Apparently they sent me some forms to fill out a month or 2 ago... of course I dismissed it lol
(this is for my business account btw, not personal)
Then I get this letter saying my account has been switched to 'Reportable', which gives CRA (Canadian tax man) the ability to share my info with the US Internal Revenue Service (Yankee tax man). Says "the CRA WILL share information on reportable accounts with the IRS"
I go to my branch and say WTF is this? Lady says I'm not the first, and I need to call the #.
I go home and call the #. Get a nice Irish lady who agrees with me that its crazy but explains that 1 year ago some new laws passed which gives the IRS the ability to screen Canadian bank accounts for anyone who might be a US citizen or operating a US company but not paying US taxes.
There is NOTHING wrong about my account or transactions, I am in no way suspect of anything out of the ordinary. They simply reported my case and gave the IRS access to it BECAUSE I DIDN'T FILL OUT AND RETURN THE FORMS that state that I am not an american business.
I think its ridiculous, because I am neither an american, nor have an american company, and my bank should know this.
Have a look - crazy:
