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Details

  • Service: Tax
  • Industry: Financial Services, Private Equity (PE)
  • Type: Business and industry issue
  • Date: 1/29/2014

FATCA Application to Canadian Funds 

FATCA is due to affect the majority of Canadian private equity funds regardless of whether they have US investments, with potential financial penalties for failure to comply.
FATCA Application to Canadian Funds
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When FATCA was originally announced, the extent of its application was unclear for many funds. Since then, certain governments have signed Intergovernmental Agreements (IGAs) with the IRS, and more are due to enter into agreements. Where countries like Canada sign up to a ‘Model 1 agreement’, they agree to bring in domestic law to implement the IGA. With the conclusion of the US/Canada IGA and publication of draft legislation on February 5, the application of FATCA to Canadian entities is now more clear. Broadly, all funds controlled and managed in Canada will be mandated to comply regardless of their investment or investor base.

 

Please speak to your KPMG contact or one of our FATCA advisors for further information or advice in respect of the legislation and the impact for you.

 

 Contact

Russell W. Crawford

Russell W. Crawford

Partner, Tax

604-691-3516

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