GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 Development of Common Reporting and Exchange Model: The Parties are committed to working with Partner Jurisdictions and the Organisation for Economic Co-operation and Development on adapting the terms of this Agreement and other agreements between the United States and Partner Jurisdictions to a common model for automatic exchange of information, including the development of reporting and due diligence standards for financial institutions.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 4
4 Documentation of Accounts Maintained as of June 30, 2014: With respect to Reportable Accounts maintained by a Reporting Financial Institution as of June 30, 2014: a) The United States commits to establish, by January 1, 2017, for reporting with respect to 2017 and subsequent years, rules requiring Reporting U.S. Financial Institutions to obtain and report the Canadian TIN of each Account Holder of a Canadian Reportable Account as required pursuant to subparagraph 2(b)(1) of Article 2 of this Agreement; and b) Canada commits to establish, by January 1, 2017, for reporting with respect to 2017 and subsequent years, rules requiring Reporting Canadian Financial Institutions to obtain the U.S. TIN of each Specified U.S. Person as required pursuant to subparagraph 2(a)(1) of Article 2 of this Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 a)
a) The United States commits to establish, by January 1, 2017, for reporting with respect to 2017 and subsequent years, rules requiring Reporting U.S. Financial Institutions to obtain and report the Canadian TIN of each Account Holder of a Canadian Reportable Account as required pursuant to subparagraph 2(b)(1) of Article 2 of this Agreement; and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 b)
b) Canada commits to establish, by January 1, 2017, for reporting with respect to 2017 and subsequent years, rules requiring Reporting Canadian Financial Institutions to obtain the U.S. TIN of each Specified U.S. Person as required pursuant to subparagraph 2(a)(1) of Article 2 of this Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 Canada shall be granted the benefit of any more favorable terms under Article 4 or Annex I of this Agreement relating to the application of FATCA to Canadian Financial Institutions afforded to another Partner Jurisdiction under a signed bilateral agreement pursuant to which the other Partner Jurisdiction commits to undertake the same obligations as Canada described in Articles 2 and 3 of this Agreement, and subject to the same terms and conditions as described therein and in Articles 5 through 9 of this Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 The United States shall notify Canada of any such more favorable terms, and such more favorable terms shall apply automatically under this Agreement as if such terms were specified in this Agreement and effective as of the date of signing of the agreement incorporating the more favorable terms, unless Canada declines the application thereof.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 In case any difficulties in the implementation of this Agreement arise, either Party may request consultations to develop appropriate measures to ensure the fulfillment of this Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 This Agreement may be amended by written mutual agreement of the Parties. Unless otherwise agreed upon, such an amendment shall enter into force through the same procedures as set forth in paragraph 1 of Article 10 of this Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
The Annexes form an integral part of this Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 This Agreement shall enter into force on the date of Canada’s written notification to the United States that Canada has completed its necessary internal procedures for entry into force of this Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 Either Party may terminate this Agreement by giving notice of termination in writing to the other Party. Such termination shall become effective on the first day of the month following the expiration of a period of 12 months after the date of the notice of termination.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 The Parties shall, prior to December 31, 2016, consult in good faith to amend this Agreement as necessary to reflect progress on the commitments set forth in Article 6 of this Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
IN WITNESS WHEREOF, the undersigned, being duly authorized thereto by their respective Governments, have signed this Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
DONE in duplicate, at Ottawa, this 5th day of February 2014, in the English and French languages, each version being equally authentic.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
FOR THE GOVERNMENT OF THE UNITED STATES OF AMERICA
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 I
I General A Canada shall require that Reporting Canadian Financial Institutions apply the due diligence procedures contained in this Annex I to identify U.S. Reportable Accounts and accounts held by Nonparticipating Financial Institutions. B For purposes of the Agreement, 1 All dollar amounts are in U.S. dollars and shall be read to include the equivalent in other currencies. 2 Except as otherwise provided herein, the balance or value of an account shall be determined as of the last day of the calendar year or other appropriate reporting period. 3 Where a balance or value threshold is to be determined as of June 30, 2014, under this Annex I, the relevant balance or value shall be determined as of that day or the last day of the reporting period ending immediately before June 30, 2014, and where a balance or value threshold is to be determined as of the last day of a calendar year under this Annex I, the relevant balance or value shall be determined as of the last day of the calendar year or other appropriate reporting period. 4 Subject to subparagraph E(1) of section II of this Annex I, an account shall be treated as a U.S. Reportable Account beginning as of the date it is identified as such pursuant to the due diligence procedures in this Annex I. 5 Unless otherwise provided, information with respect to a U.S. Reportable Account shall be reported annually in the calendar year following the year to which the information relates. C As an alternative to the procedures described in each section of this Annex I, Canada may permit Reporting Canadian Financial Institutions to rely on the procedures described in relevant U.S. Treasury Regulations to establish whether an account is a U.S. Reportable Account or an account held by a Nonparticipating Financial Institution. Canada may permit Reporting Canadian Financial Institutions to make such election separately for each section of this Annex I either with respect to all relevant Financial Accounts or, separately, with respect to any clearly identified group of such accounts (such as by line of business or the location of where the account is maintained).
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 A
A Canada shall require that Reporting Canadian Financial Institutions apply the due diligence procedures contained in this Annex I to identify U.S. Reportable Accounts and accounts held by Nonparticipating Financial Institutions.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 B
B For purposes of the Agreement, 1 All dollar amounts are in U.S. dollars and shall be read to include the equivalent in other currencies. 2 Except as otherwise provided herein, the balance or value of an account shall be determined as of the last day of the calendar year or other appropriate reporting period. 3 Where a balance or value threshold is to be determined as of June 30, 2014, under this Annex I, the relevant balance or value shall be determined as of that day or the last day of the reporting period ending immediately before June 30, 2014, and where a balance or value threshold is to be determined as of the last day of a calendar year under this Annex I, the relevant balance or value shall be determined as of the last day of the calendar year or other appropriate reporting period. 4 Subject to subparagraph E(1) of section II of this Annex I, an account shall be treated as a U.S. Reportable Account beginning as of the date it is identified as such pursuant to the due diligence procedures in this Annex I. 5 Unless otherwise provided, information with respect to a U.S. Reportable Account shall be reported annually in the calendar year following the year to which the information relates.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 All dollar amounts are in U.S. dollars and shall be read to include the equivalent in other currencies.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 Except as otherwise provided herein, the balance or value of an account shall be determined as of the last day of the calendar year or other appropriate reporting period.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 Where a balance or value threshold is to be determined as of June 30, 2014, under this Annex I, the relevant balance or value shall be determined as of that day or the last day of the reporting period ending immediately before June 30, 2014, and where a balance or value threshold is to be determined as of the last day of a calendar year under this Annex I, the relevant balance or value shall be determined as of the last day of the calendar year or other appropriate reporting period.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 4
4 Subject to subparagraph E(1) of section II of this Annex I, an account shall be treated as a U.S. Reportable Account beginning as of the date it is identified as such pursuant to the due diligence procedures in this Annex I.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 5
5 Unless otherwise provided, information with respect to a U.S. Reportable Account shall be reported annually in the calendar year following the year to which the information relates.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 C
C As an alternative to the procedures described in each section of this Annex I, Canada may permit Reporting Canadian Financial Institutions to rely on the procedures described in relevant U.S. Treasury Regulations to establish whether an account is a U.S. Reportable Account or an account held by a Nonparticipating Financial Institution. Canada may permit Reporting Canadian Financial Institutions to make such election separately for each section of this Annex I either with respect to all relevant Financial Accounts or, separately, with respect to any clearly identified group of such accounts (such as by line of business or the location of where the account is maintained).
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 II
ing Individual Accounts That Have Been Documented for Certain Other Purposes A Reporting Canadian Financial Institution that has previously obtained documentation from an Account Holder to establish the Account Holder’s status as neither a U.S. citizen nor a U.S. resident in order to meet its obligations under a qualified intermediary, withholding foreign partnership, or withholding foreign trust agreement with the IRS, or to fulfill its obligations under chapter 61 of Title 26 of the United States Code, is not required to perform the procedures described in subparagraph B(1) of this section with respect to Lower Value Accounts or subparagraphs D(1) through D(3) of this section with respect to High Value Accounts.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 A
een Documented for Certain Other Purposes A Reporting Canadian Financial Institution that has previously obtained documentation from an Account Holder to establish the Account Holder’s status as neither a U.S. citizen nor a U.S. resident in order to meet its obligations under a qualified intermediary, withholding foreign partnership, or withholding foreign trust agreement with the IRS, or to fulfill its obligations under chapter 61 of Title 26 of the United States Code, is not required to perform the procedures described in subparagraph B(1) of this section with respect to Lower Value Accounts or subparagraphs D(1) through D(3) of this section with respect to High Value Accounts.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 A
A Accounts Not Required to Be Reviewed, Identified, or Reported: Unless the Reporting Canadian Financial Institution elects otherwise, either with respect to all Preexisting Individual Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Canada provide for such an election, the following Preexisting Individual Accounts are not required to be reviewed, identified, or reported as U.S. Reportable Accounts: 1 Subject to subparagraph E(2) of this section, a Preexisting Individual Account with a balance or value that does not exceed $50,000 as of June 30, 2014. 2 Subject to subparagraph E(2) of this section, a Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract with a balance or value of $250,000 or less as of June 30, 2014. 3 A Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract, provided the law or regulations of Canada or the United States effectively prevent the sale of such a Cash Value Insurance Contract or an Annuity Contract to U.S. residents (e.g., if the relevant Financial Institution does not have the required registration under U.S. law, and the law of Canada requires reporting or withholding with respect to insurance products held by residents of Canada). 4 A Depository Account with a balance of $50,000 or less.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 Subject to subparagraph E(2) of this section, a Preexisting Individual Account with a balance or value that does not exceed $50,000 as of June 30, 2014.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 Subject to subparagraph E(2) of this section, a Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract with a balance or value of $250,000 or less as of June 30, 2014.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 A Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract, provided the law or regulations of Canada or the United States effectively prevent the sale of such a Cash Value Insurance Contract or an Annuity Contract to U.S. residents (e.g., if the relevant Financial Institution does not have the required registration under U.S. law, and the law of Canada requires reporting or withholding with respect to insurance products held by residents of Canada).
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 4
4 A Depository Account with a balance of $50,000 or less.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 B
s to transfer funds to an account maintained in the United States , the Reporting Canadian Financial Institution obtains, or has previously reviewed and maintains a record of: (1) A self-certification that the Account Holder is neither a U.S. citizen nor a U.S. resident for tax purposes (which may be on an IRS Form W-8 or other similar agreed form); and (2) Documentary evidence, as defined in paragraph D of section VI of this Annex I, establishing the Account Holder’s non-U.S. status. d) Where the Account Holder information contains a currently effective power of attorney or signatory authority granted to a person with a U.S. address, has an “in-care-of” address or “hold mail” address that is the sole address identified for the Account Holder, or has one or more U.S. telephone numbers (if a non-U.S. telephone number is also associated with the account) , the Reporting Canadian Financial Institution obtains, or has previously reviewed and maintains a record of: (1) A self-certification that the Account Holder is neither a U.S. citizen nor a U.S. resident for tax purposes (which may be on an IRS Form W-8 or other similar agreed form); or (2) Documentary evidence, as defined in paragraph D of section VI of this Annex I, establishing the Account Holder’s non-U.S. status.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 Electronic Record Search The Reporting Canadian Financial Institution must review electronically searchable data maintained by the Reporting Canadian Financial Institution for any of the following U.S. indicia: a) Identification of the Account Holder as a U.S. citizen or resident; b) Unambiguous indication of a U.S. place of birth; c) Current U.S. mailing or residence address (including a U.S. post office box); d) Current U.S. telephone number; e) Standing instructions to transfer funds to an account maintained in the United States; f) Currently effective power of attorney or signatory authority granted to a person with a U.S. address; or g) An “in-care-of” or “hold mail” address that is the sole address the Reporting Canadian Financial Institution has on file for the Account Holder. In the case of a Preexisting Individual Account that is a Lower Value Account, an “in-care-of” address outside the United States or “hold mail” address shall not be treated as U.S. indicia.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 a)
The Reporting Canadian Financial Institution must review electronically searchable data maintained by the Reporting Canadian Financial Institution for any of the following U.S. indicia: a) Identification of the Account Holder as a U.S. citizen or resident; b) Unambiguous indication of a U.S. place of birth; c) Current U.S. mailing or residence address (including a U.S. post office box); d) Current U.S. telephone number; e) Standing instructions to transfer funds to an account maintained in the United States; f) Currently effective power of attorney or signatory authority granted to a person with a U.S. address; or g) An “in-care-of” or “hold mail” address that is the sole address the Reporting Canadian Financial Institution has on file for the Account Holder. In the case of a Preexisting Individual Account that is a Lower Value Account, an “in-care-of” address outside the United States or “hold mail” address shall not be treated as U.S. indicia.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 a)
a) Identification of the Account Holder as a U.S. citizen or resident;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 b)
b) Unambiguous indication of a U.S. place of birth;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 c)
c) Current U.S. mailing or residence address (including a U.S. post office box);
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 e)
e) Standing instructions to transfer funds to an account maintained in the United States;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 f)
f) Currently effective power of attorney or signatory authority granted to a person with a U.S. address; or
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 g)
g) An “in-care-of” or “hold mail” address that is the sole address the Reporting Canadian Financial Institution has on file for the Account Holder. In the case of a Preexisting Individual Account that is a Lower Value Account, an “in-care-of” address outside the United States or “hold mail” address shall not be treated as U.S. indicia.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 If none of the U.S. indicia listed in subparagraph B(1) of this section are discovered in the electronic search, then no further action is required until there is a change in circumstances that results in one or more U.S. indicia being associated with the account, or the account becomes a High Value Account described in paragraph D of this section.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 If any of the U.S. indicia listed in subparagraph B(1) of this section are discovered in the electronic search, or if there is a change in circumstances that results in one or more U.S. indicia being associated with the account, then the Reporting Canadian Financial Institution must treat the account as a U.S. Reportable Account unless it elects to apply subparagraph B(4) of this section and one of the exceptions in such subparagraph applies with respect to that account.