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FATCA

By Occasional Contributors | 4 Minutes Read July 23, 2014

FATCA: A primer

Close to one million American expatriates and dual citizens live in Canada, many of whom haven’t worked, lived, or even stepped foot in the U.S. for years. Many of them don’t report their income to the IRS, mistakenly believing that they don’t have to because they don’t owe the IRS any taxes. But as of July 1, 2014, the CRA will begin collecting and sharing with the IRS information on any “U.S. person” with accounts in a Canadian financial institution.

Article by Occasional Contributors / Business, Finance and Accounting, Payroll, Privacy / American expatriates, Canada-US Tax Treaty, Canadian Citizen, CRA, Devry Smith Frank LLP, diligent reporting of overseas income, dual citizens, FATCA, finance, financial disclosure, financial institutions, Foreign Account Tax Compliance Act, income tax, IRS, tax, US persons

By Adam Gorley | 2 Minutes Read June 16, 2014

FATCA deadline two weeks away

While we wait for Bill C-31 to pass through the Senate on its way to becoming law, the deadline for compliance with the United States' Foreign Account Tax Compliance Act is only two weeks away...

Article by Adam Gorley / Business, Finance and Accounting, Payroll, Privacy / Bill C-31, Canada Revenue Agency, Canadian Bankers Association, compliance deadline, CRA, FATCA, Foreign Account Tax Compliance Act, Income Tax Act, intergovernmental agreement, legal compliance, tax compliance, tax evasion, tax law, taxes

By Adam Gorley | < 1 Minutes Read April 16, 2014

FATCA agreement signed, implementation Bill to come

The federal government has signed an agreement to help the United States catch tax-evading "US persons" living outside the US, including those with dual US-Canada citizenship.

Article by Adam Gorley / Business, Finance and Accounting, Payroll / banks, Canada Revenue Agency, Canada-U.S. Tax Convention, Citizenship, CRA, credit unions, disclosure of financial information, dpsp, extraterritorial implications, FATCA, financial institutions, Foreign Account Tax Compliance Act, intergovernmental agreement, Internal Revenue Service, IRS, PPRP, privacy legislation, RDSP, RESP, RRIF, RRSP, small business, tax law, taxes, TFSA, United States

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