Excerpt from "FATCA in Canada: The Restriction on the
Class of Entities Subject to FATCA" first published by the
Canadian Tax Foundation in (2014) 62:3 Canadian Tax Journal by Roy
Berg and Paul Barba.
This article provides an introduction to the Foreign Account Tax
Compliance Act (FATCA) for Canadians and analyzes Canada's
implementing legislation regarding FATCA. The implementing
legislation uniquely classifies entities subject to FATCA, in that
it departs from the classification in the US Treasury regulations,
the Canada-US intergovernmental agreement regarding FATCA (the
Canadian IGA), and the implementing legislation adopted or proposed
by other jurisdictions with signed IGAs with the United States.
Thus positioned, the implementing legislation places Canada either
in the vanguard of legislative drafting regarding FATCA or as
discrepant with both the United States and these other
jurisdictions. This article analyzes Canada's position and
rationale for its
