Canada-U.S. dual citizens could be worse off if FATCA lawsuit succeeds

Financial Post | Business

Two women have challenged the constitutionality of a Canada-U.S. agreement to share the tax information of U.S. citizens resident in Canada, with the IRS.

[np_storybar title=”Ottawa is violating Canadians’ constitutional rights to help the U.S. collect taxes” link=”http://fullcomment.nationalpost.com/2014/08/14/marni-soupcoff-ottawa-is-violating-canadians-constitutional-rights-to-help-the-u-s-collect-taxes/”]Marni Soupcoff: At the Americans’ behest, Canada will now be sharing tax information even about Canadians who have never lived a day of their lives in the United States, never worked in the United States, and never owed the IRS a single penny. Merely having dual U.S. citizenship — for example because one’s parents were Americans or one was born on U.S. soil to Canadian parents — is enough to trigger the mandatory sharing of private financial details. While one can understand Washington’s desire to crack down on tax cheats, FATCA goes too far, and it’s distressing that the Canadian government has so willingly stepped up to help. Keep reading.
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But an…

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