Bloomberg News

Flaherty Says Canada Sees Progress in Tax Dispute With U.S.

October 20, 2011

Oct. 20 (Bloomberg) -- Canadian Finance Minister Jim Flaherty said his government is trying to negotiate “leniency” on potential penalties that U.S. citizens living in Canada may be asked to pay for not filing tax returns in the U.S.

Flaherty, speaking to lawmakers in Ottawa, said he is seeing some “progress” on the issue with U.S. officials.

Dual citizens must file annual U.S. tax returns and complete a separate yearly IRS filing if they have Canadian or other non-U.S. financial accounts of more than $10,000, under Internal Revenue Service rules.

To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net

To contact the editor responsible for this story: Paul Badertscher at pbadertscher@bloomberg.net


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