It appears that the IRS takes the position that U.S. citizens living anywhere in the world owe them something.
They've been saying that Canadian banks should let them know of any U.S. citizens using their services, of which citizenship they become aware.
The banks have been complaining that this is going to cost them millions per year ...
... and the IRS says that, if they don't cooperate, that every cross-border transaction which they initiate will incur a 30% tax liability.
Apparently there's been discussion between the two governments, with the Canadians saying that that would require that the U.S. folks should notify the Canadians about all Canadians resident there, as well ...
... but there's been a big sticking point.
The U.S. absolutely forbids any other country's laws applying in their country, so we're told.
It sounds as though a deal is in the works/about to be settled.
ole joyful ... who says that the Canadian banks should bill the IRS for their extra costs
Here is a link that might be useful: U.S. tax laws applying to U.S. citizens resident in Canada
marie_ndcal
Elmer J Fudd
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