Canada and the US sign FATCA Intergovernmental Agreement

February 2014

Overview

The United States and Canada announced on February 5, 2014, that they have signed an Intergovernmental Agreement (IGA) to improve international tax compliance and to implement the US Foreign Account Tax Compliance Act (FATCA). The IGA must be ratified under Canadian laws before it comes into force. The implementing legislation was released concurrently with the IGA and is expected to be introduced in Parliament over the coming months.

The IGA is a Model I Reciprocal Agreement, meaning that financial institutions in each country will report specific information to their own governments, which will then automatically exchange that information annually on a reciprocal basis.

The attached article provides an overview of the Canada - US IGA and discusses its scope and impact on Canadian institutions.

Contact us

Frank Serravalli
Partner
Tel: +1 (646) 742 7510
Email

John Gibson
Principal
Tel: +1 (202) 414 4691
Email

Dominick Dell'Imperio
Partner
Tel: +1 (646) 471 2386
Email

Candace Ewell
Tax
Tel: +1 (202) 312 7694
Email