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ARTICLE · 13 DECEMBER 2022

Changes To The CRA's FATCA/CRS Guidance For Financial Accounts Held By Trusts

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Canadian financial institutions (FIs) are subject to the due diligence and reporting obligations in Part XVIII (FATCA) and Part XIX (CRS) of the Income Tax Act (Canada).

CanadaTax
Grace Pereira
Grace Pereira
Tony Zhang
Tony Zhang
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Canadian financial institutions (FIs) are subject to the due diligence and reporting obligations in Part XVIII (FATCA) and Part XIX (CRS) of the Income Tax Act (Canada).

With respect to a financial account of a trust that is a non-financial foreign entity for FATCA or a non-financial entity for CRS (a trust), an FI must report the particular account on its FATCA information return or CRS information return if the trust has one or more "controlling persons" that are either (i) a citizen of the United States or (ii) a tax resident of a jurisdiction other than Canada. Controlling persons of a trust include its settlor, trustee, protector (if any), beneficiary and any other natural person exercising ultimate effective control over the trust.

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