On pages 40-41, section II, paragraph B2… it seems to state that credit unions are Deemed-Compliant Financial Institutions.! Please look!
http://www.fin.gc.ca/treaties-conventions/pdf/FATCA-eng.pdf
On pages 40-41, section II, paragraph B2… it seems to state that credit unions are Deemed-Compliant Financial Institutions.! Please look!
http://www.fin.gc.ca/treaties-conventions/pdf/FATCA-eng.pdf
Just a Canadian says
Because of throwing out my Green Card 35 years ago I do not want to send anything requesting a SSN. I do not want to send anything to US that includes terms perjury. My existing accounts should be safe. But there is a family estate that I do not get any money from but may in the future.
Just a Canadian says
Stay on these boards I enjoy talking to someone who mainly deal with facts, not hyperbole. You seems to to have more of a business background like me,
Credit Unions are regulated by the provinces,but can be present in more than one province, or even country. Desjardins in biggest in Quebec, but is also present in Ontario and owns a bank in Florida. They also have their own brokerage firm. I have no idea how their various incarnations are legally connected or whether theywill be considered one or several institutions by FATCA. However, they have an FAQ on FATCA whi h could be interpreted as meaning they are going to ask ALL account holders for info, and then close recalcitrant accounts!
https://www.desjardins.com/ca/FAQ/index.jsp?sectionId=2&sousCategorieId=129&categorieId=8
@Petit Suisse
Right, so really, the rules are effectively the same for them as well. They’ll either comply with FATCA, or suffer a 30% penalty. I wouldn’t think that the US will care one bit how the credit unions in Canada are governed.
The ones that will be ‘deemed compliant’ are really too small to make a difference anyway, and if US persons flock there to avoid FATCA, the assets of those particular credit unions may very well rise above that magical $175 million mark, leaving those US persons stuck, anyway.
Wow! That fucking Harper is a treat, isn’t he? Selling out his own people for what? The Keystone pipeline? Maybe?
Quebec could make its own bilateral treaty with the US covering their credit unions. The US has been known in the past to pander to the nationalists..
@Petit Suisse
Thank you for that complete description.
I “think” the Local Client Base rule should apply to credit unions of any size. But that is as long as their business is local the 98% rule.
The above credit union is into brokerage and is transnational!!!!
Under the local client base rule there is LIMITED reporting, the small credit union rule is business as usual. The limited reporting is if a US Person is no longer resident THEN you report or likely just close the account.