Minister of Finance Jim Flaherty responded to CARP’s request that he address some of the membership’s concerns with the following letter:
Canada and the United States are neighbours, allies and friends. We share a common border and common values. One of those values is fighting tax evasion and ensuring that everyone pays their fair share.
Recently, the U.S. government introduced legislation called the Foreign Account Tax Compliance Act (FATCA), which will require non-U.S. financial institutions to enter into an agreement with the IRS to identify their U.S. account holders and report their account information to the IRS.