U.S. tax law invades Canada

From the Victoria Times Colonist:

Prime Minister Stephen Harper should pay a little less attention to protecting us from incursions on our Arctic territories and focus more on preventing an invasion from the south.

It’s not a military assault, but an invasion of privacy in the form of the U.S. Foreign Account Tax Compliance Act, which requires that foreign banks report to the Internal Revenue Service in the U.S. information about accounts held by “U.S. persons.” The act was passed in 2010, but its disclosure provisions take effect after June 30,2014.