The guidance confirms that Canadian entities could be subject to the U.S. Foreign Account Tax Compliance Act (FATCA), which takes effect from July 1, 2014 and will be interested in the CRA’s new guidance on Canada’s intergovernmental agreement (IGA) with the United States. This helps financial institutions and their advisors recognize and abide by their due diligence and reporting obligations under the IGA. This guide also explains the IGA reporting obligations.
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