FATCA Services.ca | Foreign Account Tax Compliance Act | Taking into effect on July 1, 2014, it has become law for foreign financial institutions to report financial accounts of non-resident U.S. taxpayers to the IRS. Often, individuals are unsure whether they would be affected by this new law.

How will FATCA apply to Canada?
On February 5, 2014, Canada’s Department of Finance announced that an Inter-Governmental Agreement (IGA) has been signed between Canada and the United States to improve international tax compliance and to fully implement FATCA across the country. This means that foreign financial institutions in Canada will be required to report financial accounts of U.S. tax payers directly to the IRS.

In countries without an Inter-Governmental Agreement with the United States, foreign financial institutions will still be required to report directly to the IRS. Generally, a 30% withholding tax will be deducted from U.S. source payments received by foreign financial institutions that are in countries without an IGA.


What does it mean for affected individuals?
The IRS will have foreign financial account information of individuals with ties to the United States. It is important that if you have a filing obligation, that the information you provide is complete and correct as the IRS will have access to your information submitted by the foreign financial institutions.

Gary Booth CA Professional Corp.
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Foreign Account Tax Compliance Act (FATCA)
Taking into effect on July 1, 2014, it has become law for foreign financial institutions to report financial accounts of non-resident U.S. taxpayers to the IRS. Often, individuals are unsure whether they would be affected by this new law. Whether you were born in the U.S. but live in Canada or have parents who are both U.S. citizens, you will be required to file U.S. tax returns. This includes any information return that may also be required. FATCA may take into effect in which you will be required to report your financial accounts to the IRS due to your U.S. ties. There is no way to avoid filing any required information returns as FATCA will require foreign financial institutions to report any financial accounts you may have to IRS. It is important to report your accounts now and not wait for the IRS to contact you.
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FATCA Services | Foreign Account Tax Compliance Act | US back taxes services for Canadians Foreign Account Tax Compliance Act  | info@fatcaservices.ca GBCA / CPA Firm 416-626-2727 Toronto Tax Services Back Taxes Canada Owner, Gary Booth CA Professional Corp Toronto Tax Services Back Taxes Canada Owner, Gary Booth CA Professional Corp Film - Fatca (CPA Firm in Toronto, Canada) FATCA Services.ca | Foreign Account Tax Compliance Act | Taking into effect on July 1, 2014, it has become law for foreign financial institutions to report financial accounts of non-resident U.S. taxpayers to the IRS. Often, individuals are unsure whether they would be affected by this new law.