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Canadian Court Rules to Allow Canadian Tax Information Transfer to U.S. under FATCA

Canadian Court Rules to Allow Canadian Tax Information Transfer to U.S. under FATCA

On September 17, 2015 we posted Canadian FATCA IGA With U.S.Faces Constitutional Challenge in Court where we discussed that in August last year, two women, Gwen Deegan of Toronto and Virginia Hillis of Windsor, launched a challenge to the Ottawa government's implementation of the US Foreign Account Tax Compliance Act (FATCA).

Both are US citizens by birth but have lived in Canada since infancy and have no US passport, but are still liable to US worldwide taxation and FATCA reporting requirements.

The judge denied the “declaratory and injunctive relief” requested by the plaintiffs to stop the initial transfer of information. But he wrote that he did so “without prejudice to their right to pursue their claim” further.

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Sources

Financial Post
Wall Street Journal

STEP

 

 

Read more at: Tax Times blog

 
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