cra fatca reporting deadline

A TIN may be collected through other means. Such account holders can generally be classified into two categories: retail and institutional account holders.5.17 Retail account holders generally include individuals and smaller, often closely held entities.

Unless otherwise stated, this guidance is applicable as of the release date and changes made to the guidance will not be applied to determine compliance of any financial institution before that date.1.8 This guidance uses plain language to explain the responsibilities under the Agreement and Part XVIII. In the case of an account held by a passive NFFE controlled by one or more specified U.S. persons, the Canadian TIN (if applicable) of each controlling person who is a specified U.S. person must also be reported.

A financial institution can accept an electronic form including the electronic signature of the account holder (or person formally authorized to sign) and the account holder must positively acknowledge by signature or other means that the certification is correct. It should be noted that after 2016, an account holder that does not provide his or her U.S. TIN upon request in connection with a preexisting account that is required to be reported, may be liable to a penalty of $100 for each such failure under subsection 162(6) of the ITA. Financial institutions are required to apply:8.51 A financial institution must review its electronically searchable data for U.S. indicia listed in 8.52 A paper record search is required unless the financial institution can access all of the following information from an electronic record search for any U.S. indicia:8.53 If a financial institution does not have this capacity or does not capture the above information electronically, a paper record search for U.S. indicia is required and it must include a review of the current customer master file and, to the extent they are not contained in the current master file, the following documents associated with the account and obtained by the financial institution within the last five years:8.54 In the context of a paper record search, a place of birth will only be considered an “unambiguous indication of a U.S. place of birth” if the U.S. is identified as the country of birth or if the information on the place of birth renders the U.S. the only possible place of birth without any form of review.

However, if no fund controls another fund and none of the funds are under common control from an ownership perspective, aggregation of unit holdings outside of a particular fund is not required unless the fund is sponsored by a sponsoring entity.7.46 A “family of funds” is not a term defined in the ITA. Normally, the account holder is the person listed or identified as the holder of the financial account by the financial institution that maintains the account.6.51 However, if a person (other than a financial institution) holds an account for the benefit of another person (for example, as agent or as nominee), the first-mentioned person will not be treated as holding the account. Therefore, when an introducing broker has introduced a client to a carrying broker for whom the carrying broker has opened an account governed by a Type 1 Arrangement, the introducing broker is not considered to maintain the account it keeps for such client.5.28 It is understood that an introducing broker can contractually agree to use the services of a carrying broker to fulfill its obligations under Part XVIII.5.29 Where an introducing broker and carrying broker are part of the same related group and the introducing broker has entered into a fully disclosed clearing relationship with the carrying broker, the introducing broker and carrying broker can, in addition to the types of arrangement referred to above, agree to have the carrying broker responsible for the documentation, classification and reporting thereby allowing the parties to align with their related party arrangements for back office clearing and settlement.

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