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It is unclear whether the US Congress intended to classify trusts as financial institutions subject to FATCA when the law was originally introduced in 2009 and enacted in 2010. A US Senate subcommittee has previously described trusts as “enablers” of tax evasion and abuse, suggesting that trusts are properly subject to FATCA. The term “trust” is used only six times in the relevant sections of the Code, and never in the context of a financial institution. The Treasury regulations, however, are replete with references to trusts, and two examples explicitly provide that trusts can be financial institutions. Other jurisdictions with Model 1a IGAs have also classified trusts as financial institutions subject to FATCA. The United Kingdom’s guidance notes specifically contemplate that certain trusts will be classified as financial institutions, and Ireland’s guidance notes echo this conclusion. The OECD CRS confirms that an effective reporting regime should “limit the opportunities for taxpayers to circumvent reporting by using interposed legal entities or arrangements,” by requiring financial institutions to look through “shell companies, trusts or similar arrangements” to determine who the individual behind the account or ownership interest actually is. Accordingly, although Congress’s intent is unclear, the us Treasury and other jurisdictions with IGAs treat certain personal trusts as financial institutions subject to FATCA. That treatment is inconsistent with the treatment of personal trusts under the Canadian implementing legislation. In this section, first we will address the classification of certain personal trusts as investment entities subject to FATCA under the Canadian IGA. Second, we will analyze the fatf reference in the definition of “investment entity” and explain why it should not be used to restrict that definition under the Canadian IGA, and cannot be used to restrict the more general term “financial institution.” Third, we will examine the classification of certain personal trusts as custodial institutions subject to FATCA under the Canadian IGA.