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, Trusts
Specifically, this article analyzes (1) FATCA generally and the Canadian IGA in particular; (2) why some personal Canadian trusts should be classified as entities subject to FATCA under the Canadian IGA as investment entities, custodial institutions, or both, and why the Financial Action Task Force reference in the definition of an investment entity does not alter this classification; (3) the implementing legislation under the Canadian IGA, particularly its unique classification of personal Canadian trusts as entities exempt from the Canadian IGA, and a history of the legislation; and (4) the potential consequences of restricting the class of entities subject to FATCA under the Canadian IGA, including overwithholding and invalidation of the IGA.