FATCA, IRS forms, FACTA Canada, FACTA in Canada, taxation Canada, IRS Canada, revenue Canada taxation, taxation in Canada, IRS FATCA, Canadian tax law, FATCA and Canada, tax law Canada, FATCA Canada news, Canadian tax laws, Canadian income tax law, Canada tax law, US-Canada, cross-border, intergovernmental agreement, tax legislation, Canadian trusts, Internal Revenue Service, US Department of the Treasury, Canadian Department of Finance, Trusts
Roy A. Berg and Paul M. Barba. This article provides an introduction to the Foreign Account Tax Compliance Act (FATCA) for Canadians and analyzes Canada’s implementing legislation regarding FATCA. The implementing legislation uniquely classifies entities subject to FATCA, in that it departs from the classification in the us Treasury regulations, the Canada-us intergovernmental agreement regarding FATCA (the Canadian iga), and the implementing legislation adopted or proposed by other jurisdictions with signed igas with the United States. Thus positioned, the implementing legislation places Canada either in the vanguard of legislative drafting regarding FATCA or as discrepant with both the United States and these other jurisdictions. This article analyzes Canada’s position and rationale for its restrictive classification of entities subject to FATCA under the implementing legislation, and concludes that the legislation is likely discrepant in its interpretation.