U.S. - Canadian dual citizens: beware tax bills from Uncle Sam
The U.S. taxman is about to cast a much wider net on Canada. A new law requires banks around the world - including Canada - to start handing over information about accounts held by people with ties to the U.S.
It's called the Foreign Account Tax Compliance Act, and it will affect everyone from snowbirds, to dual citizens who left the U.S. as small children. As of July 1, Canadian financial institutions must begin the process to comply, by order of our own government as well as the U.S.
Allison Christians has been raising concerns about the law with Canadian MPs.She's a professor of tax law at McGill University, and she joined us with an overview.