CRA Shared Information on Smaller Bank Accounts with IRS according to an article by Elizabeth Thompson in iPolitics today.
The banks are not required to automatically review or report Canadian bank accounts under $50,000, leading many of those who might be subject to the information sharing move to presume that their banking information wasn’t being shared with the United States.
However, documents tabled recently in Parliament and information obtained by iPolitics from the CRA indicate that information on many individual accounts worth less than $50,000 is, in fact, being shared with the IRS.
It seems the Privacy Commissioner is concerned–but hasn’t done much to stop this violation of privacy
I think banks are taking different approaches. I believe TD is reporting accounts under $50,000 but I understand CIBC is not reporting if the aggregate amount is under $50,000.
Whatever the situation, the betrayal of Canadians by their financial institutions and government continues.