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ARTICLE · 09 MAY 2014

FATCA: An Update - May 8, 2014

McCarthy Tétrault
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On February 5, 2014 Canada and the United States signed an Intergovernmental Agreement to implement the Foreign Account Tax Compliance Act.

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Nigel Johnston
Nigel Johnston
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On February 5, 2014 Canada and the United States signed an Intergovernmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). The IGA is a Model 1 agreement under which "reporting Canadian financial institutions" report the relevant information regarding US reportable accounts (i.e. accounts that are held by a "specified US person" or a "non- U.S. entity" with one or more "controlling persons" that is a specified US person), to the Canada Revenue Agency (CRA), which then provides that information to the Internal Revenue Service (IRS). The IGA is reciprocal so that the United States will provide tax information to Canada regarding Canadian individuals and entities with accounts in the United States.

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