In a feature for The Globe and Mail, Queens University Law Prof. Arthur Cockfield and McGill University Heward Stikeman Chair in the Law of Taxation Allison Christians write about the implications of the U.S. Foreign Account Tax Compliance Act (FATCA) for Canadians. “For the first time in Canadian history, our federal government is preparing to provide a foreign government with sensitive personal financial information about hundreds of thousands of Canadians. It is doing so to stave off threatened economic sanctions, and is getting nothing in return,” the report states. The Canadian government is set to implement FATCA by July 1, they write, adding, “This move is unacceptable as it gravely threatens Canadian financial privacy.”
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