Canadian Credit Union Association

FATCA Amended Policies and Procedures

Further to CRA’s Guidance on the Canada-U.S. Enhanced Tax Information Exchange Agreement, Part XVIII of the Income Tax Act dated July 10, 2020, CCUA has updated and posted its supporting FATCA documents to the CCUA Regulatory Compliance FATCA site (member login required). As the Policies and Procedures were last updated in 2017, a Comparison Chart (2017 to 2020 Guidance) has also been posted. Updated documents include:


FATCA

  • FATCA Self Assessment Tool      
  • Comparison Chart (2017 to 2020 Guidance)
  • Policies and Procedures
    • Model Policy
    • Certified Deemed Compliant Foreign Financial Institution Local Bank Policy
    • Registered Deemed Compliant Foreign Financial Institution with Local Client Base Policy
    • Due Diligence Procedure*
    • Participating Financial Institution Policy**
    • New Individual Accounts Procedure
    • Pre-Existing Individual Accounts Procedure
    • Entity Accounts Procedures 
    • Record Keeping Procedure
    • U.S. Indicia Procedur
    • Appendix A: Acronyms and Glossary
    • Appendix B: CRA examples

*The Due Diligence Procedure was previously the Self-Certification Procedure
**The Participating Financial Institution Policy was previously the Registered Participating Financial Institution Policy

CCUA will also be posting the updated Common Reporting Standards (CRS) documents reflecting the CRA’s amended Guidance of July 2020 over the next month. 

Please share with your credit unions or contact Brenda King at: bking@ccua.com with any questions.