GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
WHEREAS, the Government of the United States of America acknowledges the need to coordinate the reporting obligations under FATCA with other U.S. tax reporting obligations of Canadian financial institutions to avoid duplicative reporting;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
WHEREAS, an intergovernmental approach to FATCA implementation would facilitate compliance by Canadian financial institutions while protecting the ability of Canadians to access financial services;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
WHEREAS, the Parties desire to conclude an agreement to improve international tax compliance and provide for the implementation of FATCA based on domestic reporting and reciprocal automatic exchange pursuant to the Convention and subject to the confidentiality and other protections provided for therein, including the provisions limiting the use of the information exchanged under the Convention;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
NOW, THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS:
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 a)
a) The term United States has the same meaning as in the Convention. Any reference to a State of the United States includes the District of Columbia.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 b)
b) The term U.S. Territory means American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, the Commonwealth of Puerto Rico, or the U.S. Virgin Islands.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 c)
c) The term IRS means the U.S. Internal Revenue Service.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 d)
d) The term Canada has the same meaning as in the Convention.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 e)
e) The term Partner Jurisdiction means a jurisdiction that has in effect an agreement with the United States to facilitate the implementation of FATCA. The IRS shall publish a list identifying all Partner Jurisdictions.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 f)
f) The term Competent Authority means: (1) in the case of the United States, the Secretary of the Treasury or the Secretary’s delegate; and (2) in the case of Canada, the Minister of National Revenue or the Minister of National Revenue’s authorized representative.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (1)
(1) in the case of the United States, the Secretary of the Treasury or the Secretary’s delegate; and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (2)
(2) in the case of Canada, the Minister of National Revenue or the Minister of National Revenue’s authorized representative.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 g)
g) The term Financial Institution means a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 h)
h) The term Custodial Institution means any Entity that holds, as a substantial portion of its business, financial assets for the account of others. An entity holds financial assets for the account of others as a substantial portion of its business if the entity’s gross income attributable to the holding of financial assets and related financial services equals or exceeds 20 percent of the entity’s gross income during the shorter of: (1) the three-year period that ends on December 31 (or the final day of a non-calendar year accounting period) prior to the year in which the determination is being made; or (2) the period during which the entity has been in existence.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (1)
(1) the three-year period that ends on December 31 (or the final day of a non-calendar year accounting period) prior to the year in which the determination is being made; or
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (2)
(2) the period during which the entity has been in existence.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 i)
i) The term Depository Institution means any Entity that accepts deposits in the ordinary course of a banking or similar business.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 j)
j) The term Investment Entity means any Entity that conducts as a business (or is managed by an entity that conducts as a business) one or more of the following activities or operations for or on behalf of a customer: (1) trading in money market instruments (cheques, bills, certificates of deposit, derivatives, etc.); foreign exchange; exchange, interest rate and index instruments; transferable securities; or commodity futures trading; (2) individual and collective portfolio management; or (3) otherwise investing, administering, or managing funds or money on behalf of other persons. This subparagraph 1(j) shall be interpreted in a manner consistent with similar language set forth in the definition of financial institution in the Financial Action Task Force Recommendations.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (1)
(1) trading in money market instruments (cheques, bills, certificates of deposit, derivatives, etc.); foreign exchange; exchange, interest rate and index instruments; transferable securities; or commodity futures trading;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (2)
(2) individual and collective portfolio management; or
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (3)
(3) otherwise investing, administering, or managing funds or money on behalf of other persons.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
This subparagraph 1(j) shall be interpreted in a manner consistent with similar language set forth in the definition of financial institution in the Financial Action Task Force Recommendations.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 k)
k) The term Specified Insurance Company means any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 l)
l) The term Canadian Financial Institution means: (1) any Financial Institution that is resident in Canada, but excluding any branch of such Financial Institution that is located outside Canada, and (2) any branch of a Financial Institution that is not resident in Canada, if such branch is located in Canada.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (1)
(1) any Financial Institution that is resident in Canada, but excluding any branch of such Financial Institution that is located outside Canada, and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (2)
(2) any branch of a Financial Institution that is not resident in Canada, if such branch is located in Canada.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 m)
m) The term Partner Jurisdiction Financial Institution means: (1) any Financial Institution that is established in a Partner Jurisdiction, but excluding any branch of such Financial Institution that is located outside the Partner Jurisdiction, and (2) any branch of a Financial Institution that is not established in the Partner Jurisdiction, if such branch is located in the Partner Jurisdiction.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (1)
(1) any Financial Institution that is established in a Partner Jurisdiction, but excluding any branch of such Financial Institution that is located outside the Partner Jurisdiction, and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (2)
(2) any branch of a Financial Institution that is not established in the Partner Jurisdiction, if such branch is located in the Partner Jurisdiction.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 n)
n) The term Reporting Financial Institution means a Reporting Canadian Financial Institution or a Reporting U.S. Financial Institution, as the context requires.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 o)
o) The term Reporting Canadian Financial Institution means any Canadian Financial Institution that is not a Non-Reporting Canadian Financial Institution.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 p)
p) The term Reporting U.S. Financial Institution means: (1) any Financial Institution that is resident in the United States, but excluding any branch of such Financial Institution that is located outside the United States, and (2) any branch of a Financial Institution that is not resident in the United States, if such branch is located in the United States, provided that the Financial Institution or branch has control, receipt, or custody of income with respect to which information is required to be exchanged under subparagraph (2)(b) of Article 2 of this Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (1)
(1) any Financial Institution that is resident in the United States, but excluding any branch of such Financial Institution that is located outside the United States, and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (2)
(2) any branch of a Financial Institution that is not resident in the United States, if such branch is located in the United States,
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
provided that the Financial Institution or branch has control, receipt, or custody of income with respect to which information is required to be exchanged under subparagraph (2)(b) of Article 2 of this Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 q)
q) The term Non-Reporting Canadian Financial Institution means any Canadian Financial Institution, or other Entity resident in Canada, that is identified in Annex II as a Non-Reporting Canadian Financial Institution or that otherwise qualifies as a deemed compliant FFI or an exempt beneficial owner under relevant U.S. Treasury Regulations in effect on the date of signature of this Agreement.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 r)
r) The term Nonparticipating Financial Institution means a nonparticipating FFI, as that term is defined in relevant U.S. Treasury Regulations, but does not include a Canadian Financial Institution or other Partner Jurisdiction Financial Institution other than a Financial Institution treated as a Nonparticipating Financial Institution pursuant to subparagraph 2(b) of Article 5 of this Agreement or the corresponding provision in an agreement between the United States and a Partner Jurisdiction.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 s)
s) The term Financial Account means an account maintained by a Financial Institution, and includes: (1) in the case of an Entity that is a Financial Institution solely because it is an Investment Entity, any equity or debt interest (other than interests that are regularly traded on an established securities market) in the Financial Institution; (2) in the case of a Financial Institution not described in subparagraph 1(s)(1) of this Article, any equity or debt interest in the Financial Institution (other than interests that are regularly traded on an established securities market), if: (A) the value of the debt or equity interest is determined, directly or indirectly, primarily by reference to assets that give rise to U.S. Source Withholdable Payments, and (B) the class of interests was established with a purpose of avoiding reporting in accordance with this Agreement; and (3) any Cash Value Insurance Contract and any Annuity Contract issued or maintained by a Financial Institution, other than a noninvestment-linked, nontransferable immediate life annuity that is issued to an individual and monetizes a pension or disability benefit provided under an account, product, or arrangement identified as excluded from the definition of Financial Account in Annex II. Notwithstanding the foregoing, the term Financial Account does not include any account, product, or arrangement identified as excluded from the definition of Financial Account in Annex II. For purposes of this Agreement, interests are “regularly traded” if there is a meaningful volume of trading with respect to the interests on an ongoing basis, and an established securities market means an exchange that is officially recognized and supervised by a governmental authority in which the market is located and that has a meaningful annual value of shares traded on the exchange. For purposes of this subparagraph 1(s), an interest in a Financial Institution is not “regularly traded” and shall be treated as a Financial Account if the holder of the interest (other than a Financial Institution acting as an intermediary) is registered on the books of such Financial Institution. The preceding sentence will not apply to interests first registered on the books of such Financial Institution prior to July 1, 2014, and with respect to interests first registered on the books of such Financial Institution on or after July 1, 2014, a Financial Institution is not required to apply the preceding sentence prior to January 1, 2016.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (1)
(1) in the case of an Entity that is a Financial Institution solely because it is an Investment Entity, any equity or debt interest (other than interests that are regularly traded on an established securities market) in the Financial Institution;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (2)
(2) in the case of a Financial Institution not described in subparagraph 1(s)(1) of this Article, any equity or debt interest in the Financial Institution (other than interests that are regularly traded on an established securities market), if: (A) the value of the debt or equity interest is determined, directly or indirectly, primarily by reference to assets that give rise to U.S. Source Withholdable Payments, and (B) the class of interests was established with a purpose of avoiding reporting in accordance with this Agreement; and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (A)
(A) the value of the debt or equity interest is determined, directly or indirectly, primarily by reference to assets that give rise to U.S. Source Withholdable Payments, and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (B)
(B) the class of interests was established with a purpose of avoiding reporting in accordance with this Agreement; and
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (3)
(3) any Cash Value Insurance Contract and any Annuity Contract issued or maintained by a Financial Institution, other than a noninvestment-linked, nontransferable immediate life annuity that is issued to an individual and monetizes a pension or disability benefit provided under an account, product, or arrangement identified as excluded from the definition of Financial Account in Annex II.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58
Notwithstanding the foregoing, the term Financial Account does not include any account, product, or arrangement identified as excluded from the definition of Financial Account in Annex II. For purposes of this Agreement, interests are “regularly traded” if there is a meaningful volume of trading with respect to the interests on an ongoing basis, and an established securities market means an exchange that is officially recognized and supervised by a governmental authority in which the market is located and that has a meaningful annual value of shares traded on the exchange. For purposes of this subparagraph 1(s), an interest in a Financial Institution is not “regularly traded” and shall be treated as a Financial Account if the holder of the interest (other than a Financial Institution acting as an intermediary) is registered on the books of such Financial Institution. The preceding sentence will not apply to interests first registered on the books of such Financial Institution prior to July 1, 2014, and with respect to interests first registered on the books of such Financial Institution on or after July 1, 2014, a Financial Institution is not required to apply the preceding sentence prior to January 1, 2016.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 t)
t) The term Depository Account includes any commercial, checking, savings, time, or thrift account, or an account that is evidenced by a certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument maintained by a Financial Institution in the ordinary course of a banking or similar business. A Depository Account also includes an amount held by an insurance company pursuant to a guaranteed investment contract or similar agreement to pay or credit interest thereon.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 u)
u) The term Custodial Account means an account (other than an Insurance Contract or Annuity Contract) for the benefit of another person that holds any financial instrument or contract held for investment (including, but not limited to, a share or stock in a corporation, a note, bond, debenture, or other evidence of indebtedness, a currency or commodity transaction, a credit default swap, a swap based upon a nonfinancial index, a notional principal contract, an Insurance Contract or Annuity Contract, and any option or other derivative instrument).
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 v)
v) The term Equity Interest means, in the case of a partnership that is a Financial Institution, either a capital or profits interest in the partnership. In the case of a trust that is a Financial Institution, an Equity Interest is considered to be held by any person treated as a settlor or beneficiary of all or a portion of the trust, or any other natural person exercising ultimate effective control over the trust. A Specified U.S. Person shall be treated as being a beneficiary of a foreign trust if such Specified U.S. Person has the right to receive directly or indirectly (for example, through a nominee) a mandatory distribution or may receive, directly or indirectly, a discretionary distribution from the trust.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 w)
w) The term Insurance Contract means a contract (other than an Annuity Contract) under which the issuer agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 x)
x) The term Annuity Contract means a contract under which the issuer agrees to make payments for a period of time determined in whole or in part by reference to the life expectancy of one or more individuals. The term also includes a contract that is considered to be an Annuity Contract in accordance with the law, regulation, or practice of the jurisdiction in which the contract was issued, and under which the issuer agrees to make payments for a term of years.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 y)
y) The term Cash Value Insurance Contract means an Insurance Contract (other than an indemnity reinsurance contract between two insurance companies) that has a Cash Value greater than $50,000.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 z)
z) The term Cash Value means the greater of (i) the amount that the policyholder is entitled to receive upon surrender or termination of the contract (determined without reduction for any surrender charge or policy loan), and (ii) the amount the policyholder can borrow under or with regard to the contract. Notwithstanding the foregoing, the term Cash Value does not include an amount payable under an Insurance Contract as: (1) a personal injury or sickness benefit or other benefit providing indemnification of an economic loss incurred upon the occurrence of the event insured against; (2) a refund to the policyholder of a previously paid premium under an Insurance Contract (other than under a life insurance contract) due to policy cancellation or termination, decrease in risk exposure during the effective period of the Insurance Contract, or arising from a redetermination of the premium due to correction of posting or other similar error; or (3) a policyholder dividend based upon the underwriting experience of the contract or group involved.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (1)
(1) a personal injury or sickness benefit or other benefit providing indemnification of an economic loss incurred upon the occurrence of the event insured against;
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (2)
(2) a refund to the policyholder of a previously paid premium under an Insurance Contract (other than under a life insurance contract) due to policy cancellation or termination, decrease in risk exposure during the effective period of the Insurance Contract, or arising from a redetermination of the premium due to correction of posting or other similar error; or
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 (3)
(3) a policyholder dividend based upon the underwriting experience of the contract or group involved.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 aa)
aa) The term Reportable Account means a U.S. Reportable Account or a Canadian Reportable Account, as the context requires.
Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act — C-10.58 bb)
bb) The term Canadian Reportable Account means a Financial Account maintained by a Reporting U.S. Financial Institution if: (1) in the case of a Depository Account, the account is held by an individual resident in Canada and more than $10 of interest is paid to such account in any given calendar year; or (2) in the case of a Financial Account other than a Depository Account, the Account Holder is a resident of Canada, including an Entity that certifies that it is resident in Canada for tax purposes, with respect to which U.S. source income that is subject to reporting under chapter 3 of subtitle A or chapter 61 of subtitle F of the U.S. Internal Revenue Code is paid or credited.