In Committee from the Senate of Canada - National Finance - April 30, 2014 - Part 1
Senior Finance Canada officials Brian Ernewein, Ted Cook and Kevin Shoom provide details on the measures in the budget implementation act (C-31) related to the enforcement of the Foreign Account Tax Compliance Act. FATCA is an American tax law requiring Canadian financial institutions to provide the U.S. Internal Revenue Service (IRS) with account information on customers who are deemed to be “U.S. Persons” under American laws. (April 30, 2014) UPDATE: Bill C-31 received royal assent on June 19.