What is FATCA?

The Foreign Account Tax Compliance Act (FATCA) requires non-U.S. financial institutions to report accounts held by U.S. persons to the Internal Revenue Service (IRS).

Under the intergovernmental agreement, relevant information about accounts held by U.S. residents and U.S. citizens (including U.S. citizens who are residents or citizens of Canada) are reported to the Canada Revenue Agency (CRA).

What does this mean for non-resident investors?

Effective July 1, 2014, we require a self-certification form for all non-resident accounts held by investors who reside in foreign countries. The form tells us which country the investor lives in for tax purposes or if the investor is a citizen of the United States.

What should you do to comply with FATCA?

If you have clients who are tax residents or citizens of the United States, arrange for them to complete the applicable form. Once they’ve completed it, you should mail or fax it to us. (These same forms can also be found in the ‘FATCA & CRS Self-Certification Form’ section of this page.)