Canada Sends Bank Information for 900,000 Accounts to IRS

Canada Sends Bank Information for 900,000 Accounts to IRS

Canadian Banks Share Bank Account Records with IRS (2019): In accordance with FATCA (Foreign Account Tax Compliance Act), the U.S. has come into possession of nearly 1M more Canadian Accounts that are owned by U.S. persons.

Canadian Banks Share Bank Account Records with IRS in 2019

As detailed in a recent CBC Article by Elizabeth Thompson:

 

In September 2019, the Canada Revenue Agency sent 900,000 financial records of Canadian residents to the Internal Revenue Service the United States. This had grown from 700,000 from the 2017 tax year. It had been 150,000 in 2014.

 

The Canada Revenue Agency sent 900,000 financial records belonging to Canadian residents to the Internal Revenue Service in September — nearly a third more than it sent the previous year. The records were for the 2018 tax year.

 

It also has updated the number of records shared for the 2017 tax year to 700,000 from the 600,000 originally reported.

 

The number of financial records of Canadian residents being shared with the IRS has risen steadily since the information sharing agreement began — from 150,000 in 2014 to 300,000 in 2015 and 600,000 for the 2016 tax year.

 

“The CRA cannot disclose the number of records received from the IRS under intergovernmental agreement as this is considered treaty-protected information and is subject to the confidentiality provisions of the Canada-U.S. Tax Convention and Section 241 of the Income Tax Act,” said Biram.

 

 

Foreign Bank Account Lawyers – Golding & Golding (Board-Certified)

We specialize exclusively in international tax, and specifically IRS offshore disclosure.

We have successfully represented clients in more than 1,000 streamlined and voluntary offshore disclosure submissions nationwide and in over 70-different countries. We have represented thousands of individuals and businesses with international tax problems.

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants and Financial Professionals worldwide.

Less than 1% of Tax Attorneys Nationwide Are Certified Specialists

Sean M. Golding is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.

Recent Golding & Golding Case Highlights

  • We represented a client in an 8-figure disclosure that spanned 7 countries.
  • We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
  • We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
  • We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
  • We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.
How to Hire Experienced Streamlined Counsel?

How to Hire Experienced Streamlined Counsel?

How to Hire Experienced FBAR Counsel?

Generally, experienced attorneys in this field will have the following credentials/experience:

  • Board Certified Tax Law Specialist credential
  • Master’s of Tax Law (LL.M.)
  • Dually Licensed as an EA (Enrolled Agent) or CPA
  • 20-years experience as a practicing attorney
  • Extensive litigation, high-stakes audit and trial experience

Interested in Learning More about Golding & Golding?

No matter where in the world you reside, our international tax team can get you IRS offshore compliant. 

Golding & Golding specializes in FBAR and FATCA. Contact our firm today for assistance with getting compliant.