US, Canada Agree To Deal To Stifle Tax Evasion

Law360, New York (February 5, 2014, 6:07 PM EST) -- Canada and the federal government signed a deal Wednesday agreeing to share tax information about bank accounts held by U.S. citizens in Canadian banks, freeing the country from complying with a law set to kick in later this year.

Wednesday’s agreement allows Canadian banks to avoid reporting information directly to the Internal Revenue Service, permitting them instead to report to the Canadian Revenue Agency, which will work with the U.S., according to the deal.

The arrangement lets Canadian banks off the hook for compliance with the...
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