The media takes note.
Two Canadian women mounting a legal challenge to FATCA have expanded their action to include the Minister of National Revenue as a defendant.
Gwen Deegan, a graphic designer from Toronto, and Ginny Hillis, a retired lawyer from Windsor, claim the Canadian federal government doesn’t have the constitutional authority to comply with a U.S. law called the Foreign Account Tax Compliance Act (FATCA).
Canada is complying with the law by agreeing to provide the U.S. Internal Revenue Service with financial information about so-called “U.S. persons” resident in Canada.
The plaintiffs believe the definition of “U.S. person” used in the law is so broad that it captures up to one million Canadians, some of whom feel they have no real connection to the U.S.
As of July 1 this year, Canadian financial institutions must provide the Canadian Revenue Agency with information about accountholders who meet the definition of U.S. person. The CRA…
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