Backed by proposed U.S. legislation aimed at improving tax collection, the plan “has far-reaching extraterritorial implications. It would turn Canadian banks into extensions of the IRS and would raise significant privacy concerns for Canadians,” Mr. Flaherty said in the letter which referenced the long-standing friendship between the two countries. “We support efforts to crack down on legitimate tax evasion. These measures, however, do not achieve that goal,” the finance minister wrote.
Flaherty takes on IRS over tax crackdowns in Canada | FP Street | Financial Post
Jim Flaherty, Canada’s finance minister, has submitted a letter to several U.S. publications to object to efforts by U.S. authorities to obtain tax information through Canadian banks