Canada to Give IRS Tax Info on Americans Living North of Border

The Obama Administration has distinguished itself as relentless in its efforts to close offshore tax havens. The Cayman Islands, Costa Rica, even Switzerland have agreed to work with the US Treasury to illuminate dodgy bank accounts. The administration's latest triumph of revenue accumulation is an agreement with Canada. The accord, according to an article in the Toronto newspaper The Globe and Mail, opens the door for the Canadian government to "start routinely (share) vast amounts of financial data about Americans living in Canada with U.S. tax authorities."

Image: passport.gc.ca

"The scope of the agreement," the story noted in an interview with an accounting professional, "is much broader than most people realize...virtually all companies in Canada -- from small family-run businesses to multinationals -- will soon be asked by their banks to provide more information on the tax status of their shareholders."

Approximately one million Yanks or dual US/Canadian passport holders live north of the American border. Oh, Canada!