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Canada finds itself grappling between thwarting tax evasion and protecting privacy as it nears the announcement of a deal with the U.S. to share banking information, reports The Globe and Mail. The Foreign Account Tax Compliance Act, which will go into effect January 1, requires financial institutions in other countries to inform the U.S. Internal Revenue Service about Americans’ offshore back accounts storing more than $50,000, the report states. Whether Ottawa or financial institutions themselves will hand over the data is up for debate, with many arguing having the banks do it will ensure compliance with privacy laws. A spokesperson for Canadian Privacy Commissioner Jennifer Stoddart said the privacy implications will “depend on the details.”
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