National Revenue Minister: U.S. Foreign Account Tax Compliance Act.

U.S. Foreign Account Tax Compliance Act.: Finance Minister Jim Flaherty and National Revenue Minister Kerry-Lynne Findlay have signed the agreement to implement the U.S. Foreign Account Tax Compliance Act. , according to CBC. It has also caught accidental Americans, people who didnt realize becoming a citizen of another country doesnt supersede their U.S. citizenship, or that the U.S. automatically confers citizenship on anyone with at least one U.S. parent. Canada has finalized a deal with the U.S. government that takes a lot of heat off of Canadian banks but could spell big problems for thousands of their customers. Introduced in the U.S. in 2010, the law is meant to track down U.S. tax cheats living abroad. But it has also caught up an unknown number of people who didnt realize the U.S. is one of only two countries in the world that require their citizens to file taxes no matter where they are living. Catches 'accidental Americans' (www.immigrantscanada.com). As reported in the news.