Mar 29th, 2023
Feb 16th, 2016
By David H. Sohmer
Canada and Switzerland have just announced an agreement to exchange information commencing in 2017 with the first transmission to be in 2018. The timing was not unexpected since the Swiss banks have already reviewed their client data-bases for purposes of the US legislation known as FATCA so that the computerized exchange of data will not materially increase the workload of Swiss banks. Nor does the timing catch Canadian clients off-guard, since most Swiss banks have required their clients to become tax compliant before December 2016.
The text of the agreement can be found here.
David H. Sohmer is a tax lawyer and one of the founders of Spiegel Sohmer.