This treaty also affects their spouses, children, or anyone with whom they own property, share a business connection, or hold a joint financial account.

[5] While anticipating the agreement but before it was signed, Scotia Bank, one of Canada's large banks, spent almost $100 million, implementing a system to report to the United States the account holdings of Canadians of American origin, and their Canadian born spouses in order to comply with FATCA.

According to the Financial Post FATCA requires Canadian banks to provide information to the United States including total assets, account balances, account numbers, transactions and more, and includes assets held jointly with Canadian-born spouses and other family members.

[9] FATCA requires Canadian banks to identify and supply the financial information of anyone considered to be a U.S. person to the IRS.

However the Isaac Brock Society [11] leaked documents from CRA's guidance notes that suggest that the Canadian federal government and Canada Revenue Agency (CRA) have undermined the intergovernmental agreement (IGA) with the U.S. which is aimed at catching American tax evaders living in Canada.