According to TD Canada Trust’s Customer Service web page on FATCA:
“TD is committed to providing impacted customers with support and information to ensure they receive a comfortable experience once the law comes into effect.”
Let the full-page ads begin:
TDs submission to the Senate Finance Committee:
Note that it mentions NOTHING about FATCA, nor the plight of innocent accountholders outside the US.
Whyever would you continue to keep an account with TD or its affiliates? It could give less than a rat’s ass about Canadian accountholders – while at the same time taking your money.
In Canada, the Big 5 banks are looking to account fees as revenue fundraisers:
“…All of Canada’s biggest banks — Scotiabank, CIBC, TD Bank, BMO and RBC — have recently raised fees or will do so in the coming weeks. …”
How much of the cost of FATCA compliance in Canada has been hidden in these fees or for services that aren’t covered in usual account plans?
Some more of the ‘comfy’ experience Canadians can expect from the TD?
‘Baby girl drawn into CRA-IRS information sharing controversy’
“An eight-month old baby girl could soon find herself on the list of Canadians whose banking information is being shared by the Canada Revenue Agency with the United States Internal Revenue Service under a controversial information sharing deal.
The girl’s parents were astonished recently to receive a letter from the TD Bank where they had opened an account for their daughter, calling on their daughter to either fill in forms attesting to the fact she was not a U.S. person or risk having her bank account information sent to the CRA to be shared with the IRS.
“Please note, if this documentation is not provided, we may be obligated to report your accounts to the CRA,” the bank wrote in a letter addressed to the baby girl by name.”………..
Will TD bank provide highchairs for infants forced to sign their FATCA forms?
For the archives, the TD letter offering a ‘comfy’ experience to one of its newest accountholders, Canadian citizen, taxpayer and resident; baby ELLE;
Further to the story above, here is the FATCA letter from TD:
Letter from post at Maple Sandbox;
And we’d like your piggy bank change too:
Just thought I’d relate that due to continued US expansion, TD is set to become the 6th largest bank in the US.
A continued inherent FATCA conflict of interest between the Canadian financial sector and Canadian accountholders deemed ‘US taxable persons’.
Warning, I should have added the caveat that the post above, and the linked website aren’t endorsements of the website, etc. Just citing source.
The Canadian banks operating in the US – not just TD but the other majors as well – do so through separate corporate structures, as far as I’m aware. TD in Canada is an entirely different bank than TD in the US. So I’m not sure that the expansion of US operations has any relevance for Canadians’ treatment under FATCA rules.
For what it’s worth, I opened a TD account some years ago and I didn’t find their FATCA screening to be any worse than RBC. There was a written question on the application form. I answered appropriate to my feelings and conscience. I was not challenged to prove the correctness of my answer.