Standard Life Canada

Post on: 6 Июль, 2015 No Comment

Standard Life Canada
  • What is FATCA?

FATCA stands for Foreign Account Tax Compliance Act. The goal of this American legislation is to help identify US persons who may be holding assets and income abroad. It was enacted in the US in 2010. On February 5, 2014, Canada signed an inter-government agreement with the United States; its official name is the Canada US Enhanced Tax Information Exchange Agreement, which came into effect July 1, 2014.

  • Who is a US person under the agreement?
  • Under US tax law, the definition of a US person includes:

    • A citizen of the US including an individual born in the US but resident of Canada who has not renounced US citizenship
    • A lawful resident of the US (including a US green card holder)
  • What does Canada’s recent signing of the agreement mean to you?

    It means that Canadian Financial Institutions are required to identify persons who hold investments at their institutions, and who are US persons for US tax purposes.

  • If you are a NEW retail individual investor, what do you have to do?

    For non-registered investments, you will be asked by your advisor if you are a US citizen, resident or taxpayer. U.S. citizens/tax residents will be asked to provide their taxpayer identification number (TIN). If there is any reason to believe that a client is a US resident for tax purposes, they may be asked to complete a Self-Certification Form. This information will be kept on file at Standard Life and may be reported to Canada Revenue Agency (CRA) to meet the requirements of the agreement.

  • If you are an EXISTING individual investor (before July 1, 2014), what do you have to do?

    Mutual fund account holders may be contacted by their advisors.

    Standard Life Canada
  • Which retail products are affected?

    FATCA applies to all non-registered investments, including Standard Life Mutual Funds, Ideal Segregated Funds, Ideal Term Funds, Annuities. (TFSA and RRSPs are registered accounts, and are therefore not affected.)

  • If you are a NEW group plan member (since July 1, 2014), what do you have to do?

    If you are a US citizen, resident or taxpayer, you will be asked to provide your taxpayer identification number (TIN). If there is any reason to believe that you are a US resident for tax purposes, you might be requested to complete a Self-Certification Form. This information will be kept on file at Standard Life and may be reported to Canada Revenue Agency (CRA) to meet the requirements of the agreement.

  • If you are an EXISTING group plan member (before July 1, 2014), what do you have to do?

    No action is required.

  • Which group plans are affected?

    Employee Profit Sharing Plan (EPSP)

    Non-registered savings plan (NRSP)

    Non-registered Stock plans (NOREG and EPSP)

    Non-registered Investment Only plan (IO)


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