FATCA, the U.S.-Canada IGA, and Trusts
What is FATCA? The Foreign Account Tax Compliance Act (“FATCA”) was enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act of 2010. FATCA is codified as sections 1471-1474 of the Internal Revenue Code of 1986, as amended (“IRC”). Its purpose is to enable the Internal Revenue Service to identify the beneficial owner of any foreign account if the account holder is a U.S. person and to create a mechanism whereby information regarding that person and the foreign account will be provided to the Internal Revenue Service in order to confirm the U.S. person’s compliance.
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 Treas. Reg. §1.1471-3(d)(4)(ii).
See Treas. Reg. §1.1471-3(e)(3)(i).
 Pub. L. No. §§111-147, 124 Stat. 71.
 The term “Account holders” is broadly defined. See generally Treas. Reg. §§ 1.1471-1(b)(2), 1.1471-5(a)(3), and text at notes.