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Ottawa to give IRS information on Americans living in Canada

February 7, 2014 By Cardinal Point Wealth

Canada and the U.S. came to an agreement this week that clears the way for Ottawa to share financial data about Americans living in Canada with the Internal Revenue Service. The deal addresses some of the privacy and hardship concerns Ottawa had with the Foreign Account Tax Compliance Act (FATCA), the controversial U.S. law targeting offshore tax evasion due to be implemented in 2015. With the agreement, many registered accounts will be exempt from the new reporting requirements, including registered retirement savings plans, tax free savings accounts, registered retirement income funds, and registered education savings plans. Tax experts warn U.S. citizens living in Canada to quickly get their tax filings up to date with the IRS. Read the full article here.

Filed Under: Americans Living in Canada, interviews Tagged With: Americans living in Canada, Foreign Account Tax Compliant Act

 
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“Cardinal Point” is the brand under which dedicated professionals within Cardinal Point Capital Management, ULC provide financial, tax and investment advisory, risk management, financial planning and tax services to selected clients. Cardinal Point Capital Management, ULC is a US registered investment advisor and a registered portfolio manager in Canada (ON, QC, MB, SK, NS, NB, AB, BC). Advisory services are only offered to clients or prospective clients where Cardinal Point and its representatives are properly registered or exempt from registration. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.