The Supreme Court will not investigate the sharing of Canadian bank account information with the US

The Supreme Court of Canada will not address a challenge to legislation that allows Canadian financial institution account information to be shared with US authorities.

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

The two unsuccessfully argued in lower courts that the provisions violate the Charter of Rights and Freedoms and prevent unreasonable seizure.

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

The Canadian government told the Federal Court of Appeal that failure to comply with the US measures would have had serious consequences for the Canadian financial sector, its customers and the wider economy.

The information from Canada that is shared with the US tax authorities includes account holder names and addresses, account numbers, account balances and details such as interest, dividends and other income.