Introduction

ABC Funds and many of its clients are required to take action by the U.S. Department of the Treasury and U.S. Internal Revenue Service (IRS) and now the Canadian government (through the legislation introducing the Canada: U.S. Intergovernmental Agreement) (the “IGA”) with respect to implementing the provisions of the Foreign Account Tax Compliance Act (FATCA).

The implications for clients is that they need to clearly identify whether or not they are considered a ”United States person”. This identification is provided to us by completing and submitting the applicable form (W8-BEN, W8-BEN-E or W9). Please see the following table to understand what you must complete and return to us.

For Individual Persons		For Entities (i.e. Corporations, Trusts, etc.)
U.S. Person	Non-U.S. Person	U.S. Person	Non-U.S. Person
Complete the W9 Form. Instructions are part of form.	Complete the W8-BEN Form. See instructions.	Complete the W9 Form. Instructions are part of form.	Complete the W8-BEN-E Form. See instructions.

We have listed below some resources on the topic of FATCA. It is important to note that because every client’s situation is different, clients are encouraged to consult with their individual tax advisors. I.A. Michael Investment Counsel Ltd. does not provide tax, legal or compliance advice.

Resources

U.S. Internal Revenue Service:

• Classification of Taxpayers for U.S. Tax Purposes
• W8-BEN Form – Instructions
• W8-BEN-E Form – Instructions
• W9 Form & Instructions

Canada Revenue Agency:

• Information For Individuals
• Information For Entities

Department of Finance, Canada:

• Inter-Governmental Agreement News Release & Quick Facts

Other sites:

• BDO: Tax Alert: What is your FATCA Status?
• Canadian Bankers Association