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Canada Shares 600,000 Bank Accounts to the IRS Every Year

The Canada Revenue Agency is now transferring 600,000 bank account records to the US authorities every year, according to CBC news.

In 2016 and again in 2017, the Canada Revenue Agency provided the IRS with information on 600,000 Canadian bank accounts each year. That's a sharp increase from the 300,000 records shared in 2015 and the 150,000 records shared in 2014, the year the sharing began.

However, that doesn't necessarily correspond to the number of people affected. Some people may have more than one bank account, while some joint accounts could have more than one account holder — including people who don't hold U.S. citizenship.

So far, the US Internal Revenue Service has received information on 1.6 million Canadian bank accounts under the US Foreign Account Tax Compliance Act (FATCA), although many of the accountholders are not necessarily subject to US taxes. 

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Read more at: Tax Times blog

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