GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
Unless the Reporting Canadian Financial Institution elects otherwise, either with respect to all New Entity Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Canada provide for such election, a credit card account or a revolving credit facility treated as a New Entity Account is not required to be reviewed, identified, or reported, provided that the Reporting Canadian Financial Institution maintaining such account implements policies and procedures to prevent an account balance owed to the Account Holder that exceeds $50,000.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 B
B Other New Entity Accounts With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Canadian Financial Institution must determine whether the Account Holder is: (1) a Specified U.S. Person; (2) a Canadian Financial Institution or other Partner Jurisdiction Financial Institution; (3) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or (4) an Active NFFE or Passive NFFE.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (1)
With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Canadian Financial Institution must determine whether the Account Holder is: (1) a Specified U.S. Person; (2) a Canadian Financial Institution or other Partner Jurisdiction Financial Institution; (3) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or (4) an Active NFFE or Passive NFFE.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (2)
(2) a Canadian Financial Institution or other Partner Jurisdiction Financial Institution;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (3)
(3) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 C
C Subject to paragraph D of this section, a Reporting Canadian Financial Institution may determine that the Account Holder is an Active NFFE, a Canadian Financial Institution, or other Partner Jurisdiction Financial Institution if the Reporting Canadian Financial Institution reasonably determines that the Account Holder has such status on the basis of the Account Holder’s Global Intermediary Identification Number or other information that is publicly available or in the possession of the Reporting Canadian Financial Institution, as applicable.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 D
D If the Account Holder is a Canadian Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution, then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 E
E In all other cases, a Reporting Canadian Financial Institution must obtain a self-certification from the Account Holder to establish the Account Holder’s status. Based on the self-certification, the following rules apply: 1 If the Account Holder is a Specified U.S. Person , the Reporting Canadian Financial Institution must treat the account as a U.S. Reportable Account. 2 If the Account Holder is a Passive NFFE , the Reporting Canadian Financial Institution must identify the Controlling Persons as determined under AML/KYC Procedures, and must determine whether any such person is a U.S. citizen or resident on the basis of a self-certification from the Account Holder or such person. If any such person is a U.S. citizen or resident, the Reporting Canadian Financial Institution must treat the account as a U.S. Reportable Account. 3 If the Account Holder is: a) a U.S. Person that is not a Specified U.S. Person; b) subject to subparagraph E(4) of this section, a Canadian Financial Institution or other Partner Jurisdiction Financial Institution; c) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; d) an Active NFFE; or e) a Passive NFFE none of the Controlling Persons of which is a U.S. citizen or resident, then the account is not a U.S. Reportable Account and no reporting is required with respect to the account. 4 If the Account Holder is a Nonparticipating Financial Institution (including a Canadian Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution), then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 If the Account Holder is a Specified U.S. Person , the Reporting Canadian Financial Institution must treat the account as a U.S. Reportable Account.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 If the Account Holder is a Passive NFFE , the Reporting Canadian Financial Institution must identify the Controlling Persons as determined under AML/KYC Procedures, and must determine whether any such person is a U.S. citizen or resident on the basis of a self-certification from the Account Holder or such person. If any such person is a U.S. citizen or resident, the Reporting Canadian Financial Institution must treat the account as a U.S. Reportable Account.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 If the Account Holder is: a) a U.S. Person that is not a Specified U.S. Person; b) subject to subparagraph E(4) of this section, a Canadian Financial Institution or other Partner Jurisdiction Financial Institution; c) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; d) an Active NFFE; or e) a Passive NFFE none of the Controlling Persons of which is a U.S. citizen or resident, then the account is not a U.S. Reportable Account and no reporting is required with respect to the account.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 a)
a) a U.S. Person that is not a Specified U.S. Person;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 b)
b) subject to subparagraph E(4) of this section, a Canadian Financial Institution or other Partner Jurisdiction Financial Institution;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 c)
c) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 e)
e) a Passive NFFE none of the Controlling Persons of which is a U.S. citizen or resident,
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
then the account is not a U.S. Reportable Account and no reporting is required with respect to the account.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 4
4 If the Account Holder is a Nonparticipating Financial Institution (including a Canadian Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution), then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 A
A Reliance on Self-Certifications and Documentary Evidence A Reporting Canadian Financial Institution may not rely on a self-certification or documentary evidence if the Reporting Canadian Financial Institution knows or has reason to know that the self-certification or documentary evidence is incorrect or unreliable.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
A Reporting Canadian Financial Institution may not rely on a self-certification or documentary evidence if the Reporting Canadian Financial Institution knows or has reason to know that the self-certification or documentary evidence is incorrect or unreliable.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 B
 and operated in its jurisdiction of residence exclusively for religious, charitable, scientific, artistic, cultural, athletic, or educational purposes; or it is established and operated in its jurisdiction of residence and it is a professional organization, business league, chamber of commerce, labor organization, agricultural or horticultural organization, civic league or an organization operated exclusively for the promotion of social welfare; (2) It is exempt from income tax in its jurisdiction of residence; (3) It has no shareholders or members who have a proprietary or beneficial interest in its income or assets; (4) The applicable laws of the NFFE’s jurisdiction of residence or the NFFE’s formation documents do not permit any income or assets of the NFFE to be distributed to, or applied for the benefit of, a private person or non-charitable Entity other than pursuant to the conduct of the NFFE’s charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the NFFE has purchased; and (5) The applicable laws of the NFFE’s jurisdiction of residence or the NFFE’s formation documents require that, upon the NFFE’s liquidation or dissolution, all of its assets be distributed to a governmental entity or other non-profit organization, or escheat to the government of the NFFE’s jurisdiction of residence or any political subdivision thereof. 5 Preexisting Account A Preexisting Account means a Financial Account maintained by a Reporting Financial Institution as of June 30, 2014.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
in its jurisdiction of residence exclusively for religious, charitable, scientific, artistic, cultural, athletic, or educational purposes; or it is established and operated in its jurisdiction of residence and it is a professional organization, business league, chamber of commerce, labor organization, agricultural or horticultural organization, civic league or an organization operated exclusively for the promotion of social welfare; (2) It is exempt from income tax in its jurisdiction of residence; (3) It has no shareholders or members who have a proprietary or beneficial interest in its income or assets; (4) The applicable laws of the NFFE’s jurisdiction of residence or the NFFE’s formation documents do not permit any income or assets of the NFFE to be distributed to, or applied for the benefit of, a private person or non-charitable Entity other than pursuant to the conduct of the NFFE’s charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the NFFE has purchased; and (5) The applicable laws of the NFFE’s jurisdiction of residence or the NFFE’s formation documents require that, upon the NFFE’s liquidation or dissolution, all of its assets be distributed to a governmental entity or other non-profit organization, or escheat to the government of the NFFE’s jurisdiction of residence or any political subdivision thereof. 5 Preexisting Account A Preexisting Account means a Financial Account maintained by a Reporting Financial Institution as of June 30, 2014.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 AML/KYC Procedures AML/KYC Procedures means the customer due diligence procedures of a Reporting Canadian Financial Institution pursuant to the anti-money laundering or similar requirements of Canada to which such Reporting Canadian Financial Institution is subject.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
AML/KYC Procedures means the customer due diligence procedures of a Reporting Canadian Financial Institution pursuant to the anti-money laundering or similar requirements of Canada to which such Reporting Canadian Financial Institution is subject.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 NFFE An NFFE means any Non-U.S. Entity that is not an FFI as defined in relevant U.S. Treasury Regulations or is an Entity described in subparagraph B(4)(j) of this section, and also includes any Non-U.S. Entity that is resident in Canada or another Partner Jurisdiction and that is not a Financial Institution.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
An NFFE means any Non-U.S. Entity that is not an FFI as defined in relevant U.S. Treasury Regulations or is an Entity described in subparagraph B(4)(j) of this section, and also includes any Non-U.S. Entity that is resident in Canada or another Partner Jurisdiction and that is not a Financial Institution.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 Passive NFFE A Passive NFFE means any NFFE that is not a) an Active NFFE; or b) a withholding foreign partnership or withholding foreign trust pursuant to relevant U.S. Treasury Regulations.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 a)
A Passive NFFE means any NFFE that is not a) an Active NFFE; or b) a withholding foreign partnership or withholding foreign trust pursuant to relevant U.S. Treasury Regulations.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 b)
b) a withholding foreign partnership or withholding foreign trust pursuant to relevant U.S. Treasury Regulations.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 4
ritable Entity other than pursuant to the conduct of the NFFE’s charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the NFFE has purchased; and (5) The applicable laws of the NFFE’s jurisdiction of residence or the NFFE’s formation documents require that, upon the NFFE’s liquidation or dissolution, all of its assets be distributed to a governmental entity or other non-profit organization, or escheat to the government of the NFFE’s jurisdiction of residence or any political subdivision thereof.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 a)
 other than pursuant to the conduct of the NFFE’s charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the NFFE has purchased; and (5) The applicable laws of the NFFE’s jurisdiction of residence or the NFFE’s formation documents require that, upon the NFFE’s liquidation or dissolution, all of its assets be distributed to a governmental entity or other non-profit organization, or escheat to the government of the NFFE’s jurisdiction of residence or any political subdivision thereof.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 a)
a) Less than 50 percent of the NFFE’s gross income for the preceding calendar year or other appropriate reporting period is passive income and less than 50 percent of the assets held by the NFFE during the preceding calendar year or other appropriate reporting period are assets that produce or are held for the production of passive income;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 b)
b) The stock of the NFFE is regularly traded on an established securities market or the NFFE is a Related Entity of an Entity the stock of which is regularly traded on an established securities market;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 c)
c) The NFFE is organized in a U.S. Territory and all of the owners of the payee are bona fide residents of that U.S. Territory;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 d)
d) The NFFE is a government (other than the U.S. government), a political subdivision of such government (which, for the avoidance of doubt, includes a state, province, county, or municipality), or a public body performing a function of such government or a political subdivision thereof, a government of a U.S. Territory, an international organization, a non-U.S. central bank of issue, or an Entity wholly owned by one or more of the foregoing;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 e)
e) Substantially all of the activities of the NFFE consist of holding (in whole or in part) the outstanding stock of, or providing financing and services to, one or more subsidiaries that engage in trades or businesses other than the business of a Financial Institution, except that an NFFE shall not qualify for this status if the NFFE functions (or holds itself out) as an investment fund, such as a private equity fund, venture capital fund, leveraged buyout fund or any investment vehicle whose purpose is to acquire or fund companies and then hold interests in those companies as capital assets for investment purposes;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 f)
f) The NFFE is not yet operating a business and has no prior operating history, but is investing capital into assets with the intent to operate a business other than that of a Financial Institution, provided that the NFFE shall not qualify for this exception after the date that is 24 months after the date of the initial organization of the NFFE;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 g)
g) The NFFE was not a Financial Institution in the past five years, and is in the process of liquidating its assets or is reorganizing with the intent to continue or recommence operations in a business other than that of a Financial Institution;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 h)
h) The NFFE primarily engages in financing and hedging transactions with, or for, Related Entities that are not Financial Institutions, and does not provide financing or hedging services to any Entity that is not a Related Entity, provided that the group of any such Related Entities is primarily engaged in a business other than that of a Financial Institution;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 i)
i) The NFFE is an excepted NFFE as described in relevant U.S. Treasury Regulations; or
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 j)
j) The NFFE meets all of the following requirements: (1) It is established and operated in its jurisdiction of residence exclusively for religious, charitable, scientific, artistic, cultural, athletic, or educational purposes; or it is established and operated in its jurisdiction of residence and it is a professional organization, business league, chamber of commerce, labor organization, agricultural or horticultural organization, civic league or an organization operated exclusively for the promotion of social welfare; (2) It is exempt from income tax in its jurisdiction of residence; (3) It has no shareholders or members who have a proprietary or beneficial interest in its income or assets; (4) The applicable laws of the NFFE’s jurisdiction of residence or the NFFE’s formation documents do not permit any income or assets of the NFFE to be distributed to, or applied for the benefit of, a private person or non-charitable Entity other than pursuant to the conduct of the NFFE’s charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the NFFE has purchased; and (5) The applicable laws of the NFFE’s jurisdiction of residence or the NFFE’s formation documents require that, upon the NFFE’s liquidation or dissolution, all of its assets be distributed to a governmental entity or other non-profit organization, or escheat to the government of the NFFE’s jurisdiction of residence or any political subdivision thereof.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (1)
(1) It is established and operated in its jurisdiction of residence exclusively for religious, charitable, scientific, artistic, cultural, athletic, or educational purposes; or it is established and operated in its jurisdiction of residence and it is a professional organization, business league, chamber of commerce, labor organization, agricultural or horticultural organization, civic league or an organization operated exclusively for the promotion of social welfare;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (2)
(2) It is exempt from income tax in its jurisdiction of residence;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (3)
(3) It has no shareholders or members who have a proprietary or beneficial interest in its income or assets;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (4)
(4) The applicable laws of the NFFE’s jurisdiction of residence or the NFFE’s formation documents do not permit any income or assets of the NFFE to be distributed to, or applied for the benefit of, a private person or non-charitable Entity other than pursuant to the conduct of the NFFE’s charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the NFFE has purchased; and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (5)
(5) The applicable laws of the NFFE’s jurisdiction of residence or the NFFE’s formation documents require that, upon the NFFE’s liquidation or dissolution, all of its assets be distributed to a governmental entity or other non-profit organization, or escheat to the government of the NFFE’s jurisdiction of residence or any political subdivision thereof.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 5
5 Preexisting Account A Preexisting Account means a Financial Account maintained by a Reporting Financial Institution as of June 30, 2014.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
A Preexisting Account means a Financial Account maintained by a Reporting Financial Institution as of June 30, 2014.