Elizabeth Thompson of CBC is reporting the number of FATCA records transferred from CRA to IRS doubled from 2016 from 2015.
Banking records of more than 315,000 Canadian residents were turned over to the U.S. Internal Revenue Service last year under a controversial information sharing deal, CBC News has learned.
That is double the number transferred in the deal’s first year.
The Canada Revenue Agency transmitted 315,160 banking records to the IRS on Sept. 28, 2016 — a 104 per cent increase over the 154,667 records the agency sent in September 2015.
The article points out the flip flop of Trudeau, Brison and Goodale.
NDP Revenue Critic Pierre-Luc Dusseault finds the increase in reporting “surprising.” He says:
“I don’t see how there would be 150,000 more accounts reportable to the IRS in one year. It is something I will look into.”
Lynne Swanson has no idea why the number has doubled but finds the number low considering the number of people affected by FATCA.
Swanson hopes the Republican controlled Congress and President Trump will repeal FATCA. She is still waiting for the Federal Court of Canada to intervene to protect Canadians in Canada.
“A foreign government is essentially telling the Canadian government how Canadian citizens and Canadian residents should be treated. It is a violation of the Charter of Rights and Freedoms.”