U.S. Treasury accepts Canadian exclusion of personal investment trusts for FATCA purposes

A U.S. Treasury attorney stated yesterday that the U S. is willing to accept Canada's exclusion of most personal investment companies and trusts from consideration as financial institutions - so that they will not be required to report U.S.-owned accounts to the IRS under FATCA and thus will not face a 30% U.S. withholding tax.

Neal Armstrong.  Summary of Alison Bennett, "Treasury OK with Canadian Stance on Listed Financial Institutions Under FATCA," Daily Tax Report (BNA), October 7, 2014 under Canada-U.S. IGA – Art. 5, s. 2.