You might have missed this bit of news, but in 2014 the Canadian government entered into an information sharing agreement with the Internal Revenue Service. Since then, 1.6 million banking records have been shared with the IRS and another 600,000 are expected this year.
You can read more information by checking out the full article at this link. If you or a family member are considered a US person, contact Price & Comin LLP for a free consultation on what your potential tax obligations could be.
If you’re not sure if you’re considered a US person but you’ve lived, worked or ever owned property in the United States, give us a call and we can help you get started.