What is U.S. indicia?
"U.S. indicia" refers to indicators that the financial account may be held by a U.S. Person as
follows:
1. identification of the account holder as a U.S. citizen or resident
2. a U.S. place of birth
3. a current U.S. mailing or residence address (including a U.S. P.O. Box)
4. a current U.S. telephone number
5. standing instructions to transfer funds to an account maintained in the U.S.
6. a currently effective power of attorney or signatory authority granted to a person with a
U.S. address
7. an "in-care-of" or "hold mail" address that is the only address in the insurer's file for the
accountholder.
Do you spend a lot of time in the U.S.?
Visitors to the U.S., including snowbirds, are generally not U.S. Persons; however, there are
circumstances that can cause a Canadian to become a U.S. resident. Clients are advised to
consult their own legal or tax advisor regarding their residency status.
Ask your advisor about the certification for temporary U.S. visitors that your financial
institution may have available.
For general information, see the CRA webpage "Canadian residents going down south", which
includes information on U.S. tax issues.
I'm a customer in Canada, where can I go for more information?
• CRA
• Canadian Life and Health Insurance Association (CLHIA)
• IRS
• See your professional tax advisor.
When does reporting to the CRA start?
Generally, reporting to the CRA starts in 2015 with respect to calendar year 2014.
What financial accounts will be reported to CRA (and thus to the IRS) under the Agreement?
FIs are required to report to CRA regarding financial accounts held by US Persons or by
account holders that do not provide required information in a timely manner. CRA will, in turn,
automatically provide information about these accounts to the IRS.
3
