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COVID-19 and virtual meetings with your MD Advisor: Helpful information, updates and the latest MD market news.

Important Tax Changes May Apply to U.S. Persons

MD Financial Management — along with most Canadian financial institutions — is legally required to report the accounts of clients with U.S. status (known as “U.S. persons”) to the Canada Revenue Agency (CRA). This is as a result of Canada’s Intergovernmental Agreement with the United States to respect provisions of the Foreign Account Tax Compliance Act (FATCA).

U.S. persons include citizens of the United States (including dual Canadian-American citizens), U.S. Green Card holders (regardless of country of residence) and U.S. residents, or Deemed Residents, regardless of citizenship

Answering “yes” to any of the following questions may indicate you are a U.S. person:

  • Were you born or were you naturalized in the United States?
  • Were you born to a parent who is a U.S. citizen?
  • Do you reside in the United States or do you visit for an extended period?
  • Are you, or have you ever been, a Green Card holder?
    • A Green Card holder may be considered a U.S. person if they never surrendered their card upon returning to live in Canada. They may still be considered a U.S. person even if their Green Card has expired.

MD wants to provide clarity on this important topic to make our clients aware of this legislation and that there may be implications to you if you are a U.S. person.

Therefore, it is important for you to know that MD is legally obligated — as are most Canadian financial institutions — to report to CRA the accounts of all clients who will not assist with the determination of their potential status as a U.S. person. You should also be aware that conversations with your MD Advisor on this matter are not privileged.

If you believe you may be a U.S. person:

MD recommends that you immediately consult a U.S.— licensed attorney—with whom your conversation will be privileged—with expertise in tax and/or immigration to better understand what it may mean for you and your family. Employees of the MD group of companies are not U.S. — licensed or permitted to make any determination of your U.S. status or filing obligations.

We want to be proactive in helping guide our clients on this matter. If you do not already have access to a qualified lawyer or accountant:

  • MD can assist by providing a list of independent legal and tax experts.
  • Contact your MD Advisor to obtain a copy of MD’s U.S. persons referrals list.