Canada:
Follow-Up: Automatic Disclosure Of Financial Records From Canadian Financial Institutions
12 October 2015
Stikeman Elliott LLP
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On September 30, 2015, Justice Donald J. Rennie, on behalf of a
three member panel of the Federal Court of Appeal,
denied the appellants' motion for an
interlocutory injunction prohibiting the disclosure of their
financial records by the Minister of National Revenue to the U.S.
Department of the Treasury pursuant to the IGA.
This would appear to give the Canada Revenue Agency a
"green light" to turn over bank account information of
U.S. persons residing in Canada to the Internal Revenue
Service.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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