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, The law aims to ensure that Americans living abroad, and Canada does not evade paying tax in the country by opening bank accounts or by investing in countries that do not impose taxes on transactions Balrsamal.
The law requires banks to send data about the accounts of U.S. citizens or who hold dual identity to the U.S. Treasury Department. santorini The exposed banks that do not respond to the Treasury Department to severe penalties, including the reduction in transfers to the dollar at a rate of 30 percent.
About the effect of this procedure for Kndeyen, says journalist in the English department at CBC Television Canadian Broadcasting Corporation Scott Peterson said Canadians should expect that the Canadian santorini banks ask them if they had any connection with the United States if they would open new bank accounts and adds:
Should you have any links or in the event of a U.S. bank confirmed its existence have, be it a bank as of today inform the Canada Revenue Agency (IRS) on the information available to him to turn transmitted to the benefit of local revenues, the U.S. IRS. The headquarters of the Canada Revenue Agency in Ottawa in photographs dating back to November 2011 PC / Sean Kilpatrick / r and k
The law covers any U.S. citizen resident in Canada also includes holders of dual nationality did not even they did not reside never in the United States, as well as card holders residence Green Card and Canadian-born parents Americans santorini and even some Alsnoo Bordz They are Canadians who spend the winter months in the United States.
Peterson adds, saying that the bill includes about one million Americans living in Canada. Even if they have registered accounts like savings account registered for retirement or otherwise, they are considered santorini in this case as accounts Offshore and taxed.
He points out that the law will cost each and every financial institution, the Bank of Canada a hundred million dollars to be able to gather information about the property of American Banking available to it. Canadians have been affected by it, as there is a possibility that the Canadian banks raise the cost of banking transactions.
There are many questions on the table today with the entry into force of the agreement says the journalist Scott Peterson, the first about the information that you get the United States on Canadian citizens and how the Constitution protects privacy and adds:
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