Foreign Account Tax Compliance Act

Under the FATCA rules, financial institutions are obligated to provide the IRS with information about accounts and holdings of U.S. citizens. Basically, the IRS is trying to make sure you are not hiding money overseas though Canada is hardly a tax haven. But there is more to this overreaching legislation that just tracking down deadbeat U.S. citizens.
"To be clear, the agreement will not impose any new or higher taxes, and CRA will not assist ... in collection of U.S. tax