CRA declines to pronounce on whether a mortgage investment corporation would be a listed financial institution for FATCA and CRS purposes

Regarding whether a mortgage investment corporation (MIC) was a listed financial institution as defined in s. 263(1) (which is relevant for both FATCA and CRS reporting purposes), CRA first indicated that mortgages would generally be considered “financial instruments” and “financial assets”.

The MIC could be a listed financial institution under:

• para. (j) of the definition in s. 263(1) if it was authorized under provincial legislation to engage in the business of dealing in securities or other financial instruments, or to provide portfolio management, investment advising, fund administration, or fund management services; and
• under para. (k) thereof if it was managed by such an entity and was represented or promoted to the public as a collective investment vehicle or as a similar investment vehicle established to invest in financial assets.

CRA indicated that whether the definition would so apply was a question of fact.

Neal Armstrong. Summary of 12 November 2025 Internal T.I. 2022-0955411I7 - Application of Parts XVIII and XIX to MICs under s. 263(1) - listed financial institution - (k).