Are you an American resident? It’s a question that Canadian “snowbirds” will have to ask themselves before celebrating Canada Day next week, when the U.S. Foreign Tax Compliance Act – or FATCA – kicks into effect.
Financial institutions around the world will answer to the U.S. Internal Revenue Agency so Uncle Sam can assess their account holders for income tax, or face large withholding penalties after July 1.
Jeff Lagerquist, BNN.ca staff 2:29 PM, E.T. | June 27, 2014 Canadian
