GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 III
al Institutions. K Special Rules The following rules apply to an Investment Entity: 1 With respect to interests in an Investment Entity that is a collective investment vehicle described in paragraph J of this section, the reporting obligations of any Investment Entity (other than a Financial Institution through which interests in the collective investment vehicle are held) shall be deemed fulfilled. 2 With respect to interests in: a) An Investment Entity established in a Partner Jurisdiction that is regulated as a collective investment vehicle, all of the interests in which (including debt interests in excess of $50,000) are held by or through one or more exempt beneficial owners, Active NFFEs described in subparagraph B(4) of section VI of Annex I, U.S. Persons that are not Specified U.S. Persons, or Financial Institutions that are not Nonparticipating Financial Institutions; or b) An Investment Entity that is a qualified collective investment vehicle under relevant U.S. Treasury Regulations; the reporting obligations of any Investment Entity that is a Canadian Financial Institution (other than a Financial Institution through which interests in the collective investment vehicle are held) shall be deemed fulfilled. 3 With respect to interests in an Investment Entity established in Canada that is not described in paragraph J or subparagraph K(2) of this section, consistent with paragraph 3 of Article 5 of the Agreement, the reporting obligations of all other Investment Entities with respect to such interests shall be deemed fulfilled if the information required to be reported by the first-mentioned Investment Entity pursuant to the Agreement with respect to such interests is reported by such Investment Entity or another person.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 A
ng rules apply to an Investment Entity: 1 With respect to interests in an Investment Entity that is a collective investment vehicle described in paragraph J of this section, the reporting obligations of any Investment Entity (other than a Financial Institution through which interests in the collective investment vehicle are held) shall be deemed fulfilled. 2 With respect to interests in: a) An Investment Entity established in a Partner Jurisdiction that is regulated as a collective investment vehicle, all of the interests in which (including debt interests in excess of $50,000) are held by or through one or more exempt beneficial owners, Active NFFEs described in subparagraph B(4) of section VI of Annex I, U.S. Persons that are not Specified U.S. Persons, or Financial Institutions that are not Nonparticipating Financial Institutions; or b) An Investment Entity that is a qualified collective investment vehicle under relevant U.S. Treasury Regulations; the reporting obligations of any Investment Entity that is a Canadian Financial Institution (other than a Financial Institution through which interests in the collective investment vehicle are held) shall be deemed fulfilled. 3 With respect to interests in an Investment Entity established in Canada that is not described in paragraph J or subparagraph K(2) of this section, consistent with paragraph 3 of Article 5 of the Agreement, the reporting obligations of all other Investment Entities with respect to such interests shall be deemed fulfilled if the information required to be reported by the first-mentioned Investment Entity pursuant to the Agreement with respect to such interests is reported by such Investment Entity or another person.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 A
A Financial Institution with a Local Client Base A Financial Institution that qualifies as a local FFI as described in relevant U.S. Treasury Regulations, applying subparagraphs A(1), A(2) and A(3) of this section in lieu of the relevant paragraphs in those regulations: 1 Beginning on or before July 1, 2014, the Financial Institution must have policies and procedures, consistent with those set forth in Annex I, to prevent the Financial Institution from providing a Financial Account to any Nonparticipating Financial Institution and to monitor whether the Financial Institution opens or maintains a Financial Account for any Specified U.S. Person who is not a resident of Canada (including a U.S. Person that was a resident of Canada when the Financial Account was opened but subsequently ceases to be a resident of Canada) or any Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Canada; 2 Such policies and procedures must provide that if any Financial Account held by a Specified U.S. Person who is not a resident of Canada or by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Canada is identified, the Financial Institution must report such Financial Account as would be required if the Financial Institution were a Reporting Canadian Financial Institution (including by following the applicable registration requirements on the IRS FATCA registration website) or close such Financial Account; 3 With respect to a Preexisting Account held by an individual who is not a resident of Canada or by an Entity, the Financial Institution must review those Preexisting Accounts in accordance with the procedures set forth in Annex I applicable to Preexisting Accounts to identify any Financial Account held by a Specified U.S. Person who is not a resident of Canada, by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Canada, or by a Nonparticipating Financial Institution, and must report such Financial Account as would be required if the Financial Institution were a Reporting Canadian Financial Institution (including by following the applicable registration requirements on the IRS FATCA registration website) or close such Financial Account;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
A Financial Institution that qualifies as a local FFI as described in relevant U.S. Treasury Regulations, applying subparagraphs A(1), A(2) and A(3) of this section in lieu of the relevant paragraphs in those regulations: 1 Beginning on or before July 1, 2014, the Financial Institution must have policies and procedures, consistent with those set forth in Annex I, to prevent the Financial Institution from providing a Financial Account to any Nonparticipating Financial Institution and to monitor whether the Financial Institution opens or maintains a Financial Account for any Specified U.S. Person who is not a resident of Canada (including a U.S. Person that was a resident of Canada when the Financial Account was opened but subsequently ceases to be a resident of Canada) or any Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Canada; 2 Such policies and procedures must provide that if any Financial Account held by a Specified U.S. Person who is not a resident of Canada or by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Canada is identified, the Financial Institution must report such Financial Account as would be required if the Financial Institution were a Reporting Canadian Financial Institution (including by following the applicable registration requirements on the IRS FATCA registration website) or close such Financial Account; 3 With respect to a Preexisting Account held by an individual who is not a resident of Canada or by an Entity, the Financial Institution must review those Preexisting Accounts in accordance with the procedures set forth in Annex I applicable to Preexisting Accounts to identify any Financial Account held by a Specified U.S. Person who is not a resident of Canada, by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Canada, or by a Nonparticipating Financial Institution, and must report such Financial Account as would be required if the Financial Institution were a Reporting Canadian Financial Institution (including by following the applicable registration requirements on the IRS FATCA registration website) or close such Financial Account;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 Beginning on or before July 1, 2014, the Financial Institution must have policies and procedures, consistent with those set forth in Annex I, to prevent the Financial Institution from providing a Financial Account to any Nonparticipating Financial Institution and to monitor whether the Financial Institution opens or maintains a Financial Account for any Specified U.S. Person who is not a resident of Canada (including a U.S. Person that was a resident of Canada when the Financial Account was opened but subsequently ceases to be a resident of Canada) or any Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Canada;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 Such policies and procedures must provide that if any Financial Account held by a Specified U.S. Person who is not a resident of Canada or by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Canada is identified, the Financial Institution must report such Financial Account as would be required if the Financial Institution were a Reporting Canadian Financial Institution (including by following the applicable registration requirements on the IRS FATCA registration website) or close such Financial Account;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 With respect to a Preexisting Account held by an individual who is not a resident of Canada or by an Entity, the Financial Institution must review those Preexisting Accounts in accordance with the procedures set forth in Annex I applicable to Preexisting Accounts to identify any Financial Account held by a Specified U.S. Person who is not a resident of Canada, by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Canada, or by a Nonparticipating Financial Institution, and must report such Financial Account as would be required if the Financial Institution were a Reporting Canadian Financial Institution (including by following the applicable registration requirements on the IRS FATCA registration website) or close such Financial Account;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 B
B Local Bank A Financial Institution that qualifies as a nonregistering local bank as described in relevant U.S. Treasury Regulations, using the following definitions where applicable: 1 The term bank shall include any Depository Institution to which the Bank Act or the Trust and Loan Companies Act applies, or which is a trust or loan company regulated by a provincial Act; and 2 The term credit union or similar cooperative credit organization that is operated without profit shall include any credit union or similar cooperative credit organization that is entitled to tax-favored treatment with respect to distributions to its members under Canadian law, including any credit union as defined in subsection 137(6) of the Income Tax Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
A Financial Institution that qualifies as a nonregistering local bank as described in relevant U.S. Treasury Regulations, using the following definitions where applicable: 1 The term bank shall include any Depository Institution to which the Bank Act or the Trust and Loan Companies Act applies, or which is a trust or loan company regulated by a provincial Act; and 2 The term credit union or similar cooperative credit organization that is operated without profit shall include any credit union or similar cooperative credit organization that is entitled to tax-favored treatment with respect to distributions to its members under Canadian law, including any credit union as defined in subsection 137(6) of the Income Tax Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 The term bank shall include any Depository Institution to which the Bank Act or the Trust and Loan Companies Act applies, or which is a trust or loan company regulated by a provincial Act; and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 The term credit union or similar cooperative credit organization that is operated without profit shall include any credit union or similar cooperative credit organization that is entitled to tax-favored treatment with respect to distributions to its members under Canadian law, including any credit union as defined in subsection 137(6) of the Income Tax Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 C
C Financial Institution with Only Low-Value Accounts A Canadian Financial Institution satisfying the following requirements: 1 The Financial Institution is not an Investment Entity; 2 No Financial Account maintained by the Financial Institution or any Related Entity has a balance or value in excess of $50,000, applying the rules set forth in Annex I for account aggregation and currency translation; and 3 The Financial Institution does not have more than $50 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $50 million in total assets on their consolidated or combined balance sheets.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
A Canadian Financial Institution satisfying the following requirements: 1 The Financial Institution is not an Investment Entity; 2 No Financial Account maintained by the Financial Institution or any Related Entity has a balance or value in excess of $50,000, applying the rules set forth in Annex I for account aggregation and currency translation; and 3 The Financial Institution does not have more than $50 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $50 million in total assets on their consolidated or combined balance sheets.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 The Financial Institution is not an Investment Entity;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 No Financial Account maintained by the Financial Institution or any Related Entity has a balance or value in excess of $50,000, applying the rules set forth in Annex I for account aggregation and currency translation; and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 The Financial Institution does not have more than $50 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $50 million in total assets on their consolidated or combined balance sheets.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 A Financial Institution is a sponsored investment entity if: a) It is an Investment Entity established in Canada that is not a qualified intermediary, withholding foreign partnership, or withholding foreign trust pursuant to relevant U.S. Treasury Regulations; and b) An Entity has agreed with the Financial Institution to act as a sponsoring entity for the Financial Institution.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 a)
a) It is an Investment Entity established in Canada that is not a qualified intermediary, withholding foreign partnership, or withholding foreign trust pursuant to relevant U.S. Treasury Regulations; and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 b)
b) An Entity has agreed with the Financial Institution to act as a sponsoring entity for the Financial Institution.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 A Financial Institution is a sponsored controlled foreign corporation if: a) The Financial Institution is a controlled foreign corporation 1 organized under the laws of Canada that is not a qualified intermediary, withholding foreign partnership, or withholding foreign trust pursuant to relevant U.S. Treasury Regulations; 1 A controlled foreign corporation means any foreign (i.e., non-U.S.) corporation if more than 50 percent of the total combined voting power of all classes of stock of such corporation entitled to vote, or the total value of the stock of such corporation, is owned, or is considered as owned, by “United States shareholders” on any day during the taxable year of such foreign corporation. The term a United States shareholder means, with respect to any foreign corporation, a United States person who owns, or is considered as owning, 10 percent or more of the total combined voting power of all classes of stock entitled to vote of such foreign corporation. b) The Financial Institution is wholly owned, directly or indirectly, by a Reporting U.S. Financial Institution that agrees to act, or requires an affiliate of the Financial Institution to act, as a sponsoring entity for the Financial Institution; and c) The Financial Institution shares a common electronic account system with the sponsoring entity that enables the sponsoring entity to identify all Account Holders and payees of the Financial Institution and to access all account and customer information maintained by the Financial Institution including, but not limited to, customer identification information, customer documentation, account balance, and all payments made to the Account Holder or payee.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 a)
a) The Financial Institution is a controlled foreign corporation 1 organized under the laws of Canada that is not a qualified intermediary, withholding foreign partnership, or withholding foreign trust pursuant to relevant U.S. Treasury Regulations; 1 A controlled foreign corporation means any foreign (i.e., non-U.S.) corporation if more than 50 percent of the total combined voting power of all classes of stock of such corporation entitled to vote, or the total value of the stock of such corporation, is owned, or is considered as owned, by “United States shareholders” on any day during the taxable year of such foreign corporation. The term a United States shareholder means, with respect to any foreign corporation, a United States person who owns, or is considered as owning, 10 percent or more of the total combined voting power of all classes of stock entitled to vote of such foreign corporation.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 b)
b) The Financial Institution is wholly owned, directly or indirectly, by a Reporting U.S. Financial Institution that agrees to act, or requires an affiliate of the Financial Institution to act, as a sponsoring entity for the Financial Institution; and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 c)
c) The Financial Institution shares a common electronic account system with the sponsoring entity that enables the sponsoring entity to identify all Account Holders and payees of the Financial Institution and to access all account and customer information maintained by the Financial Institution including, but not limited to, customer identification information, customer documentation, account balance, and all payments made to the Account Holder or payee.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 The sponsoring entity complies with the following requirements: a) The sponsoring entity is authorized to act on behalf of the Financial Institution (such as a fund manager, trustee, corporate director, or managing partner) to fulfill applicable registration requirements on the IRS FATCA registration website; b) The sponsoring entity has registered as a sponsoring entity with the IRS on the IRS FATCA registration website; c) If the sponsoring entity identifies any U.S. Reportable Accounts with respect to the Financial Institution, the sponsoring entity registers the Financial Institution pursuant to applicable registration requirements on the IRS FATCA registration website on or before the later of December 31, 2015 and the date that is 90 days after such a U.S. Reportable Account is first identified; d) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all due diligence, reporting, and other requirements (including providing to any immediate payor the information described in subparagraph 1(e) of Article 4 of the Agreement), that the Financial Institution would have been required to perform if it were a Reporting Canadian Financial Institution; e) The sponsoring entity identifies the Financial Institution and includes the identifying number of the Financial Institution (obtained by following applicable registration requirements on the IRS FATCA registration website) in all reporting completed on the Financial Institution’s behalf; and f) The sponsoring entity has not had its status as a sponsor revoked.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 a)
a) The sponsoring entity is authorized to act on behalf of the Financial Institution (such as a fund manager, trustee, corporate director, or managing partner) to fulfill applicable registration requirements on the IRS FATCA registration website;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 b)
b) The sponsoring entity has registered as a sponsoring entity with the IRS on the IRS FATCA registration website;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 c)
c) If the sponsoring entity identifies any U.S. Reportable Accounts with respect to the Financial Institution, the sponsoring entity registers the Financial Institution pursuant to applicable registration requirements on the IRS FATCA registration website on or before the later of December 31, 2015 and the date that is 90 days after such a U.S. Reportable Account is first identified;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 d)
d) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all due diligence, reporting, and other requirements (including providing to any immediate payor the information described in subparagraph 1(e) of Article 4 of the Agreement), that the Financial Institution would have been required to perform if it were a Reporting Canadian Financial Institution;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 e)
e) The sponsoring entity identifies the Financial Institution and includes the identifying number of the Financial Institution (obtained by following applicable registration requirements on the IRS FATCA registration website) in all reporting completed on the Financial Institution’s behalf; and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 f)
f) The sponsoring entity has not had its status as a sponsor revoked.