The Supreme Court of Canada will not hear a challenge of legislation that allows account information held by ºÃÉ«tv financial institutions to be shared with U.S. authorities. A man walks past the Supreme Court of Canada, Friday, June 16, 2023 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
The Supreme Court of Canada will not hear a challenge of legislation that allows account information held by ºÃÉ«tv financial institutions to be shared with U.S. authorities. A man walks past the Supreme Court of Canada, Friday, June 16, 2023 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
ajwOTTAWA - The Supreme Court of Canada will not hear a challenge of legislation that allows account information held by ºÃÉ«tv financial institutions to be shared with U.S. authorities.
The case began when two U.S.-born women who now live in Canada contested the ºÃÉ«tv provisions implementing a 2014 agreement between the two countries that made the information-sharing possible.
The two unsuccessfully argued in lower courts that the provisions breach the Charter of Rights and Freedoms guarantee preventing unreasonable seizure.
The U.S. Foreign Account Tax Compliance Act requires banks and other institutions in countries outside the United States to report information about accounts held by U.S. individuals, including ºÃÉ«tvs with dual citizenship.
The ºÃÉ«tv government told the Federal Court of Appeal that failure to comply with the U.S. measures would have had serious effects on Canada's financial sector, its customers and the broader economy.
The information from Canada being shared with the U.S. Internal Revenue Service includes the names and addresses of account holders, account numbers, account balances and details such as interest, dividends and other income.
This report by ºÃÉ«tvwas first published July 13, 2023.
The ºÃÉ«tv Press. All rights reserved.
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