— Patricia Moon (@nobledreamer16) July 7, 2014
It is believed that at least one million Canadian citizens may be considered under U.S. law to also be U.S. citizens. The Obama administration has passed a new U.S. law, that the Government of Canada (AKA Harper Government) has agreed to implement on Canadian soil. The law called “FATCA” (Foreign Account Tax Compliance Act) basically requires the Canadian banks to:
1. Identify Canadians who may be considered by the U.S. to be U.S. citizens; and
2. Turn them over to Canada’s CRA, which will then turn them over to the IRS.
Toronto real estate agents take note! This new law will affect your clients and impose a new duty of care when advising these clients!