#FATCA is a US tax on the economy of country where “US persons” reside

 

Nice to see FATCA getting some attention in the Canadian media. The Edmonton Journal sent a reporter to the information session which took place in Edmonton on Easter Sunday – April 20,  2014. The article included:

EDMONTON – A little-known U.S. law taking effect in July is worrying American expats, dual citizens living in Canada and Canadians concerned about their privacy.

The controversial Foreign Account Tax Compliance Act (FATCA) — which the Canadian government agreed to in February — requires banks around the world to collect detailed citizenship, residency and financial information about their clients.

Under an intergovernmental agreement Canada signed, financial institutions must pass any information about their clients’ U.S. connections to the Canada Revenue Agency, which will transmit it to the U.S. Internal Revenue Service.

A couple of dozen people, including dual citizens and U.S. expats, attended an information session in Edmonton on Sunday about the sharing pact.

 

 

 

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