American-Canadian IRS Tax Law?
I also read there is an exception such as if the persons canadian bank account is under 50000, there would be no reporting whatsoever to the IRS of the usa?
I read this law came into effect july 1, 2014 or august 1, 2014? So basically before this date if you held a canadian bank acct, the usa irs won't know about it but after this date if you have an active bank account they would know? But they wouldn't know about individuals with under a certain balance? I cannot imagine canadian banks sharing those canadian who were born in the usa a long time ago or an american that have like 200 dollars in their bank accts only right?
Also i heard this law came into effect as well for usa and all european banks? Thus any american in europe will have similar thing as with usa and canada? So basically its canada and european countries only and every other country such as south america or other places aren't included in this? That doesn't really make sense unless im mistaken?