ARTICLE · 28 OCTOBER 2014

FATCA Facts

Crowe Soberman LLP

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Did you know that the U.S. Department of Homeland Security is now tracking your entrance to and exit from the U.S. by land, sea, and air?

CanadaTax

Alexandra Spinner

Marissa Verskin

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Did you know...

The U.S. Department of Homeland Security is now tracking your entrance to and exit from the U.S. by land, sea, and air?

If you are a non-immigrant alien (from a U.S. perspective), you can now view the dates that you have entered and exited the U.S. on the website below for U.S. Customs and Border Protection by entering your name, date of birth, and passport details: https://i94.cbp.dhs.gov

The Foreign Account Tax Compliance Act (FATCA) is U.S. legislation requiring certain non-U.S. entities (including Canadian financial institutions) to report information to the U.S. Internal Revenue Service (IRS) regarding accounts held by certain U.S. persons. FATCA helps ensure that overseas (non-U.S., including Canadian) income is reported by U.S. persons to the IRS. Enacted on March 2010, FATCA became operational on July 1, 2014.

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