Canadian bank account data can be shared with U.S.: court


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The Federal Court of Attractiveness has affirmed the constitutionality of laws that permits account facts held by Canadian money institutions to be shared with U.S. authorities.

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Two U.S.-born females who now live in Canada, Gwendolyn Louise Deegan and Kazia Highton, challenged the Canadian provisions implementing a 2014 settlement amongst the two international locations that tends to make the facts-sharing feasible.

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The two unsuccessfully argued in Federal Court that the provisions breach the Constitution of Rights and Freedoms guarantee stopping unreasonable seizure, prompting them to acquire their case to the Court docket of Enchantment.

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The U.S. Overseas Account Tax Compliance Act, known as FATCA, demands banking companies and other establishments in nations around the world exterior the United States to report information and facts about accounts held by U.S. folks, including Canadians with dual citizenship.

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The Canadian government informed the Courtroom of Appeal that failure to comply with the U.S. measures would have had really serious outcomes on Canada’s money sector, its customers and the broader overall economy.

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Among the facts from Canada staying shared with the U.S. Internal Income Support are the names and addresses of account holders, account numbers, account balances, and specifics this kind of as curiosity, dividends and other revenue.

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