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.