THE 360 NEWSLETTER

As a reminder, the Foreign Account Tax Compliance Act (“FATCA”) was implemented in June 2014 to ensure compliance by U.S. taxpayers (individual or entity) with foreign accounts. As for the Common Reporting Standard (“CRS”), it was implemented in June 2017 to ensure compliance by clients (individual or entity) whose tax residence is in a participating jurisdiction outside of Canada and the United States.

Following the August 31, 2023 communication where we provided reminders pertaining to FATCA and CRS reporting requirements and consequences of non-compliance, we would like to inform you that the Investia FATCA and CRS reference guide has been amended.

The amended guide includes:

• Detailed information about the CRS; and
• Clarification regarding reporting requirements for account owners who become deceased clients.

Click on the link below to read the amended guide, which can also be found on the Advisor Centre under Guides and Training / Compliance:

FATCA and CRS – Reference Guide

Additional Information:

• Guidance on the Common Reporting Standard (Government of Canada)
• Guidance on the Canada-U.S. Enhanced Tax Information Exchange Agreement (Government of Canada)

Should you have any questions, please do not hesitate to contact your Compliance Officer.