Skip to main content

Canada Signs Tax-Sharing Agreement with U.S.

Reuters is reporting that Canada has signed a tax information sharing agreement with the United States. This means that the Canadian government has agreed to share information on U.S. taxpayers obtained from Canadian banks with the I.R.S. The ultimate goal of this agreement is to prevent offshore tax evasion by U.S. citizens who seek to hide their assets from their home country to avoid paying taxes. According to the article, similar agreements have been made between the U.S. and 22 other countries, including a recent agreement with Hungary. By signing the agreement, Canada was able to avoid the stricter guidelines of the Foreign Account Tax Compliance Act, Pub. L. 111-147, 124 Stat. 97-110 (2010), passed by Congress on March 18, 2010. According to the article, this act would have mandated that Canadian banks disclose information on U.S. citizens' accounts that are more than $50,000 and would have implemented a 30% withholding  tax on foreign entities that are non-compliant. Instead, Canada will share information with the I.R.S. under the provisions of the current tax treaty already in force. The full text of the agreement is available on the Canada Department of Finance's website.

Comments

Popular posts from this blog

Law School Exams: A Guide to Better Grades

It’s that time of year again. Law students across the country are poring over their class notes and supplements, putting the finishing touches on their outlines, and fueling their all-night study sessions with a combination of high-carb snacks and Java Monsters. This can mean only one thing: exam time is approaching.

If you’re looking for a brief but effective guide to improving your exam performance, the O’Quinn Law Library has the book for you. Alex Schimel’s Law School Exams: A Guide to Better Grades, now in its second edition, provides a clear and concise strategy for mastering the issue-spotting exams that determine the majority of your grade in most law school classes. Schimel finished second in his class at the University Of Miami School Of Law, where he taught a wildly popular exam workshop in his 2L and 3L years, and later returned to become Associate Director of the Academic Achievement Program. The first edition of his book was written shortly after he finished law school, …

Citing to Vernon's Texas Codes Annotated: Finding Accurate Publication Dates (without touching a book)

When citing to a current statute, both the Bluebook (rule 12.3.2) and Greenbook (rule 10.1.1) require a  practitioner to provide the publication date of the bound volume in which the cited code section appears. For example, let's cite to the codified statute section that prohibits Texans from hunting or selling bats, living or dead. Note, however, you may remove or hunt a bat that is inside or on a building occupied by people. The statute is silent as to Batman, who for his own safety, best stay in Gotham City.
This section of the Texas Parks and Wildlife code is 63.101. "Protection of Bats." After checking the pocket part and finding no updates in the supplement, my citation will be:
Tex. Parks & Wild. Code Ann. § 63.101 (West ___ ). When I look at the statute in my bound volume of the Texas Parks and Wildlife Code, I can clearly see that the volume's publication date is 2002. But, when I find the same citation on Westlaw or LexisNexis, all I can see is that the …