Supreme Court won’t examine sharing of Canadian bank account info with U.S.

OTTAWA –

The Supreme Court of Canada won’t hear a problem of laws that permits account data held by Canadian monetary establishments to be shared with U.S. authorities.

The case started when two U.S.-born girls who now reside in Canada contested the Canadian provisions implementing a 2014 settlement between the 2 international locations that made the information-sharing potential.

The two unsuccessfully argued in decrease courts that the provisions breach the Charter of Rights and Freedoms assure stopping unreasonable seizure.

The U.S. Foreign Account Tax Compliance Act requires banks and different establishments in international locations exterior the United States to report details about accounts held by U.S. people, together with Canadians with twin citizenship.

The Canadian authorities informed the Federal Court of Appeal that failure to adjust to the U.S. measures would have had critical results on Canada’s monetary sector, its clients and the broader financial system.

The data from Canada being shared with the U.S. Internal Revenue Service consists of the names and addresses of account holders, account numbers, account balances and particulars equivalent to curiosity, dividends and different revenue.

This report by The Canadian Press was first revealed July 13, 2023.