Why is Canada Sending Half a Million Accounting Records to the US Every Year?

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According to Canadian broadcasting company CBC news, each year more than half a million accounting records of Canadian bank accounts are being transferred to US authorities. To date, since the implementation of FATCA legislation FATCA (Foreign Account Tax Compliance Act), the IRS in the US has received information on over 1.7 million accounts from Canada Revenue Agency and other Canadian lenders as per FATCA.

This has been controversial for many fair rights campaigners as many of the Canadian accountholders whose details have been shared are not subject to US taxation.