The Canadian Income Tax Act (ITA) was enhanced to incorporate the Foreign Account Tax Compliance Act (FATCA) in 2014 and the Common Reporting Standard (CRS) in 2017.  The ITA describes the due diligence and reporting obligations that arise by virtue of the implementation of FATCA and CRS in Canada.

The Foreign Account Tax Compliance Act ("FATCA") is U.S. tax legislation passed in 2010. FATCA is intended to prevent "U.S. persons" (individuals and entities) from evading U.S. tax using financial accounts held outside of the United States.

Expand 1. When does FATCA take effect? 

July 1, 2014.

Expand 2. What is the impact of FATCA? 

FATCA requires Canadian Financial Institutions to identify and report to the Canadian Revenue Agency certain financial accounts of U.S. persons and specific U.S. owners of non-U.S. entities.

Expand 3. Where can I go to learn more about FATCA? 

For more information about FATCA, you can visit the Canada Revenue Agency’s website.

Expand 4. Who is considered a U.S. person?  

You are considered a U.S. person for U.S. tax purposes and will need to complete an IRS Form W-9 if you are a:

  • Citizen or resident of the U.S. (including a greencard holder);
  • U.S. corporation, U.S. partnership, U.S estate or U.S. trust

If you spend considerable time in the U.S. in one year or over a period of years you may also be considered a U.S. person. Please visit the IRS website or consult a tax advisor for more information.

Expand 5. Why is Canada complying with U.S. law? 

On February 5, 2014, the Canadian Government signed an Intergovernmental Agreement (IGA) with the U.S. Government. Without an agreement in place, obligations to comply with FATCA would have been imposed on Canadian Financial Institutions and our customers as of July 1, 2014. Under the agreement, Financial Institutions in Canada will not report any information directly to the Internal Revenue Service (IRS). Rather, information on accounts held by U.S. persons will be reported to the Canada Revenue Agency (CRA). The CRA will then exchange the information with the IRS through the existing provisions and safeguards of the Canada-U.S. Tax Convention, which is consistent with Canada's privacy laws. In addition, Canada negotiated significant exemptions (please refer to "Which financial accounts are excluded"). The agreement is consistent with Canada’s support for recent G-8 and G-20 commitments intended to fight tax evasion globally and to improve tax fairness.

Expand 6. As a personal account holder, what information do I need to provide to TD? 

If you are not a U.S. person, FATCA will have limited impact on you. In some circumstances, you may be required to provide additional documentation (this could include, but is not limited to, government-issued identification) to verify your status for FATCA purposes.

If you are a U.S. person, you will be required to complete a Tax Form.

Expand 7. What information do I need to provide in the IRS tax forms? 

We recommend you contact a tax advisor for information on completing IRS tax forms. You can view the links to the IRS published instructions: W-8BEN, W-8BEN-E, W-8IMY, W-8EXP and W-9.

Expand 8. In which scenario would an account be reported? 

For individuals, the following accounts may be reportable:

  • An account held by one or more U.S. persons (this includes a joint account held by at least one U.S. person)
  • An account held by a customer who has not provided the information requested by TD (within the required timeframe)
Accounts held by certain U.S. entities may be reportable.
Expand 9. What is the benefit of an Intergovernmental Agreement (IGA)? 

The agreement addresses privacy concerns, provides significant exemptions, and reduces the circumstances where withholding tax applies (e.g. withholding will not apply to individuals).

Expand 10. Is every Financial Institution (FI) impacted by FATCA? 

Every Canadian FI will be required to comply with the federal legislation that implements the IGA. FIs in non-IGA countries that do not comply with FATCA may be subject to a 30% withholding tax on U.S. source income.

Expand 11. How could FATCA impact me? 

FATCA primarily impacts U.S. persons. The impact could vary:

  • If you are an accountholder that is an individual (including sole proprietorships) or an entity (i.e. businesses, trusts, etc.);
  • If you have an existing financial account or you are opening a new account

TD may ask you to provide additional information or documentation to verify your status for FATCA purposes for any of the scenarios above. If you do not provide this additional documentation upon request, TD may be required to report your account information to the CRA.

Expand 12. What factors make TD believe I am a U.S. person? 

Under the IGA, there is information that you may have provided to TD that may give reason to believe you are a U.S. person (i.e. U.S. address, U.S. place of birth, U.S. telephone number, U.S. place of incorporation, etc.).

Expand 13. I am not a U.S. entity (e.g. U.S. business or U.S. trust account) accountholder and I do not have any U.S. indicia (e.g. U.S. place of incorporation) on my account. Why am I being asked to complete FATCA documentation? 

Under the regulations, all business accounts are required to declare the classification of the entity as, among other things, either an "Active Non-Financial Foreign (non-U.S.) Entity (NFFE)" or a "Passive NFFE" on either an IRS W8-BEN-E or an equivalent form created by the financial institution (in TD's case, a Self-Certification Form – Entity "SCE"). Where an entity is a Passive NFFE, TD is required by the regulations to identify the entity's controlling persons and to determine whether any such person is a U.S. person.

Entity classification is required, regardless if U.S. indicia is present on their account. Additional information can be found on the CRA website: http://www.cra-arc.gc.ca/tx/nnrsdnts/nhncdrprtng/ntts-eng.html

Expand 14. Why is TD asking for additional information about entities (e.g. businesses) under FATCA? 
All Financial Institutions, including TD, must determine whether an account holder(s) is:
  • a U.S. person and, if so, whether it is a specified U.S. person;
  • a financial institution and, if so, which type of financial institution; or
  • a non-financial foreign entity (or NFFE) and, if so, whether it is a passive NFFE (for a definition of passive NFFE, please refer to page 3 in the attached link).

If the account holder is a passive NFFE, the entity must identify the controlling persons (the natural persons who exercise control over an entity) associated with the account. A Financial Institution must then determine if any controlling persons on the account are U.S. persons.

More information can be found on the CRA website at: http://www.cra-arc.gc.ca/tx/nnrsdnts/nhncdrprtng/ntts-eng.html

Expand 15. Are there exceptions to completing the FATCA documentation? 

No, under the regulations, individual and entity customers must comply with additional requests for information from TD. If this additional documentation is not received upon request, TD may be required to report your account information to the CRA.

Expand 16. If I have a U.S.-dollar account or investment (in Canada or the U.S. at TD Bank, America's Most Convenient Bank), does this classify me as a U.S. person? 

The definition of a U.S person is based on the account holder’s information, rather than the type of account that is held.

Expand 17. If I have dual citizenship with the U.S., am I considered a U.S. person? 

Yes, please refer to the “Who is considered a U.S. person” for further information.

Expand 18. If I am a Snowbird, am I considered a U.S. person? 

You may be considered a U.S. person if you spend considerable time in the U.S. in one year or over a period of years. Please visit the IRS website or consult a tax advisor for more information.

Expand 19. If a joint account is held by a U.S. person and a non-U.S. person, what is the FATCA impact? 

All accountholders of the joint account may be required to provide additional documentation to determine their status for U.S. tax purposes. Information on the U.S. person, including the full balance of the account, may be reportable to the CRA.

Expand 20. I was born in the U.S., but have lived outside the U.S. my whole life. How does FATCA impact me? 

Generally, if you were born in the U.S., you are considered a U.S. person. However, there are circumstances where an individual born in the U.S. is not considered a U.S. person, including those who have renounced their U.S. citizenship and have obtained a Certificate of Loss of Nationality issued by the United States Department of State or in a manner that meets the requirements prescribed by U.S. law.

TD may contact you if we require additional documentation to determine if you are a U.S person.

Expand 21. My business is a Sole Proprietorship. Should I be completing documentation as an individual or an entity under the Intergovernmental Agreement (IGA)? 

As a Sole Proprietor, the IGA considers you as an individual.

Expand 22. What information about U.S. persons will be reported to the CRA? 

The following information will be provided to the CRA in 2015 for reportable accounts that are identified in 2014:

  • Name
  • Address
  • U.S. TIN or Date of Birth
  • SIN (Canada only)
  • Account number
  • Account balance or value

The following additional financial data will be required in 2015:

  • Payments, interest, dividends and other payments
  • Payments paid or credited to Non-Participating Foreign Financial Institutions
Expand 23. Does the Canadian government currently exchange information provided by Financial Institutions? 

Yes, Financial Institutions in Canada do provide information to the Canadian and U.S. governments under current tax laws and treaties. Please refer to the Department of Finance website for a list of current agreements.

Expand 24. Will my information be shared? 

Under the IGA, Financial Institutions in Canada are not required to report any information directly to the IRS. Rather, information on reportable accounts is to be submitted to the CRA. The CRA will then exchange the information with the IRS through existing provisions and safeguards under the Canada-U.S. Tax Convention, which is consistent with Canada's privacy laws.

Protecting our customer's privacy and the confidentiality of their personal information are fundamental principles of TD. For more information on how TD's collects, uses and/or discloses your information, please access the Privacy provisions at the following link: http://www.td.com/privacy-and-security/privacy-and-security/our-privacy-commitments/td-privacy-code/privacy.jsp.

Expand 25. Which financial accounts are impacted? 

Impacted financial accounts include most:

  • Bank accounts,
  • Non-registered term products (e.g. GIC's)
  • Mutual funds,
  • Brokerage accounts,
  • Custodial accounts,
  • Annuity contracts (including segregated fund contracts),
  • Certain life insurance policies with a cash value, and
  • Credit balances on credit cards or revolving credit products – unsecured and secured lines of credit (amount that TD Bank owes you)
Expand 26. Are credit products impacted? 

If you have a credit balance (an amount that TD Bank owes you) on a credit card or a revolving credit product – unsecured and secured lines of credit, you may be impacted.

We will contact customers who must complete documentation for FATCA purposes.

Expand 27. What products are not financial accounts for FATCA? 

The following registered products are excluded:

  • Registered Retirement Savings Plans (RRSPs)
  • Tax Free Savings Accounts (TFSAs)
  • Registered Disability Savings Plans (RDSPs)
  • Registered Pension Plans (RPPs)
  • Registered Retirement Income Funds (RRIFs)
  • Pooled Registered Pension Plans (PRPPs)
  • Registered Education Savings Plans (RESPs)
  • AgriInvest Accounts
  • Deferred Profit-Sharing Plans (DPSPs)
  • For entire list of exempt products and detailed descriptions, please visit the Intergovernmental Agreement.

Expand 28. I am a business owner. Do I have to provide separate forms for myself and the business? 

FATCA documentation is completed at the account holder level. We rely on the account holder to complete the forms for any account(s) in question. We will clearly state which party needs to complete a form or provide further documentation.

Expand 29. As an individual or Sole Proprietor, what should I do if my circumstances change after I submit the requested documentation? 

If your U.S. status changes (U.S. to non-U.S. and vice versa), you must notify TD Bank within 30 days with supporting documentation.

Expand 30. What documentation do I need to provide TD to advise that I have renounced my U.S. citizenship? 

The following is a list of acceptable documentation:

  • a self-certification (via W-8, etc.) showing that the account holder is neither a U.S. resident for tax purposes nor a U.S. citizen; AND
  • evidence of the account holder’s citizenship in a country other than the U.S. (i.e. passport or other government-issued identification); AND
  • a copy of the account holder’s Certificate of Loss of Nationality of the United States
Expand 31. Why did I receive multiple requests for FATCA information? 

TD Bank will attempt to consolidate customer account information to the extent allowable. You may receive additional requests for documentation if you have multiple products with TD Bank. You must complete each request.

Expand 32. Does the required documentation have to be provided in original format or can I scan/fax it in? 

TD will only accept original documentation.

Expand 33. What is acceptable identification to comply with FATCA (for individuals)? 

The following pieces of non-U.S. documentary evidence are generally acceptable to comply with FATCA (as of July 18, 2017):

  • Passport
  • National Identity Card
  • Canadian Driver's license
  • Provincial Health Insurance Card
  • Birth Certificate provided by an individual under the age of 21
  • Government-issued Age of Majority Card
  • Canadian Citizenship Card
  • Record of Landing (IMM1000) or Confirmation of Permanent Residence (IMM 5292) issued prior to 1/1/2004
  • Permanent Residence Card
  • Canadian Forces Identification Card issued by the Canadian Department of National Defence
  • A Government-issued Certificate of Indian Status
  • Document or card, bearing the individual’s photograph and signature, issued by any of the following authorities or their successors:
    • Insurance Corporation of British Columbia
    • Alberta Registries
    • Saskatchewan Government Insurance
    • Department of Service Nova Scotia and Municipal Relations
    • Department of Transportation and Public Works of the Province of Prince Edward Island
    • Service New Brunswick
    • Department of Government Services and Lands of the Province of Newfoundland and Labrador
    • Department of Transportation of the Northwest Territories
    • Department of Community Government and Transportation of the Territory of Nunavut
  • Alberta Photo Identification Card
  • B.C. Identification card
  • B.C. Driver’s License and Services Card
  • B.C. Services Card (Photo Card)
  • Government of Newfoundland and Labrador Photo Identification Card
  • Nova Scotia Photo Identification Card
  • Prince Edward Island Voluntary ID
  • Saskatchewan Mandatory Photo ID
  • Ontario Photo Card
  • Manitoba Identification Card
  • NEXUS Membership card
Expand 34. What if I fail to provide additional information or documentation that is requested of me within the specified timeframe? 

Under Part XVIII of the Income Tax Act, TD may be required to report certain information on U.S. persons or customers that do not respond to TD's request for information, to their federal tax authority (i.e. CRA). This information may be exchanged with the IRS as part of the agreement.

Expand 35. What happens if I'm reported to the IRS? 

Reporting by TD should not result in any increased U.S. tax liability if you are already meeting your U.S. tax filing obligations. Please contact a tax advisor to discuss your personal tax situation.

Expand 36. As a U.S. Person, what are my tax reporting requirements? 

The U.S government imposes tax on the worldwide income of U.S. persons regardless of where they live. Most U.S. persons living in Canada have annual U.S. income tax filing and reporting requirements. If you are, or suspect you may be a U.S. person for U.S. tax purposes, you should speak with a professional tax advisor with expertise in U.S. tax filing and reporting requirements on your investments held at TD.

Expand 37. Can a TD employee help me complete these forms? 

You must complete all tax forms independently. If you need additional support, you should refer to a tax advisor for assistance or review the form instructions.

Expand 38. My account is a joint account. Do we both have to fill out the documentation? 

It depends on the circumstances of the account. There may be situations where you must provide documentation for both account holders and other circumstances where documentation is only needed for one account holder.

TD will contact customers who must complete documentation for FATCA purposes.

Expand 39. Are spouses or children of U.S. persons impacted by FATCA? 

TD will not assume that accounts held by the spouses or children of identified U.S persons are also U.S. persons.

TD will contact customers who must complete documentation for FATCA purposes.

Expand 40. I closed my TD accounts. Why am I being asked to complete forms? 

Even though your account is closed, you were identified as a possible U.S. person before closing your account. TD has the obligation to properly document the account. If you do not provide this documentation upon request, TD may be required to report your account information to the CRA.

Expand 41. I've been a TD customer for many years. Why do I have to provide additional documentation now?  

We have an obligation to review our records when you open a new account or complete a maintenance transaction. In certain cases, we also have a requirement to look at pre-existing customer records.

Expand 42. How do I complete my tax form? 

A tax form is a legal document and must be completed in ink. Liquid paper (or white out), pencil, and pre-filled stickers or stamps are not acceptable; please complete a new form. Forms are available for download here.

Expand 43. Why did TD request information, but my other Financial Institution (FI) did not? 

Information provided by customers could vary among FIs and each FI has different business and system processes. Please refer to "What factors make TD believe I am a U.S. person".

Expand 44. Where can customers obtain tax advice? 

TD does not offer tax advice to customers. Customers should contact a tax advisor. For background information on FATCA, visit the Canada Revenue Agency (CRA) website.

Expand 45. What is a TIN? 

A Taxpayer Identification Number (TIN) is an ID number that is used by the Internal Revenue Service (IRS) in the administration of tax laws (similar to a SIN in Canada). Both the Social Security Administration (SSA) and the IRS issue a TIN.

Expand 46. What is a Global Intermediary Identification Number (for business customers only)? 

A Global Intermediary Identification Number (GIIN) is a 16 digit, 19-character identification number issued by the IRS when a non-U.S. Financial Institution registers for FATCA purposes. Most Canadian Financial Institutions are required to obtain a GIIN.

Expand 47. I am a TD counterparty. Where can I find TD's Global Intermediary Identification Numbers (GIIN's)?  

Please click here.

The above information is intended to provide general guidance only, and is not an exhaustive analysis of all provisions of FATCA. The above information should not be construed as legal or financial advice.

Individuals (including sole proprietor customers)

For use by TD Canada Trust personal and sole proprietor customers only: Self-Certification of Non–U.S. Status – Individual

For use by TD Wealth customers: Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals) and instructions

Entities (including business and trust customers)

For use by TD Canada Trust Business Banking customers only: Self-Certification of Non-U.S. Status - Entities

For use by TD Wealth pre-existing, entity clients only: Self-Certification of Non-U.S. Status – Entities

Form W-8BEN-E (Certificate of Status of Beneficial Owner for united States Tax Withholding and reporting (Entities) and instructions

Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting) and instructions

Form W-8EXP (Certificate of Foreign Government or Other Foreign Organization for United States Tax Withholding and Reporting) and instructions

U.S. persons

Form W-9 (Request for Taxpayer Identification Number and Certification) and instructions

The Common Reporting Standard (CRS) was introduced by the Organization for Economic Co-operation and Development (OECD) through an update to the Standard for Automatic Exchange of Financial Information. CRS is intended to prevent offshore tax evasion and maintain the integrity of the tax systems through the automatic exchange of information around the world.

Expand Generic  
Expand 1. What is the difference between CRS and FATCA?

CRS is aimed at identifying and reporting financial accounts held by foreign tax residents. CRS reporting is solely based on tax residency, not citizenship or nationality and impacts approximately 100 jurisdictions (as of March 2017).

FATCA is aimed at identifying and reporting financial accounts held by specified U.S. persons (which includes U.S. citizenship and U.S. tax residency).

*For information on tax residency, please see the Tax Residence section of the FAQ's*

Expand 2. What is the impact of CRS on customers?

CRS requires Financial Institutions to identify and report, to their federal tax authority (e.g. CRA), certain financial accounts held by foreign tax residents and specific owners of foreign (or non-foreign) entities.

Expand 3. Where can I find more information about CRS?

More information on the rules and regulations can be found at the following websites:

Expand 4. When does CRS take effect?

CRS implementation dates differ by country. TD operates in the following countries and will implement CRS on the following dates:

January 1, 2016

  • United Kingdom
  • Luxembourg
  • Netherlands
  • Cayman Islands
  • Ireland

January 1, 2017

  • Hong Kong
  • Singapore

July 1, 2017

  • Canada
Expand 5. What are participating jurisdictions?

A participating jurisdiction is a country which has entered into an agreement with other jurisdictions (e.g. Canada and the UK) to collect and share information. Currently, there are approximately 100 participating jurisdictions.

Expand 6. Are spouses or children of foreign tax residents impacted by CRS?

TD will assess the impact on customers on an individual basis and not assume that accounts held by spouses or children of identified foreign tax residents have the same tax status.

TD will contact customers who must complete documentation for CRS purposes.

Expand 7. Do Governments currently share information provided by financial institutions? 

Yes, certain financial institutions do provide information to their federal tax authority (e.g. CRA) under current tax laws and treaties. Please refer to the Department of Finance website for a list of current agreements between the Government of Canada and other countries.

Expand 8. Will my information be shared? 

Yes, personal and financial information on reportable accounts will be submitted by the financial institution to their relevant federal tax authority (e.g. CRA). The federal tax authority will then share the information with the appropriate countries through existing provisions and safeguards, consistent with privacy laws.

Protecting our customers' privacy and the confidentiality of their personal information are fundamental principles of TD. For more information on how TD collects, uses and/or discloses your information, please access the Privacy provisions at the following link:
http://www.td.com/privacy-and-security/privacy-and-security/our-privacy-commitments/td-privacy-code/privacy.jsp

Expand 9. Which TD customers will be impacted by CRS? 

CRS will impact customers with financial accounts who conduct business or have relationships in the following areas:

  • TD Asset Management
  • TD Direct Investing
  • TD Financial Planning
  • TD Private Wealth Management
  • TD Canada Trust Personal Banking
  • TD Canada Trust Small Business Banking
  • TD Canada Trust Commercial Banking
  • TD Securities (globally)
  • TD Insurance
  • TD Credit Products
Expand 10. Is every financial institution impacted by CRS? 

Yes, every global financial institution in a participating country is required to comply with CRS legislation, as of the appropriate CRS effective date.

Expand 11. What type of financial accounts will be reported under CRS? 

Impacted financial accounts include most:

  • Depository accounts,
  • Non-registered term products (e.g. GIC's),
  • Mutual funds,
  • Brokerage accounts,
  • Custodial accounts,
  • Non-registered annuity contracts (including segregated fund contracts),
  • Certain life insurance policies with a cash value, and
  • Credit balances on credit cards or revolving credit products – unsecured and secured lines of credit (amount that TD owes you)
Expand 12. Are any financial accounts exempt under CRS? 

Yes, the following financial accounts in Canada are exempt from CRS:

  • Registered Retirement Savings Plans (RRSPs)
  • Registered Retirement Income Funds (RRIFs)
  • Pooled Registered Pension Plans (PRPPs)
  • Registered Pension Plans (RPPs)
  • Tax-Free Savings Accounts (TFSAs)
  • Registered Disability Savings Plans (RDSPs)
  • Registered Education Savings Plans (RESPs)
  • Deferred Profit Sharing Plans (DPSPs)
  • AgriInvest accounts
  • Agri-Quebec Program
  • Eligible Funeral Arrangements
  • Escrow Accounts
  • Mortgage tax accounts

For the entire list of exempt products and detailed descriptions, please see section 6.17 of the CRS guidance.

Expand 13. Will CRS impact me? 

You will be impacted if:

Expand 14. How could CRS impact me? 

All new individual or entity accountholders and existing accountholders (as applicable) will be asked to provide additional information or documentation to verify their tax residence status. If you do not provide this additional information or documentation upon request, TD may be required to report your account information to the appropriate federal tax authority (e.g. CRA), who may then share your information with other countries. The federal tax authority will determine if you will be subject to fines or penalties.

Expand 15. What factors make TD think I am a tax resident of a foreign country? 

CRS regulation provides guidance as to what type of account information may be considered indicators of foreign tax resident status. Under CRS regulations, there may be information that you have provided to TD that may give TD reason to believe you are a foreign tax resident (e.g. non-Canadian address, non-Canadian telephone number, non-Canadian place of incorporation, etc.).

Expand 16. What will TD do if they think I am a tax resident of a foreign country? 

TD will contact these customers who will be asked to complete documentation for CRS purposes. For CRS, this documentation includes a Tax Residency Self-Certification Form.

Expand Forms  
Expand 17. As an individual accountholder, what information do I need to provide to TD for CRS? 

All new individual or entity accountholders and existing accountholders (as applicable) will be required to provide TD with information about their tax residency. This includes the name of the tax jurisdiction and their respective Taxpayer Identification Number (TIN) for all countries identified. This may include a Social Insurance Number, if Canada is declared as a tax jurisdiction.

If you do not provide this information or documentation upon request, TD may be required to report your account information to the appropriate federal tax authority (e.g. CRA), who may then share your information with other countries. The federal tax authority will determine if you will be subject to fines or penalties.

Expand 18. Do I have to complete a new Tax Residency Self-Certification Form if I move within the country I have already declared? 

No; however, you are required to notify TD within 30 days if you have changed your address or if you are now a resident for tax purposes in a country not previously declared on your Tax Residency Self-Certification Form.

Expand 19. Which "form" do I need to complete for CRS? 

Financial Institutions have the option of including the tax residence questions within their existing account opening process and documents, creating a CRS form, or using the Government form. TD has chosen to create a customized form (Tax Residency Self-Certification Form) suited for our processes and technology; however, TD will accept the CRA form.

Expand 20. What does the term "positive affirmation" mean? 

An individual or entity customer must positively affirm that the information provided on the Tax Residency Self-Certification Form is correct. This "positive affirmation" is generally obtained through a signature on a form; however, it could be through an online disclosure (for personal customers only) or a verbal recorded declaration (for individual, sole proprietor, and certain entity customers).

Expand 21. If I have completed a Tax Residency Self-Certification Form, will I have to complete one again? 

TD will attempt to consolidate customer account information to the extent allowable. You may receive additional requests for documentation if you have multiple products with TD. You must complete each request.

While a Tax Residency Self-Certification Form does not expire, you must notify TD within 30 days with supporting documentation (which may result in completing a new Tax Residency Self-Certification Form) if your tax residence status changes.

Expand 22. Who can help me complete the Tax Residency Self-Certification Form? Can a TD employee help? 

You must complete the Tax Residency Self-Certification Form independently. If you need additional support, you should refer to a tax professional for assistance or contact the Canada Revenue Agency (for Canadian operations only).

Expand 23. How do I ensure my Tax Residency Self-Certification Form is valid?  

A tax form is a legal document and must be completed in ink. Liquid paper (or white out), pencil, and pre-filled stickers or stamps are not acceptable; please complete a new form.

Expand 24. Do Tax Residency Self-Certification Forms expire? 

No, they do not expire. However, if your tax residence changes, you are required to notify TD within 30 days and complete a new Tax Residency Self-Certification Form.

Expand 25. My account is a joint account with a foreign tax resident. What is the impact? 

Information on the foreign tax resident, including the full balance of the joint account, may be reportable to the federal tax authority (e.g. CRA).

Expand 26. I am a business owner. Do I have to provide a separate Tax Residence Self-Certification Form for myself and the business? 

Yes, if you have both a personal and business account with TD, as CRS documentation is completed at the customer level and therefore, separate forms will be required. However, TD will clearly state when documentation is required from a customer.

Expand Tax Residence 
Expand 27. What does the term "tax resident" mean? 

Generally, an individual will be a tax resident of a country if, under the laws of that country, they pay or should be paying tax there because of their domicile, residence, or a similar criterion.

Generally, an entity will be a tax resident of a jurisdiction if, under the laws of that jurisdiction, it pays or should be paying tax there because of its domicile, residence, place of management or incorporation, or a similar criterion.

  1. a partnership, a limited partnership, or a similar legal arrangement is considered to reside in the jurisdiction where its place of management is located;
  2. a trust is considered to reside in the jurisdiction where its place of management and control is located; and
  3. an entity that is a "United States person" is a tax resident of the United States.
Expand 28. Can an accountholder be a tax resident in more than one country? 

Yes, based on the domestic rules of certain countries, an accountholder may be considered a tax resident in more than one country. In that case, accountholders may check whether both countries have a double tax treaty in place, which would attribute the tax residence exclusively to one of the countries.

Customers are recommended to consult with a tax professional for information specific to their situation.

Expand Reporting 
Expand 29. In which scenario would my account be reported to my federal tax authority (e.g. CRA)? 

The following accountholders may be reportable:

  • Individual or Entity accountholders who attested to a foreign country on their Tax Residency Self-Certification Form
  • Accountholders who have not provided the information or documentation requested by TD (within the required timeframe)
  • Passive Non-Financial Entities that are a resident in a foreign country or with controlling persons that are a resident in a foreign country
Expand TIN 
Expand 30. What is a Taxpayer Identification Number (TIN)? 

A Taxpayer Identification Number (TIN) is an ID number that is used by the federal tax authority (e.g. CRA).

Examples of TINs include:

  • Social Insurance Number (SIN);
  • Social Security number (SSN);
  • Individual Taxpayer Identification Number (ITIN);
  • Employer Identification Number (EIN), also known as a FEIN (Federal Employer Identification Number);
  • Business Number (BN)
  • Trust Account Number
  • Etc.
Expand 31. Is there a situation when a TIN is not required to be provided to a Financial Institution? 

Yes, a TIN (Taxpayer Identification Number) may not be required for the following reasons:

  • It is not issued by the country
  • The country does not require disclosure of a TIN (as of October 2016, this only applies to Australia)
  • You are not required to obtain a TIN based on the criteria

If you are required to have a TIN, it is your responsibility to provide to TD upon request; otherwise, you may be subject to fines or penalties by the federal tax authority (e.g. CRA).

Expand 32. I do not have a Taxpayer Identification Number. How do I obtain one?  

It is recommended that you contact your federal tax authority (e.g. CRA). For contact information, click here.

Expand Reasonable Explanation 
Expand 33. What is a "reasonable explanation"? 

If TD is given reason to believe that the Tax Residency Self-Certification Form that a customer previously completed is unreliable (e.g. customer claimed Canada as their only tax residence; however, there is a U.K. address on file), then TD must obtain either:

  • A new Tax Residency Self-Certification Form that establishes all of the accountholder's residence(s) for tax purposes (including the one on file); or
  • A reasonable explanation and documentation (as appropriate) to support the validity of the existing Tax Residency Self-Certification Form
Expand 34. What documentation do I need to provide TD to advise that I am not a resident for tax purposes in a country identified by TD? 

The following documentation can be provided by an Individual or Sole Proprietor customer to explain why they are not a resident for tax purposes in a country identified by TD:

Explanation Supporting Documentation Required
Student Student Visa (if applicable)
Teacher, trainee or intern Appropriate Visa (if applicable)
Participant in an educational or cultural exchange visitor program Appropriate Visa (if applicable)
Diplomatic post or position in a consulate or embassy Diplomatic Passport
Frontier worker or employee working on a truck or train travelling between countries N/A

If you are an entity, please consult with a tax professional to confirm the explanation which may apply within the applicable tax jurisdiction(s).

Expand 35. I have an explanation for why I am no longer a resident of a country identified by TD. Where can I find more information about acceptable explanations? 

It is recommended that you consult with a tax professional to confirm the explanation which may apply within the applicable tax country (s).

Expand 36. How do I know if I have to provide supporting documentation when refuting a tax country found by TD? 

TD will request any documentation that is required to support the explanation requested; however, it is recommended that you consult with a tax professional to confirm the explanation which may apply within the applicable tax country(s).

Expand Completing documentation 
Expand 37. Are there exceptions to completing the Tax Residency Self-Certification Form?  

No. Under the regulations, individual and entity customers must comply with additional requests for information from TD. If this additional documentation is not received upon request, TD may be required to report your account information to the federal tax authority (e.g. CRA).

Expand 38. Why did I receive a request for documentation for FATCA and a request for CRS?  

Under certain scenarios, TD may be required to collect separate documentation under both regimes. You must complete each request.

Expand 39. TD has requested CRS documentation. How can I provide? 

If you live within Canada, please provide the documentation as requested by TD (e.g. to a TD Branch, Relationship Manager/Investment Advisor, through e-mail, mail, etc.).

If you live outside of Canada or in a rural area and are unable to go into a TD office, please have your documents copied and sent to the appropriate TD office.

Expand 40. I closed my TD accounts. Why am I being asked to complete a Tax Residency Self-Certification Form? 

Even though your account is closed to date, you were identified as a possible foreign tax resident during our review. TD has the obligation to properly document the account. If you do not provide this documentation upon request, TD may be required to report your account information to the federal tax authority (e.g. CRA).

Expand 41. Why did TD request information, but my other Financial Institution (FI) did not? 

Every FI has an obligation to appropriately document new customers by obtaining their tax residence information during the account opening process; however, information provided by customers with existing accounts could vary among FIs and each FI has different business and system processes to identify foreign tax residents. Please refer to "What factors make TD think I am a tax resident of a foreign country?".

Expand 42. My business is a Sole Proprietorship. Should I be completing documentation as an individual or an entity under CRS?  

As a Sole Proprietor, the CRS regulations consider you as an individual.

Expand Entity classification 
Expand 43. Why am I being asked to re-classify my entity when I have already done so for FATCA? 

Under the CRS rules, there are additional entity classifications (that may not align with FATCA) that need to be considered and under certain scenarios, you must provide both.

TD will contact you to request this information.

Expand 44. Why is TD asking for additional information about my entity account when I am incorporated in Canada and my entity account does not contain any information about a foreign country? 

All Financial Institutions, including TD, must determine whether an entity accountholder is:

  1. a foreign tax resident; and
  2. a financial institution and, if so, which type of financial institution; or
  3. a non-financial entity (or NFE) and, if so, whether it is a Passive NFE

If the accountholder is a Passive NFE or an Investment Entity in a Non-Participating country, the entity must identify the controlling persons (the natural persons who exercise control over an entity) associated with the account. A Financial Institution must then determine if any controlling persons on the account are foreign tax residents.

Entity classification is required, regardless if foreign information is present on the entity account.

The above information is intended to provide general guidance only, and is not an exhaustive analysis of all provisions of CRS. The above information should not be construed as legal or financial advice.

Individuals (including sole proprietor customers)

For use by TD Canada Trust personal and sole proprietor customers only: TD Canada Trust Tax Residency Self-Certification – Individual (Includes Sole Proprietor)

For use by TD Wealth, existing personal and sole proprietor (Direct Investing, Financial Planning and Private Investment Advice) clients only: TD Waterhouse Canada Inc. Tax Residency Self Certification – Individual (Includes Sole Proprietor)

Entities (including business and trust customers)

For use by TD Canada Trust Business Banking customers only: TD Canada Trust Tax Residency Self-Certification – Entity

For use by TD Wealth, existing entity (Direct Investing, Financial Planning and Private Investment Advice) clients only: TD Waterhouse Canada Inc. Tax Residency Self Certification – Entity

For use by TD Securities (globally) entity clients only: TD Securities Entity Tax Residency Self-Certification Form and definitions