I just read a report from the Credit Union Central of Canada, which seems to indicate that most Canadian credit unions will be at least partially exempt from FATCA.
Even credit unions over the 175 million asset limit (which are MOST credit unions) appear to be partially exempt. IF less than 2% of their customers are non-resident ‘US persons’ they only have to report those non-residents of Canada under the FATCA IGA presuming I am interpreting this report correctly.
Am I dreaming? I sure hope not, and if not, we should have a HUGE BANK PROTEST DAY by moving all our funds out of the big banks and into a credit union!
Select the article titled: “FATCA IGA & Guidance provide much needed details, Mar 11, 2014” from: