US Treasury Aims To Lower FATCA Burdens.
This article popped up in my Google news feed.
The first half is a rehash of what we already know, but the last six paragraphs shed a bit of light on how FATCA will proceed. Note the comments about a higher dollar threshold for reporting requirements and the possibility of having the FFIs report to the government which in turn would report to the IRS.
Now I have heard through a friend that works for a large investment firm here in Canada that at the moment they only plan to report customers that fall under the category of non-resident status in Canada. Don’t take this as gospel because as we all know the rules can change at any time. It’s not clear what other investment firms are doing, but banks are likely to follow a stricter set of rules.