These pages provide information for Canadian financial institutions and their account holders to help them understand the administrative aspects of the intergovernmental agreement between Canada and the United States (U.S.).

In March 2010, the U.S. enacted the Foreign Account Tax Compliance Act (FATCA). FATCA would require non-U.S. financial institutions to report to the U.S. Internal Revenue Service (IRS) accounts held by U.S. persons.

Under the intergovernmental agreement, relevant information on accounts held by U.S. residents and U.S. citizens (including U.S. citizens who are residents or citizens of Canada) are reported to the Canada Revenue Agency (CRA). The CRA exchanges the information with the IRS through the provisions and safeguards of the Canada-U.S. tax treaty.

On June 27, 2014, Part XVIII was added to the Income Tax Act, implementing the intergovernmental agreement and reporting obligations in Canada. This legislation together with administration performed by the CRA will result in the CRA exchanging financial account information with the IRS beginning in 2015.

Forms and publications

• RC518, Declaration of Tax Residence for Individuals – Part XVIII and Part XIX of the Income Tax Act
• RC519, Declaration of Tax Residence for Entities – Part XVIII and Part XIX of the Income Tax Act

Related Links

• News Release
• Intergovernmental Agreement for the Enhanced Exchange of Financial Account Information under the Canada-U.S. Tax Convention

U.S. Internal Revenue Service

• Foreign Account Tax Compliance Act
• Classification of Taxpayers for U.S. Tax Purposes
• U.S. Citizens and Resident Aliens Abroad
• U.S. IRS Instructions for Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer U.S. Taxpayers

Electronic mailing list

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If you have any questions, please contact us.