The Supreme Court will not review the disclosure of Canadian bank account information to US business news

Canada’s Supreme Court will not hear a challenge to legislation that would allow Canadian financial institutions to disclose account information to US government agencies.

The case began when two US-born women who now live in Canada challenged Canadian provisions implementing a 2014 agreement between the two countries that allowed for the sharing of information.

The two unsuccessfully argued before the lower courts that the provisions violated the Charter of Rights and Freedoms guarantee that prevents unreasonable confiscation.

The US Foreign Account Tax Compliance Act requires banks and other institutions in countries outside the United States to report information about accounts held by US persons, including dual Canadians.

The Canadian government told the federal appeals court that failure to comply with the US measures would have had a serious impact on Canada’s financial sector, its customers and the broader economy.

Information from Canada that is reported to the US Internal Revenue Service includes account holder names and addresses, account numbers, account balances, and details such as interest, dividends, and other income.