Canadians with US citizenship face account closures under FATCA

Pedro Gonçalves
clock • 2 min read

Canadian residents with US citizenship face the closure of their bank accounts in the coming months as the end of the FATCA grace period means they must provide a US identification number. With the conclusion of a grace period on Jan. 1, Canadian banking institutions are required to attain US identification numbers for Canadian clients under FATCA or face fines. Experts say that in some cases, financial institutions may close accounts rather than face fines for not providing US social security or taxpayer identification numbers for clients who could be subject to US income tax, such a...

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