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Worksheet: FATCA reporting for U.S. citizens

Worksheet Worksheet

Tax reporting requirements for cross-border clients have been changing. Refer to this sheet so you don’t miss a thing.

 

A U.S. person’s advisor and bank must report:

2015
Regarding Information to be reported to the CRA before May 2, 2016
Each specified U.S. person, either: • Address
• holding a U.S. reportable account; or • U.S. Tax Identification Number (TIN)
• who is a controlling person of a passive non-financial foreign entity (NFFE) that holds a U.S. reportable account • Canadian Tax Identification Number
• Account number or functional equivalent
• Account balance or value
Custodial accounts Total gross amount of:
• interest;
• dividends; or
• other income
Depository accounts Total gross amount of interest paid or credited to the account during the year
Other accounts Total gross amount paid or credited to account holder with respect to the account, including aggregate amount of redemption payments made to account holder, during the year
2016
All information listed for 2015, plus:
Regarding Information to be reported to the CRA before May 2, 2017
Custodial accounts Total gross proceeds from sale or redemption of property paid or credited to the account during the year
2017 and onward
All of the information listed for 2016 is to be reported to the CRA before May 2 of the following calendar year.
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