FATCA at Moodys Gartner Tax Law 1 | Page 4

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On February 5, 2014, Canada and the United States signed an intergovernmental agreement (“the Canadian IGA”) regarding the application of the US Foreign Account Tax Compliance Act (FATCA) to Canadian entities. FATCA classifies every “entity” (including trusts) as falling within one of two mutually exclusive groups: “foreign financial institution” (FFI) or “non-financial foreign entity” (NFFE).