The facts on FATCA
As of Canada Day, Canadian banks are required to start getting into compliance with a U.S. law called FATCA, the Foreign Account Tax Compliance Act. It requires them to hand over the account information of clients with ties to the U.S., such as people with Canada-U.S. dual citizenship. That information goes to the Canada Revenue Agency, for release to U.S. tax authorities.
It's a lot to absorb for dual citizens, so we've done several interviews this summer on the legislation and the arguments for and against it. And in case you missed any of them, you can get caught up by listening to a FATCA primer by a tax law expert, an interview with an Ottawa dual citizen who's affected, a defence of the U.S. model of citizenship-based taxation, and our latest: the legal case against Canada's acceptance of FATCA.
Are you affected by FATCA? Get in touch with us and tell us your story. We'll continue to follow the issue in the months to come.