Judge quashes attempt to kill FATCA

An attempt by two dual Canadian-U.S. citizens to prevent the Canadian government from complying with FATCA was struck a major blow yesterday.

Read: Feds bury FATCA in budget bill

A Federal Court of Canada judge denied their request to prevent CRA from sending IRS personal and financial information, arguing the transfer was “legally authorized.”

The plaintiffs claimed FATCA compliance violates their Charter rights. The ruling does not preclude the plaintiffs from launching further litigation.

Also read:

FATCA: What’s happened and what’s to come

Pros and cons of dropping U.S. citizenship

Don’t fall for FATCA scams, warns IRS

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.