O'Sullivan Estate Lawyers LLP
Our Mission: Excellence in providing trust and estate solutions in a responsive and personal manner to carry out your objectives and ensure your peace of mind.

July 2014 Archives

Does Uncle Sam Want You? - An Update on the U.S. Foreign Account Tax Compliance Act ("FATCA")

Many of you have no doubt heard a lot about FATCA in the press and elsewhere (for example, our June 3, 2013 blog post "What is 'FATCA' and What Impact Does it Have for You?"). This legislation is complex, and the questions that come to mind are: what is the purpose of FATCA, and how, if at all, will it affect the average person? The aim of FATCA is to target offshore tax evasion by U.S. citizens by requiring financial institutions worldwide to report certain information about assets held by certain individuals and other entities with U.S. connections. At the end of the day, it will affect primarily Canadian individuals with U.S. connections and Canadian financial institutions, but will also result in many of us having to sign more forms to even open a simple bank account, as Uncle Sam has a very long arm.

We are a top-ranked and peer recognized firm, including Margaret O’Sullivan by Chambers Canada Guide 2017 and Chambers Canada High Net Worth 2017 as one of the top six private client lawyers in Canada:

  • Top Ranked Canada Chambers 2017 Margaret O'Sullivan
  • Best Lawyers Award Badge
  • Best Lawyers Award Badge
  • Canadian Legal Lexpert Directory
  • The Law Reviews | Expert Panel 2015
  • Step | Canada | Advising Families Across Generations
  • Top Ranked HNW Chambers 2016 Margaret O'Sullivan
  • Recognised in WHO'SWHOLEGAL | WWL
back to top