FATCA & CRS International Tax Compliance

In accordance with international tax reporting compliance standards – FATCA originated by the United States, and CRS originated by the Organization for Economic Cooperation and Development (OECD) - Canadian financial institutions are required under Part XVIII and XIX of the Income Tax Act (ITA) to provide information to the Canada Revenue Agency (CRA) respecting all individuals holding deposits that are tax residents of the United States (Part XVIII) or any other foreign jurisdiction (Part XIX).  In compliance with this section of the ITA, depositors of Peoples Trust Company and Peoples Bank of Canada are required to self-certify with respect to their international tax obligations and foreign taxpayer information.  This information is reported to the CRA and may be communicated by CRA to the relevant jurisdictions.

More information on FATCA can be found at the following:
Canada Revenue Agency (CRA)
Internal Revenue Service (IRS)

More information on CRS can be found at the following:
Canada Revenue Agency (CRA)
Organization for Economic Cooperation and Development (OECD)