US Tax Plan Big Issue for Canadian Banks

30. May 2011 by Dan Walkow, CFA, CMT.

The long arm of U.S. law is poised to reach deep into the lives of millions of Canadians.

It’s called the Foreign Account Tax Compliance Act, or FATCA. Quietly signed into law by President Barack Obama last year, the legislation boasts the lofty goal of dismantling foreign tax havens suspected of looting $100-billion a year from the U.S. Treasury. Read on to see how it may affect you here.

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