Canada:
U.S. FATCA Creates Potential Compliance Issues For Canadian Financial Institutions
08 August 2011
Stikeman Elliott LLP
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Our insurance group colleague
Stuart Carruthers recently authored
an article regarding the potential
compliance issues emanating from certain provisions of the U.S. Hiring Incentives to Restore
Employment Act known as the Foreign Account
Tax Compliance Act. Specifically, FATCA targets American
offshore tax evasion by broadening required disclosure and
reporting by foreign financial institutions in respect of U.S.
accountholders. While focused on insurance companies, Stuart's
article identifies important issues for the consideration of
Canadian financial institutions generally.
Earlier this month, the IRS and Treasury Department released a notice announcing
plans to phase in FATCA requirements over the next few years.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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