Who or what is a U.S. person?
Generally, a "U.S. Person" is a:
• U.S. citizen (born or naturalized in the U.S.) regardless of country of residence
• U.S. resident, including a U.S. green card holder
• A U.S. corporation, partnership, estate, or trust.
Please refer to the relevant U.S. government web site and/or discuss with your tax or other
professional advisor.
What client certification will FIs require individuals to sign?
Individuals may be asked to answer a question such as the following:
Are you a U.S. citizen or a U.S. resident for U.S. tax purposes? Yes or No? If yes, provide your
U.S. Taxpayer Identification Number (TIN).
What client certification will FIs require entities (i.e corporations, trusts, partnerships, etc.)
to sign?
For entity clients, FIs are required to determine the entity's classification for tax purposes, and
in some cases will need to obtain information about the individuals who control the entity. An
entity may be required to certify whether it is a U.S. Person or a specific type of foreign (non-
U.S.) financial or non-financial entity. If the entity is a passive investment entity, information
will be required to determine if any individual who owns or controls 25% or more of the entity
is a US Person. For additional information to assist entities in determining their classification,
see the CRA website HERE.
What is a financial account?
Broadly speaking, a financial account includes most depository accounts (i.e. chequing,
saving accounts and GIC's), interests in mutual funds, brokerage and custodial accounts, life
insurance policies having a cash value exceeding $50,000, and annuity contracts (including
segregated fund contracts).
However, the following accounts and products are excluded and are therefore not considered
financial accounts under the Agreement:
1. Insurance contracts that provide pure insurance protection and do not have any cash value
(such as term life, disability, health, and property and casualty insurance)
2. Canadian registered products including: RRSPs, RRIFs, PRPPs, RPPs, TFSAs, RDSPs,
RESP's, and DPSPs.
2
