US Cross-Border Tax Blog

Published by W.L. Dueck LLP

Posts filed under ‘FATCA (Foreign Account Tax Compliance Act)’

Steven Flynn

Foreign Bank Account Reporting Forms

March means different things to different people.  Spring flowers.  Longer days.  College Basketball.  It’s also a time people start to think about their own income tax returns.  Deadlines arise in the spring and March 15th is just one such deadline for some US corporations and those individuals that are  required to ensure a non-US trust meets any US reporting obligations.  These US corporations and non-US trusts required to file US returns can file extensions on or before March 15th to… Read More


FATCA: Transfer of Banking Information to IRS – Steven Flynn Interviewed by CTV

Steven Flynn was interviewed by Amy Legate-Wolfe at on the topic of dual and US citizens resident in Canada and the impact of the Internal Revenue Services’ FATCA legislation on their banking information.


While you were away

The weather this summer in the Lower Mainland was one of the best in memory.  So while you (and us) were busy on the water or on the golf course, both countries were busy changing and tweaking tax laws as they apply to individuals in a cross-border environment. Internal Revenue Service – Streamlined Program Changes In June, the IRS modified its procedures to allow US citizens to come forward to file delinquent US tax returns and forms without penalty.  While… Read More


US Tax Confusion for US Persons in Canada

Many US persons living in Canada are angry, scared or confused about their US tax obligations and the new Foreign Account Tax Compliance Act (“FATCA”).  The internet is buzzing with stories of massive penalties, crippling professional fees and denied entry into the US, some of which may be partly true. Contrary to the internet, most US persons resident in Canada who have not filed US tax returns will not owe any penalties at all for failure to timely file US… Read More


Will FATCA Be Implemented in Canada?

Some commentators have suggested Canada’s recently signed Intergovernmental Agreement (“IGA”) with the US violates Canada’s Charter of Rights. If they are right and the IGA is implemented, it may be overturned by Canadian courts. The IGA is an agreement that modifies the US’s Foreign Account Tax Compliance Act (“FATCA”). FATCA and the IGA FATCA is primarily a reporting system that requires financial institutions outside the US to identify their clients who are US persons (including US citizens, residents and green-card… Read More