If you are affected and need to discuss alternative methods to serve you better, please click here to contact us.
Please note that call wait times may be longer than usual. We appreciate your patience and understanding.
Veuillez cliquer ici pour communiquer avec nous si cette situation vous affecte ou si vous voulez discuter d’autres façons de mieux vous servir.
Prenez note que les temps d’attentes pourraient être plus longs que d’habitude. Nous vous remercions de votre patience et de votre compréhension.
Foreign Account Tax Compliance Act (FATCA)
In 2010, the Foreign Account Tax Compliance Act (FATCA) came into effect, requiring financial information on U.S. persons to be provided to the IRS by foreign financial institutions.
In early 2014, Canada and the U.S. governments signed an Intergovernmental Agreement that will enforce FATCA. Required information will be provided to the IRS through the Canadian Revenue Agency (CRA).
As a result, all depositors of Peoples Trust Company, will be required to certify if they are either a U.S. citizen or resident.
More information on FATCA can be found at the following:
Canada Revenue Agency (CRA)
Internal Revenue Service (IRS)
Common Reporting Standards (CRS)
The CRS were created by the Organization for Economic Cooperation and Development as a means to combat cross-border tax evasion.
As of July 1, 2017 the CRS will become law within Canada. That means Peoples Group will collecting foreign tax information, through its Know your Client processes, from all new and existing customers.
More information on CRS can be found at the following:
Canada Revenue Agency (CRA)
Organization for Economic Cooperation and Development (OECD)
