Are you a US citizen living in Canada (or elsewhere outside the U.S.) holding financial assets that are not in the U.S.? The new FATCA (Foreign Account Tax Compliance Act of 2009) rules could affect you. It is estimated that the U.S. government is losing approximately US$100 billion of tax revenue per year to offshore tax abuse. With a desire for greater transparency, the US government is increasing its efforts to target wealthy US persons who have not disclosed their assets that are held outside the United States.
This article comments on the sweeping changes to the global withholding and reporting requirements under the new FATCA rules.