GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 C
C Account Balance Aggregation and Currency Translation Rules 1 Aggregation of Individual Accounts For purposes of determining the aggregate balance or value of Financial Accounts held by an individual, a Reporting Canadian Financial Institution is required to aggregate all Financial Accounts maintained by the Reporting Canadian Financial Institution, or by a Related Entity, but only to the extent that the Reporting Canadian Financial Institution’s computerized systems link the Financial Accounts by reference to a data element such as client number or taxpayer identification number, and allow account balances or values to be aggregated. Each holder of a jointly held Financial Account shall be attributed the entire balance or value of the jointly held Financial Account for purposes of applying the aggregation requirements described in this paragraph 1. 2 Aggregation of Entity Accounts For purposes of determining the aggregate balance or value of Financial Accounts held by an Entity, a Reporting Canadian Financial Institution is required to take into account all Financial Accounts that are maintained by the Reporting Canadian Financial Institution, or by a Related Entity, but only to the extent that the Reporting Canadian Financial Institution’s computerized systems link the Financial Accounts by reference to a data element such as client number or taxpayer identification number, and allow account balances or values to be aggregated. 3 Special Aggregation Rule Applicable to Relationship Managers For purposes of determining the aggregate balance or value of Financial Accounts held by a person to determine whether a Financial Account is a High Value Account, a Reporting Canadian Financial Institution is also required, in the case of any Financial Accounts that a relationship manager knows, or has reason to know, are directly or indirectly owned, controlled, or established (other than in a fiduciary capacity) by the same person, to aggregate all such accounts. 4 Currency Translation Rule For purposes of determining the balance or value of Financial Accounts denominated in a currency other than the U.S. dollar, a Reporting Canadian Financial Institution must convert the U.S. dollar threshold amounts described in this Annex I into such currency using a published spot rate determined as of the last day of the calendar year preceding the year in which the Reporting Canadian Financial Institution is determining the balance or value.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 Aggregation of Individual Accounts For purposes of determining the aggregate balance or value of Financial Accounts held by an individual, a Reporting Canadian Financial Institution is required to aggregate all Financial Accounts maintained by the Reporting Canadian Financial Institution, or by a Related Entity, but only to the extent that the Reporting Canadian Financial Institution’s computerized systems link the Financial Accounts by reference to a data element such as client number or taxpayer identification number, and allow account balances or values to be aggregated. Each holder of a jointly held Financial Account shall be attributed the entire balance or value of the jointly held Financial Account for purposes of applying the aggregation requirements described in this paragraph 1.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
For purposes of determining the aggregate balance or value of Financial Accounts held by an individual, a Reporting Canadian Financial Institution is required to aggregate all Financial Accounts maintained by the Reporting Canadian Financial Institution, or by a Related Entity, but only to the extent that the Reporting Canadian Financial Institution’s computerized systems link the Financial Accounts by reference to a data element such as client number or taxpayer identification number, and allow account balances or values to be aggregated. Each holder of a jointly held Financial Account shall be attributed the entire balance or value of the jointly held Financial Account for purposes of applying the aggregation requirements described in this paragraph 1.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 Aggregation of Entity Accounts For purposes of determining the aggregate balance or value of Financial Accounts held by an Entity, a Reporting Canadian Financial Institution is required to take into account all Financial Accounts that are maintained by the Reporting Canadian Financial Institution, or by a Related Entity, but only to the extent that the Reporting Canadian Financial Institution’s computerized systems link the Financial Accounts by reference to a data element such as client number or taxpayer identification number, and allow account balances or values to be aggregated.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
For purposes of determining the aggregate balance or value of Financial Accounts held by an Entity, a Reporting Canadian Financial Institution is required to take into account all Financial Accounts that are maintained by the Reporting Canadian Financial Institution, or by a Related Entity, but only to the extent that the Reporting Canadian Financial Institution’s computerized systems link the Financial Accounts by reference to a data element such as client number or taxpayer identification number, and allow account balances or values to be aggregated.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 Special Aggregation Rule Applicable to Relationship Managers For purposes of determining the aggregate balance or value of Financial Accounts held by a person to determine whether a Financial Account is a High Value Account, a Reporting Canadian Financial Institution is also required, in the case of any Financial Accounts that a relationship manager knows, or has reason to know, are directly or indirectly owned, controlled, or established (other than in a fiduciary capacity) by the same person, to aggregate all such accounts.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
For purposes of determining the aggregate balance or value of Financial Accounts held by a person to determine whether a Financial Account is a High Value Account, a Reporting Canadian Financial Institution is also required, in the case of any Financial Accounts that a relationship manager knows, or has reason to know, are directly or indirectly owned, controlled, or established (other than in a fiduciary capacity) by the same person, to aggregate all such accounts.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 4
4 Currency Translation Rule For purposes of determining the balance or value of Financial Accounts denominated in a currency other than the U.S. dollar, a Reporting Canadian Financial Institution must convert the U.S. dollar threshold amounts described in this Annex I into such currency using a published spot rate determined as of the last day of the calendar year preceding the year in which the Reporting Canadian Financial Institution is determining the balance or value.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
For purposes of determining the balance or value of Financial Accounts denominated in a currency other than the U.S. dollar, a Reporting Canadian Financial Institution must convert the U.S. dollar threshold amounts described in this Annex I into such currency using a published spot rate determined as of the last day of the calendar year preceding the year in which the Reporting Canadian Financial Institution is determining the balance or value.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 D
D Documentary Evidence For purposes of this Annex I, acceptable documentary evidence includes any of the following: 1 A certificate of residence issued by an authorized government body (for example, a government or agency thereof, or a municipality) of the jurisdiction in which the payee claims to be a resident. 2 With respect to an individual, any valid identification issued by an authorized government body (for example, a government or agency thereof, or a municipality), that includes the individual’s name and is typically used for identification purposes. 3 With respect to an Entity, any official documentation issued by an authorized government body (for example, a government or agency thereof, or a municipality) that includes the name of the Entity and either the address of its principal office in the jurisdiction (or U.S. Territory) in which it claims to be a resident or the jurisdiction (or U.S. Territory) in which the Entity was incorporated or organized. 4 With respect to a Financial Account maintained in a jurisdiction with anti-money laundering rules that have been approved by the IRS in connection with a QI agreement (as described in relevant U.S. Treasury Regulations), any of the documents, other than a Form W-8 or W-9, referenced in the jurisdiction’s attachment to the QI agreement for identifying individuals or Entities. 5 Any financial statement, third-party credit report, bankruptcy filing, or U.S. Securities and Exchange Commission report.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
For purposes of this Annex I, acceptable documentary evidence includes any of the following: 1 A certificate of residence issued by an authorized government body (for example, a government or agency thereof, or a municipality) of the jurisdiction in which the payee claims to be a resident. 2 With respect to an individual, any valid identification issued by an authorized government body (for example, a government or agency thereof, or a municipality), that includes the individual’s name and is typically used for identification purposes. 3 With respect to an Entity, any official documentation issued by an authorized government body (for example, a government or agency thereof, or a municipality) that includes the name of the Entity and either the address of its principal office in the jurisdiction (or U.S. Territory) in which it claims to be a resident or the jurisdiction (or U.S. Territory) in which the Entity was incorporated or organized. 4 With respect to a Financial Account maintained in a jurisdiction with anti-money laundering rules that have been approved by the IRS in connection with a QI agreement (as described in relevant U.S. Treasury Regulations), any of the documents, other than a Form W-8 or W-9, referenced in the jurisdiction’s attachment to the QI agreement for identifying individuals or Entities. 5 Any financial statement, third-party credit report, bankruptcy filing, or U.S. Securities and Exchange Commission report.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 A certificate of residence issued by an authorized government body (for example, a government or agency thereof, or a municipality) of the jurisdiction in which the payee claims to be a resident.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 With respect to an individual, any valid identification issued by an authorized government body (for example, a government or agency thereof, or a municipality), that includes the individual’s name and is typically used for identification purposes.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 3
3 With respect to an Entity, any official documentation issued by an authorized government body (for example, a government or agency thereof, or a municipality) that includes the name of the Entity and either the address of its principal office in the jurisdiction (or U.S. Territory) in which it claims to be a resident or the jurisdiction (or U.S. Territory) in which the Entity was incorporated or organized.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 4
4 With respect to a Financial Account maintained in a jurisdiction with anti-money laundering rules that have been approved by the IRS in connection with a QI agreement (as described in relevant U.S. Treasury Regulations), any of the documents, other than a Form W-8 or W-9, referenced in the jurisdiction’s attachment to the QI agreement for identifying individuals or Entities.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 5
5 Any financial statement, third-party credit report, bankruptcy filing, or U.S. Securities and Exchange Commission report.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 E
E Alternative Procedures for Financial Accounts Held by Individual Beneficiaries of a Cash Value Insurance Contract A Reporting Canadian Financial Institution may presume that an individual beneficiary (other than the owner) of a Cash Value Insurance Contract receiving a death benefit is not a Specified U.S. Person and may treat such Financial Account as other than a U.S. Reportable Account unless the Reporting Canadian Financial Institution knows, or has reason to know, that the beneficiary is a Specified U.S. Person. A Reporting Canadian Financial Institution has reason to know that a beneficiary of a Cash Value Insurance Contract is a Specified U.S. Person if the information collected by the Reporting Canadian Financial Institution and associated with the beneficiary contains U.S. indicia as described in subparagraph (B)(1) of section II of this Annex I. If a Reporting Canadian Financial Institution knows, or has reason to know, that the beneficiary is a Specified U.S. Person, the Reporting Canadian Financial Institution must follow the procedures in subparagraph B(3) of section II of this Annex I.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
A Reporting Canadian Financial Institution may presume that an individual beneficiary (other than the owner) of a Cash Value Insurance Contract receiving a death benefit is not a Specified U.S. Person and may treat such Financial Account as other than a U.S. Reportable Account unless the Reporting Canadian Financial Institution knows, or has reason to know, that the beneficiary is a Specified U.S. Person. A Reporting Canadian Financial Institution has reason to know that a beneficiary of a Cash Value Insurance Contract is a Specified U.S. Person if the information collected by the Reporting Canadian Financial Institution and associated with the beneficiary contains U.S. indicia as described in subparagraph (B)(1) of section II of this Annex I. If a Reporting Canadian Financial Institution knows, or has reason to know, that the beneficiary is a Specified U.S. Person, the Reporting Canadian Financial Institution must follow the procedures in subparagraph B(3) of section II of this Annex I.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 F
F Reliance on Third Parties Regardless of whether an election is made under paragraph C of section I of this Annex I, Canada may permit Reporting Canadian Financial Institutions to rely on due diligence procedures performed by third parties, to the extent provided in relevant U.S. Treasury Regulations.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
Regardless of whether an election is made under paragraph C of section I of this Annex I, Canada may permit Reporting Canadian Financial Institutions to rely on due diligence procedures performed by third parties, to the extent provided in relevant U.S. Treasury Regulations.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 I
I General A This Annex may be modified by a mutual written decision entered into between the Competent Authorities of Canada and the United States: 1 To include additional Entities, accounts, and products that present a low risk of being used by U.S. Persons to evade U.S. tax and that have similar characteristics to the Entities, accounts, and products identified in this Annex as of the date of signature of the Agreement; or 2 To remove Entities, accounts, and products that, due to changes in circumstances, no longer present a low risk of being used by U.S. Persons to evade U.S. tax. Any such addition or removal shall be effective on the date of signature of the mutual decision unless otherwise provided therein. B Procedures for reaching a mutual decision described in paragraph A of this section may be included in the mutual agreement or arrangement described in paragraph 6 of Article 3 of the Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 A
A This Annex may be modified by a mutual written decision entered into between the Competent Authorities of Canada and the United States: 1 To include additional Entities, accounts, and products that present a low risk of being used by U.S. Persons to evade U.S. tax and that have similar characteristics to the Entities, accounts, and products identified in this Annex as of the date of signature of the Agreement; or 2 To remove Entities, accounts, and products that, due to changes in circumstances, no longer present a low risk of being used by U.S. Persons to evade U.S. tax. Any such addition or removal shall be effective on the date of signature of the mutual decision unless otherwise provided therein.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 To include additional Entities, accounts, and products that present a low risk of being used by U.S. Persons to evade U.S. tax and that have similar characteristics to the Entities, accounts, and products identified in this Annex as of the date of signature of the Agreement; or
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 2
2 To remove Entities, accounts, and products that, due to changes in circumstances, no longer present a low risk of being used by U.S. Persons to evade U.S. tax.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
Any such addition or removal shall be effective on the date of signature of the mutual decision unless otherwise provided therein.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 B
B Procedures for reaching a mutual decision described in paragraph A of this section may be included in the mutual agreement or arrangement described in paragraph 6 of Article 3 of the Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 II
II Exempt Beneficial Owners The following Entities shall be treated as Non-Reporting Canadian Financial Institutions and as exempt beneficial owners for the purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code: A Central Bank 1 The Bank of Canada. B International Organizations 1 A Canadian office of an international organization as defined under paragraph (1) of Section 2 of the Foreign Missions and International Organizations Act . C Retirement Funds 1 Any plan or arrangement established in Canada and described in paragraph 3 of Article XVIII (Pensions and Annuities) of the Convention, including any plan or arrangement that the Competent Authorities may agree under subparagraph 3(b) of Article XVIII is similar to a plan or arrangement under that subparagraph. D Investment Entity Wholly Owned by Exempt Beneficial Owners 1 An Entity that is a Canadian Financial Institution solely because it is an Investment Entity, provided that each direct holder of an Equity Interest in the Entity is an exempt beneficial owner, and each direct holder of a debt interest in such Entity is either a Depository Institution (with respect to a loan made to such Entity) or an exempt beneficial owner.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 A
The following Entities shall be treated as Non-Reporting Canadian Financial Institutions and as exempt beneficial owners for the purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code: A Central Bank 1 The Bank of Canada. B International Organizations 1 A Canadian office of an international organization as defined under paragraph (1) of Section 2 of the Foreign Missions and International Organizations Act . C Retirement Funds 1 Any plan or arrangement established in Canada and described in paragraph 3 of Article XVIII (Pensions and Annuities) of the Convention, including any plan or arrangement that the Competent Authorities may agree under subparagraph 3(b) of Article XVIII is similar to a plan or arrangement under that subparagraph. D Investment Entity Wholly Owned by Exempt Beneficial Owners 1 An Entity that is a Canadian Financial Institution solely because it is an Investment Entity, provided that each direct holder of an Equity Interest in the Entity is an exempt beneficial owner, and each direct holder of a debt interest in such Entity is either a Depository Institution (with respect to a loan made to such Entity) or an exempt beneficial owner.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 B
B International Organizations 1 A Canadian office of an international organization as defined under paragraph (1) of Section 2 of the Foreign Missions and International Organizations Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 A Canadian office of an international organization as defined under paragraph (1) of Section 2 of the Foreign Missions and International Organizations Act .
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 C
C Retirement Funds 1 Any plan or arrangement established in Canada and described in paragraph 3 of Article XVIII (Pensions and Annuities) of the Convention, including any plan or arrangement that the Competent Authorities may agree under subparagraph 3(b) of Article XVIII is similar to a plan or arrangement under that subparagraph.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 Any plan or arrangement established in Canada and described in paragraph 3 of Article XVIII (Pensions and Annuities) of the Convention, including any plan or arrangement that the Competent Authorities may agree under subparagraph 3(b) of Article XVIII is similar to a plan or arrangement under that subparagraph.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 D
D Investment Entity Wholly Owned by Exempt Beneficial Owners 1 An Entity that is a Canadian Financial Institution solely because it is an Investment Entity, provided that each direct holder of an Equity Interest in the Entity is an exempt beneficial owner, and each direct holder of a debt interest in such Entity is either a Depository Institution (with respect to a loan made to such Entity) or an exempt beneficial owner.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 1
1 An Entity that is a Canadian Financial Institution solely because it is an Investment Entity, provided that each direct holder of an Equity Interest in the Entity is an exempt beneficial owner, and each direct holder of a debt interest in such Entity is either a Depository Institution (with respect to a loan made to such Entity) or an exempt beneficial owner.