Guidance on the Canada-U.S. Enhanced Tax Information Exchange Agreement 20 July 2020

4.9 Passive income ... will generally include income from the mere holding of property, such as:

• dividends;
• interest;
• income equivalent to...

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1.6 A Canadian financial institution that is in compliance with Part XVIII will not be subject to any U.S. withholding tax on U.S. source income...

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9.15 Due diligence must be carried out by obtaining a self-certification that allows the financial institution to determine whether the account...

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Real estate entities not investment entities

3.20 An entity that primarily conducts as a business investing, administering, or managing non-debt,...

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3.30 ... If the control and management of a partnership’s business takes place in Canada, the partnership is considered resident in Canada ......

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4.15 No Canadian financial institution is an NPFI [and] ... no other financial institution is known to be classified as an NPFI by virtue of...

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3.46 ... [M]ost of the deemed-compliant FFI categories described in the U.S. Treasury Regulations will be of limited interest to Canadian...

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3.34 ... An entity can be sure that it does not have reporting obligations under Part XVIII if it is not described in paragraphs (a) to (m) of the...

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Nominee-name/client-name

5.3 When investment fund units are sold through dealers, they can be issued in the name of the beneficial owner...

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9.10 An individual may have a preexisting or new account (hereinafter referred to as the “original account”). The individual may subsequently...

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Self-certification

7.17 Under Part XVIII, Canadian financial institutions are required to obtain self-certifications to establish whether an...

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Client-name accounts included

5.9 An investment fund unit held in client-name will be a financial account maintained by the fund for the purposes...

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Scope of collective investment vehicle concept

3.20 An entity that primarily conducts as a business investing, administering, or managing...

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NCRFIs that qualify on the basis of a local ('Canadian) client base

Financial institution with a local client base

3.61 An NRCFI includes a...

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