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The Canadian IGA is nearly identical to the current Model 1a IGA, excepting certain defined terms. All Canadian financial institutions are classified into one of three types: a reporting Canadian financial institution, a non-reporting Canadian financial institution, or a non-participating financial institution. A “reporting Canadian financial institution” is defined in the negative as a Canadian financial institution that is not a non-reporting Canadian financial institution. A “non-reporting Canadian financial institution” is defined as a Canadian financial institution or other Canadian-resident entity that is identified as such in annex II or that otherwise qualifies as a deemed-compliant FFI or an exempt beneficial owner (EBO) under the Treasury regulations. Furthermore, a reporting Canadian financial institution will be treated as compliant with FATCA and not subject to withholding under article 4(1) of the Canadian IGA if the following conditions are met: Canada complies with its obligations under the Canadian IGA regarding that institution; and the institution registers with the IRS, obtains a GIIN, reports certain information to the Canadian competent authority (that is, the CRA), and withholds on certain withholdable payments. The Treasury regulations provide that a reporting Canadian financial institution that complies with the registration requirements in the Canadian IGA is a registered deemed-compliant FFI.