What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) is United States (U.S.) legislation that requires financial institutions to report foreign accounts held by U.S. taxpayers, including citizens of the U.S. worldwide.
The provisions of FATCA came into effect on July 1, 2014.
FATCA in Canada - the Canada-U.S. Enhanced Tax Information Exchange Agreement
Canada has passed the Canada - U.S. Enhanced Tax Information Exchange Agreement. This law requires all Canadian financial institutions to examine their client information and report to the Canada Revenue Agency on specific accounts held by U.S. persons and businesses.
CIBC will comply with Canadian FATCA laws and the laws of all jurisdictions within which we do business.
What does this mean for CIBC Clients?
We expect these regulations to have no impact on the majority of CIBC clients. The privacy of our clients is of the utmost importance to CIBC. In complying with local laws and regulations, we will maintain high standards of client privacy and client service at all times.
In cases where we identify a specific personal or non-personal account may be affected by these requirements, we will contact the account holder and ask for self-certification to determine whether the account holder or any controlling persons are U.S. persons.
CIBC Clients can refer to the following lists for forms that may be required. CIBC has registered all CIBC legal entities that are classified as foreign financial institutions (FFIs).