FATCA, IRS forms, FACTA Canada, FACTA in Canada, taxation Canada, IRS Canada, revenue Canada taxation, taxation in Canada, IRS FATCA, Canadian tax law, FATCA and Canada, tax law Canada, FATCA Canada news, Canadian tax laws, Canadian income tax law, Canada tax law, US-Canada, cross-border, intergovernmental agreement, tax legislation, Canada Revenue Agency (CRA), Canadian trusts, financial institutions, investment entities, custodial institutions, Financial Action Task Force (FATF)
In this article, we provide an introduction to FATCA in Canada and discuss the implementing legislation’s apparent limitation on Canadian entities subject to FATCA under Canadian law, particularly personal Canadian trusts. The analysis that follows is based on the three sources of substantive law that — at least in theory — are supposed to function in harmony (the Code and the Treasury regulations, the Canadian IGA, and the Canadian implementing legislation) and is divided into five parts.