Enhanced Tax Information Exchange Agreement

9.42 In an online account opening, a financial institution must guarantee the potential account holder the same information it should acquire as part of a personal account opening. It must therefore ensure self-certification by the account holder. A financial institution may accept an electronic form with the electronic signature of the account holder (or the person officially authorized to sign) and the account holder must confirm the accuracy of the certification. If the information is electronic, the information must be available in an electronically readable format. b) If the account holder`s information contains a U.S. postal or resident address or one or more U.S. telephone numbers that are the only telephone numbers in the account, the Canadian Reporting Financial Institution receives or pre-records: The information contained in this chapter also applies to financial institutions that must make restricted reports to obtain their status as non-reporting Canadian financial institutions. We`ll keep you up-to-date on any new developments with updates on this site. In addition, you can access detailed information about the Enhanced Tax Information Exchange Agreement in Canada – IN the U.S. by visiting the following websites: The Relationship Manager knows that Individual A is the controlling person for entity Y and entity Z and therefore must aggregate all three accounts. Because the aggregate balance of Individual Account A exceeds $1,000,000, Individual Account A is a high-value account subject to extensive verification procedures (see item 8.50). The value of entity Y`s account exceeds the $250,000 threshold and must be verified, while the Z entity account must not be verified because its balance does not exceed this threshold. CONSIDERING that the parties enter into an agreement to improve international tax compliance and provide for the implementation of FATCA on the basis of national reports and reciprocal automatic exchanges under the Convention, subject to confidentiality and other safeguards, including provisions limiting the use of information exchanged under the Convention; 9.29 A financial institution may consider self-certification to be valid, even if self-certification involves an inconsistent error, if the financial institution has sufficient documentation to supplement the information missing in self-certification as a result of the error.

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