The Foreign Account Tax Compliance Act (FATCA) is tax legislation that was passed into law in the United States (U.S.) in March 2010. The legislation, administered by the Internal Revenue Service (IRS), is intended to prevent U.S. persons from using accounts held outside of the U.S. to evade taxes. On February 5, 2014, the Canadian Government announced it had entered into an Intergovernmental Agreement with the U.S. government under the existing Canada-U.S. Tax treaty with further guidance expected from the government shortly.
FATCA and, in some countries, related local regulations will require financial institutions to report annually on specified accounts held outside of the U.S. by U.S. persons. This reporting will be made available to the IRS either directly or through local regulatory agencies.
You may also be considered a U.S. person if you spend considerable time in the U.S. in one year or over a period of years.
U.S. corporations, partnerships, estates and trusts are also U.S. persons.
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Home Trust is a federally regulated trust company and a wholly owned subsidiary of Home Capital Group Inc., a publicly held company that trades on the TSX under the symbol HCG.