Canada:
IRS Urges Foreign Financial Institutions Participating In FATCA To Check Their Registrations
20 October 2017
Stikeman Elliott LLP
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The Internal Revenue Service recently reminded foreign financial
institutions (FFIs) that they have until October 24, 2017 to renew
their FFI agreement, if required. Those who are required to renew
their FFI agreement and do not do so by October 24th (i) could be
removed from the November FFI list; (ii) could be subject to a 30
percent tax on certain U.S. source payments; and (ii) will
be treated as having terminated their FFI agreement as
of January 1, 2017.
For more information, please refer to IRS Notice 2017-153.
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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