host picture

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.

 

 

Download Flash Player to view this content.

To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Pseudonyms will no longer be permitted.

By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.

Submission Policy

Note: The CBC does not necessarily endorse any of the views posted. By submitting your comments, you acknowledge that CBC has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Please note that comments are moderated and published according to our submission guidelines.