Wednesday, August 13, 2014
Wall Street Journal, U.S. Expats Sue Over Canadian Deal to Tell Washington About Their Accounts:
A group representing American expatriates is taking legal action against the Canadian government for its role in implementing a U.S. law designed to clamp down on tax evasion.
The lawsuit, filed Monday in the Federal Court of Canada in Vancouver, challenges the constitutionality of a Canada-U.S. intergovernmental agreement reached in February that forces domestic banks to comply with the U.S. Foreign Account Tax Compliance Act, or Fatca. The agreement requires Canadian banks to share account information about U.S. citizens with the U.S. Internal Revenue Service via Canadian tax authorities.
(Hat Tip: Allison Christians.)