Canadian Banks Become Informants for the IRS

“When Canada’s banks reopen for business on July 2, they will begin formally operating as informants for the United States Internal Revenue Service — the IRS,” James Fitz-Morris wrote for the CBC news website today. Fitz-Morris continued, “Financial institutions in Canada will be required to ask all new and existing clients opening a new account questions such as where they were born, and possibly where their parents were born. Those who indicate they have a connection to the U.S. will have their files sent to the Canada Revenue Agency — which will automatically pass them along to the IRS. Canadian citizens who decline to answer the new set of questions could have their personal banking information passed along to Uncle Sam to determine if they are a ‘U.S. person.’ Or, the bank could refuse to open an account for those who refuse to answer the questions. All U.S. citizens and ‘resident aliens’ (green card holders) are required to file U.S. taxes every year — regardless of where they live. Eritrea is the only other country in the world with a similar law.” Read the full article here.

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