May 15, 2019

1.6 million Canadian banking records shared with IRS

Since an information sharing agreement was made with the U.S. in 2014, 600,000 Canadian bank accounts in 2016 and again in 2017 was shared, which is up from 300,000 records in 2015. In this reciprocal agreement, the CRA shares account information for account holders from the U.S., and the IRS sends information on Canadians, who have U.S. bank accounts. This information sharing can result in Canadians being taxed more based on U.S. repatriation tax law put into effect in 2017. Many have argued against this information sharing, including court cases, but so far appeals have not resulted in a change to the agreement.

“The Canadian government has shared more than 1.6 million Canadian banking records with the U.S. Internal Revenue Service since the start of a controversial information-sharing agreement in 2014.”

Read more:

Ask Our Experts

Quadrant is dedicated to your financial success. Get expert advice and insights to grow your business and plan for your future.

Request a Consultation