FATCA Delayed

Since the FACTA posts on this blog have generated a lot of traffic, I thought I’d pass along some information from my good friend Peter McLaughlin in Morrison Foerster’s New York office. It appears the IRS have decided to shift the implementation date for FATCA from 31 December 2013 to 1 July 2014. Not a very happy Canada Day for those Canadians with dual citizenship.

Financial institutions have until 25 April 2014 to finalize their registration. Full details can be read here. Still no word as to what will be in the intergovernmental agreement between Canada and the United States.