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ARTICLE · 05 AUGUST 2014

FATCA Comes To Canada: The Basics

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Bill C-31 require Canadian financial institutions to implement procedures to enable identification of US reportable accounts.

CanadaTax
Melissa Wright
Melissa Wright
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Bill C-31, which became law in June, has added several provisions to the Act that require Canadian financial institutions to implement procedures to enable identification of US reportable accounts. Information about these accounts must be reported to the CRA. Canada has agreed to automatically exchange this information with the United States pursuant to article XXVII of the Canada-US treaty. The United States is expected to use this information to identify Canadians who are non-compliant US persons, such as US citizens who have not been submitting US tax returns and FBAR ("Report of Foreign Bank and Financial Accounts") filings.

These additions to the Act implement the intergovernmental agreement (IGA) signed by the United States and Canada on February 5, 2014 in respect of the Foreign Account Tax Compliance Act (FATCA). FATCA is US legislation that was enacted in 2010 and took effect on July 1, 2014.

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