O'Sullivan Estate Lawyers LLP
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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.

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