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Foreign Account Tax Compliance Act

The Foreign Account Tax Compliance Act (FATCA) was signed into U.S. law in March 2010 and came into effect July 1, 2014. The purpose of this legislation is to prevent U.S. taxpayers from using accounts outside of the U.S. to evade taxes. The Canadian government entered into an intergovernmental agreement (IGA) with the US government and enacted domestic legislation to implement the IGA during 2014. The Canadian legislation requires Canadian financial institutions to report annually on “reportable accounts” held by U.S. persons including both US citizens and US residents. Oak Trust will be reporting such accounts to the Canada Revenue Agency who will exchange the information with the U.S. Internal Revenue Service.

As always, Oak Trust is committed to ensuring its clients’ personal information is accurate, secure and confidential. We are committed to working with our clients and prospective clients to ensure that their unique situation is handled efficiently and correctly.

If you require further more detailed information on FATCA, it can be found at www.irs.gov/FATCA and www.cra-arc.gc.ca/tx/nnrsdnts/nhncdrprtng/menu-eng.html

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