FATCA Update: Canadian Banks Share Bank Account Records with IRS: 2019
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.
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)
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Recent Golding & Golding Case Highlights
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Sean holds a Master's in Tax Law from one of the top Tax LL.M. programs in the country at the University of Denver. He has also earned the prestigious IRS Enrolled Agent credential. Mr. Golding's articles have been referenced in such publications as the Washington Post, Forbes, Nolo, and various Law Journals nationwide.