中国银行全球门户网站
简体中文 | ENGLISH


 



   Home >> BOC Canada >> About Us >> Regulations

Disclosures on FATCA


 

The Foreign Account Tax Compliance Act (FATCA), which was passed as a legislation in USA in March 2010, effective on Jan 1, 2014, To follow FATCA, the Canadian government  entered into Intergovernmental agreements (IGA) with the U.S. government under the existing Canada-U.S. Tax Convention on February 5, 2014. Under IGA arrangement, financial Institutions in Canada will be required to report relevant information on accounts of U.S. Persons to the Canada Revenue Agency (CRA). The CRA will then exchange the information with the U.S. tax authorities, Internal Revenue Service (IRS) through the provisions in the existing Canada-U.S. Tax Convention.

Like other Canadian banks, Bank of China ( Canada) has obligation  to be in compliance with FATCA and IGA regulation. Our Bank will have to check all the existing personal and corporate customers as well as the new clients from July 1, 2014 onwards. Once a customer is identified  as a U.S. Person, the respective accounts will be classified as Reportable Account. Our Bank will be sending out notices and the Request for Taxpayer Identification Number in the coming months to those customers that are  identified as potentially U.S. Persons based on our collected information. Further, subject to the threshold of aggregate account balance, our Bank will need to report the information of such customer, including the information of the accounts to CRA, starting from 2015.


There are 3 channels that you can know more about FATCA.

1.For more information about FATCA, please visit:
http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA

2.For more information about IGA between Canada and the U.S., please visit:
http://www.cra-arc.gc.ca/tx/nnrsdnts/nhncdrprtng/menu-eng.html

3.For your FATCA account and reporting information in our bank, you can visit any home branch of our Bank where you opened you bank account with.

  [ Close ]

 

hotlink

· CDIC

About Us

     Overview
     Branches
     Financial Report
     Regulations
     Join Us
     Corporate Social Responsibilities
     Website

 
  ·Disclaimer  ·Compliance & Supervision  ·CDIC  ·Customer Privacy Policy  ·Customer Complaint Handling  
 
Copyright © BANK OF CHINA(BOC) All Rights Reserved.