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Audits Involving Offshore Accounts

On February 5, 2013, Canada and the United States announced that they had signed an intergovernmental agreement (“IGA”) implementing the Foreign Account Tax Compliance Act (“FACTA”), showing additional worldwide support for the United States’ initiative to prevent global tax evasion.


Requirements, Purpose and Definitions For Reporting Foreign Bank and Financial Accounts (FBAR)

The FBAR filing requirement is imposed upon taxpayers through the U.S. Treasury.