Two Canadian-US dual citizens have lost a court challenge to a law that allows the Canadian goverment to collect and disclose to the US government information about US reportable accounts, as specified in the FATCA intergovernmental agreement between the US and Canada.
The Federal Court of Canada, on September 17, rejected arguments that the disclosures should be enjoined because they were contrary to statue or conflicted with the US-Canada tax treaty. As a result, Canada can move forward with plans to transmit US citizen account data to the US government on September 23.
The case did not address any constitutional challenges to FATCA implementation in Canada. The plaintiffs, funded by grassroots organization Alliance for the Defense of Canadian Sovereignty (ADCS), plan to press ahead with a constitutional challenge.
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