The Canadian agreement might prompt other countries to finish similar FATCA deals with the United States, former U.S. officials said, with Treasury trying to sign as many pacts as possible within the next five months.
"People were getting worried about why it was taking so long" to conclude the deal with Canada, a major U.S. economic partner, said Manal Corwin, a former Treasury tax official who is now a principal at Big Four accounting firm KPMG LLP.
Signing with Canada is "a really critical development," she said.