Did you know…? Some tidbits about the relationship between CRA and the IRS

CRA can assist the IRS in collecting a debt. In one case, CRA assisted in collecting a six-figure U.S. tax penalty for unfiled disclosures from a U.S. citizen resident in Canada.

In September 2016, the CRA transmitted 315,160 banking records to the IRS under the information sharing requirements in the Foreign Account Tax Compliance Act (FATCA).