GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 E
E Sponsored, Closely Held Investment Vehicle A Canadian Financial Institution satisfying the following requirements: 1 The Financial Institution is a Financial Institution solely because it is an Investment Entity and is not a qualified intermediary, withholding foreign partnership, or withholding foreign trust pursuant to relevant U.S. Treasury Regulations; 2 The sponsoring entity is a Reporting U.S. Financial Institution, Reporting Model 1 FFI, or Participating FFI, and is authorized to act on behalf of the Financial Institution (such as a professional manager, trustee, or managing partner); 3 The Financial Institution does not hold itself out as an investment vehicle for unrelated parties; 4 Twenty or fewer individuals own all of the debt interests and Equity Interests in the Financial Institution (disregarding debt interests owned by Participating FFIs and deemed-compliant FFIs and Equity Interests owned by an Entity if that Entity owns 100 percent of the Equity Interests in the Financial Institution and is itself a sponsored Financial Institution described in this paragraph E); and 5 The sponsoring entity complies with the following requirements: a) The sponsoring entity has registered as a sponsoring entity with the IRS on the IRS FATCA registration website; b) 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 and retains documentation collected with respect to the Financial Institution for a period of six years; c) The sponsoring entity identifies the Financial Institution in all reporting completed on the Financial Institution’s behalf; and d) 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 1
A Canadian Financial Institution satisfying the following requirements: 1 The Financial Institution is a Financial Institution solely because it is an Investment Entity and is not a qualified intermediary, withholding foreign partnership, or withholding foreign trust pursuant to relevant U.S. Treasury Regulations; 2 The sponsoring entity is a Reporting U.S. Financial Institution, Reporting Model 1 FFI, or Participating FFI, and is authorized to act on behalf of the Financial Institution (such as a professional manager, trustee, or managing partner); 3 The Financial Institution does not hold itself out as an investment vehicle for unrelated parties; 4 Twenty or fewer individuals own all of the debt interests and Equity Interests in the Financial Institution (disregarding debt interests owned by Participating FFIs and deemed-compliant FFIs and Equity Interests owned by an Entity if that Entity owns 100 percent of the Equity Interests in the Financial Institution and is itself a sponsored Financial Institution described in this paragraph E); and 5 The sponsoring entity complies with the following requirements: a) The sponsoring entity has registered as a sponsoring entity with the IRS on the IRS FATCA registration website; b) 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 and retains documentation collected with respect to the Financial Institution for a period of six years; c) The sponsoring entity identifies the Financial Institution in all reporting completed on the Financial Institution’s behalf; and d) 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 1
1 The Financial Institution is a Financial Institution solely because it is an Investment Entity and is not a qualified intermediary, 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 2
2 The sponsoring entity is a Reporting U.S. Financial Institution, Reporting Model 1 FFI, or Participating FFI, and is authorized to act on behalf of the Financial Institution (such as a professional manager, trustee, or managing partner);
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 The Financial Institution does not hold itself out as an investment vehicle for unrelated parties;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 4
4 Twenty or fewer individuals own all of the debt interests and Equity Interests in the Financial Institution (disregarding debt interests owned by Participating FFIs and deemed-compliant FFIs and Equity Interests owned by an Entity if that Entity owns 100 percent of the Equity Interests in the Financial Institution and is itself a sponsored Financial Institution described in this paragraph E); and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 5
5 The sponsoring entity complies with the following requirements: a) The sponsoring entity has registered as a sponsoring entity with the IRS on the IRS FATCA registration website; b) 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 and retains documentation collected with respect to the Financial Institution for a period of six years; c) The sponsoring entity identifies the Financial Institution in all reporting completed on the Financial Institution’s behalf; and d) 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 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 b)
b) 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 and retains documentation collected with respect to the Financial Institution for a period of six years;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 c)
c) The sponsoring entity identifies the Financial Institution in all reporting completed on the Financial Institution’s behalf; and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 d)
d) 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 F
F Restricted Fund A Financial Institution that qualifies as a restricted fund as described in relevant U.S. Treasury Regulations, applying the procedures set forth in, or required under, Annex I in lieu of the procedures set forth in, or required under, Treasury Regulation section 1.1471-4, and applying references to “report” or “reports” in lieu of references in relevant paragraphs in those regulations to “withhold and report” or “withholds and reports”, provided that the Financial Institution provides to any immediate payor the information described in subparagraph 1(e) of Article 4 of the Agreement, or fulfills the requirements described in subparagraph 1(d) of Article 4 of the Agreement, as applicable.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
A Financial Institution that qualifies as a restricted fund as described in relevant U.S. Treasury Regulations, applying the procedures set forth in, or required under, Annex I in lieu of the procedures set forth in, or required under, Treasury Regulation section 1.1471-4, and applying references to “report” or “reports” in lieu of references in relevant paragraphs in those regulations to “withhold and report” or “withholds and reports”, provided that the Financial Institution provides to any immediate payor the information described in subparagraph 1(e) of Article 4 of the Agreement, or fulfills the requirements described in subparagraph 1(d) of Article 4 of the Agreement, as applicable.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 G
G Labour-Sponsored Venture Capital Corporations prescribed under section 6701 of the Income Tax Regulations .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 H
H Any Central Cooperative Credit Society as defined in section 2 of the Cooperative Credit Associations Act and whose accounts are maintained for member financial institutions.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 I
I Any entity described in paragraph 3 of Article XXI (Exempt Organizations) of the Convention.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 J
J An Investment Entity established in Canada that is regulated as a collective investment vehicle, provided that all of the interests in the collective investment vehicle (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.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 K
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 1
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 1
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.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
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.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 a)
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
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 b)
b) An Investment Entity that is a qualified collective investment vehicle under relevant U.S. Treasury Regulations;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
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.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
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 Registered Retirement Savings Plans (RRSPs)  —  as defined in subsection 146(1) of the Income Tax Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 B
B Registered Retirement Income Funds (RRIFs)  —  as defined in subsection 146.3(1) of the Income Tax Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 C
C Pooled Registered Pension Plans (PRPPs)  —  as defined in subsection 147.5(1) of the Income Tax Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 D
D Registered Pension Plans (RPPs)  —  as defined in subsection 248(1) of the Income Tax Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 E
E Tax-Free Savings Accounts (TFSAs)  —  as defined in subsection 146.2(1) of the Income Tax Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 F
F Registered Disability Savings Plans (RDSPs)  —  as defined in subsection 146.4(1) of the Income Tax Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 G
G Registered Education Savings Plans (RESPs)  —  as defined in subsection 146.1(1) of the Income Tax Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 H
H Deferred Profit Sharing Plans (DPSPs)  —  as defined in subsection 147(1) of the Income Tax Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 I
I AgriInvest accounts  —  as defined under “NISA Fund No. 2” and “net income stabilization account” in subsection 248(1) of the Income Tax Act including Quebec’s Agri-Quebec program as prescribed in section 5503 of the Income Tax Regulations .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 J
J Eligible Funeral Arrangements – as defined under subsection 148.1 of the Income Tax Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 K
K Escrow Accounts. An account maintained in Canada established in connection with any of the following: 1 A court order or judgment. 2 A sale, exchange, or lease of real or immovable property or of personal or movable property, provided that the account satisfies the following requirements: a) The account is funded solely with a down payment, earnest money, deposit in an amount appropriate to secure an obligation directly related to the transaction, or a similar payment, or is funded with a financial asset that is deposited in the account in connection with the sale, exchange, or lease of the property; b) The account is established and used solely to secure the obligation of the purchaser to pay the purchase price for the property, the seller to pay any contingent liability, or the lessor or lessee to pay for any damages relating to the leased property as agreed under the lease; c) The assets of the account, including the income earned thereon, will be paid or otherwise distributed for the benefit of the purchaser, seller, lessor, or lessee (including to satisfy such person’s obligation) when the property is sold, exchanged, or surrendered, or the lease terminates; d) The account is not a margin or similar account established in connection with a sale or exchange of a financial asset; and e) The account is not associated with a credit card account. 3 An obligation of a Financial Institution servicing a loan secured by real or immovable property to set aside a portion of a payment solely to facilitate the payment of taxes or insurance related to the real or immovable property at a later time. 4 An obligation of a Financial Institution solely to facilitate the payment of taxes at a later time.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 A sale, exchange, or lease of real or immovable property or of personal or movable property, provided that the account satisfies the following requirements: a) The account is funded solely with a down payment, earnest money, deposit in an amount appropriate to secure an obligation directly related to the transaction, or a similar payment, or is funded with a financial asset that is deposited in the account in connection with the sale, exchange, or lease of the property; b) The account is established and used solely to secure the obligation of the purchaser to pay the purchase price for the property, the seller to pay any contingent liability, or the lessor or lessee to pay for any damages relating to the leased property as agreed under the lease; c) The assets of the account, including the income earned thereon, will be paid or otherwise distributed for the benefit of the purchaser, seller, lessor, or lessee (including to satisfy such person’s obligation) when the property is sold, exchanged, or surrendered, or the lease terminates; d) The account is not a margin or similar account established in connection with a sale or exchange of a financial asset; and e) The account is not associated with a credit card account.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 a)
a) The account is funded solely with a down payment, earnest money, deposit in an amount appropriate to secure an obligation directly related to the transaction, or a similar payment, or is funded with a financial asset that is deposited in the account in connection with the sale, exchange, or lease of the property;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 b)
b) The account is established and used solely to secure the obligation of the purchaser to pay the purchase price for the property, the seller to pay any contingent liability, or the lessor or lessee to pay for any damages relating to the leased property as agreed under the lease;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 c)
c) The assets of the account, including the income earned thereon, will be paid or otherwise distributed for the benefit of the purchaser, seller, lessor, or lessee (including to satisfy such person’s obligation) when the property is sold, exchanged, or surrendered, or the lease terminates;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 d)
d) The account is not a margin or similar account established in connection with a sale or exchange of a financial asset; and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 e)
e) The account is not associated with a credit card account.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 An obligation of a Financial Institution servicing a loan secured by real or immovable property to set aside a portion of a payment solely to facilitate the payment of taxes or insurance related to the real or immovable property at a later time.