S. Foreign Account Tax Compliance Act, which takes effect in July, would compel Canadian banks to report information about anyone considered to be a U.S. resident or citizen, including dual citizens, directly to the U.S. Internal Revenue Service.
The new arrangement means Canadian banks would report “relevant” information on accounts held by U.S. residents or citizens to the Canada Revenue Agency, which would share it with the IRS under existing tax treaty rules — making it consistent with Canadian privacy laws, said senior government officials.
The IRS will also provide more information on certain accounts of Canadian residents in U.S. financial institutions, they said.
The deal narrows the scope of information that banks would be required to collect and avoids the U…
Canada has finalized a tax deal with the U.S. government that takes a lot of heat off of Canadian banks — but could spell big problems for thousands of their customers. The deal spares Canadian banks from having to report their clients’ confidential information directly to the IRS.
Toronto StarBank account data of Americans in Canada will be sent to US taxmanToronto StarOTTAWA—Canadian banks will for the first time begin sending account information on American citizens in this country to the United States tax authorities next year. But Finance Minister Jim Flaherty says he has reduced the reach of the U.S. taxman in …US, Canada forge deal in global anti-tax dodger pushReuters CanadaCanada signs agreement to dull impact of US crackdown on tax cheatsRegina Leader-PostCanada to give bank account information to IRS under tax-sharing dealToronto SunCBC.caall 64 news articles »
