Here are links provided to me by a source within CRA. Please read and provide your feedback. This is crucial information about how Canadian financial institutions will provide details about US Persons to the CRA and how Finance intends to introduce overriding legislation to enable it. This is a must-read:
The CRA has prepared documents in response to the signing of the intergovernmental agreement (IGA) related to the Foreign Account Tax Compliance Act (FATCA) to help Canadians understand the implications of the agreement from an administrative perspective. This guidance is available on the CRA website at the following URLs:
In addition, Department of Finance has also now posted on its website the Legislative Proposals and Explanatory Notes Relating to the Canada-United States Enhanced Tax Information Exchange Agreement