Courtroom of Appeal upholds sharing of Canadian bank account facts with U.S. authorities

OTTAWA — The Federal Court of Attraction has affirmed the constitutionality of laws that makes it possible for account information and facts held by Canadian monetary institutions to be shared with U.S. authorities.

Two U.S.-born women of all ages who now dwell in Canada, Gwendolyn Louise Deegan and Kazia Highton, challenged the Canadian provisions implementing a 2014 agreement concerning the two international locations that helps make the information and facts-sharing feasible.

The two unsuccessfully argued in Federal Court that the provisions breach the Charter of Legal rights and Freedoms assure protecting against unreasonable seizure, prompting them to take their scenario to the Courtroom of Attraction.

The U.S. Foreign Account Tax Compliance Act, recognized as FATCA, involves banking institutions and other establishments in countries outside the house the United States to report info about accounts held by U.S. persons, including Canadians with twin citizenship.

The Canadian govt instructed the Courtroom of Enchantment that failure to comply with the U.S. measures would have had really serious consequences on Canada&#8217s financial sector, its buyers and the broader economic climate.

Amongst the info from Canada becoming shared with the U.S. Internal Earnings Assistance are the names and addresses of account holders, account quantities, account balances, and information these kinds of as fascination, dividends and other cash flow.

This report by The Canadian Press was initial revealed Sept. 23, 2022.

The Canadian Push

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