U.S. Citizens in Canada InfoShop

2011 Sept 28 – Zajac

Andrew Zajac
IRS strikes a conciliatory tone toward Canadians
Financial Post / Bloomberg News (28 Sept 2011)


Tax attorney Scott Michel estimates the number of Canadian residents affected by US disclosure requirements as closer to 750,000 than to one million. IRS spokesman Terry Lemons “sounded a conciliatory note in addressing individual Canadian reporting requirements” when he stated that the IRS “recognizes that many Canadians face complex tax situations because of dual citizenship.” In an April 2011 letter to IRS and Treasury officials, Peter van Dijk of Toronto Dominion Bank “estimated that complying with FATCA would cost $100 million.”

Written by usxcanada

28 September 2011 at 7:00 am

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