Important information for customers who are U.S. persons
Effective July 1, 2014, Canadian financial institutions are required to collect information to report to the Canada Revenue Agency on certain financial accounts held in Canada by U.S. persons under U.S. tax legislation known as FATCA (Foreign Account Tax Compliance Act). The intent of this legislation is to ensure U.S. persons living worldwide with financial accounts held outside the U.S. fulfill their U.S. tax obligations.
For most of our customers, there will be no impact, other than we will have to ask about your tax residency status when you want to invest with us or buy insurance for certain policies after July 1, 2014.
You may be impacted if you are a U.S. citizen, resident or if there is a change in your circumstances that might indicate U.S. tax residency status, such as a U.S. address. In these cases, we may need to ask you to fill out a form asking you about your U.S. tax status. If your policy is considered reportable under the new legislation, we will need to report information on your contract to Canada Revenue Agency each year. Note there are special provisions for snowbirds.
For more information about FATCA, see these websites: