Canada–united States Enhanced Tax Information Exchange Agreement Sample Contracts
Explanatory Notes – Canada–United States Enhanced Tax Information Exchange AgreementCanada–united States Enhanced Tax Information Exchange Agreement • February 5th, 2014
Canada has signed the Agreement between the Government of Canada and the Government of the United States of America to Improve International Tax Compliance through Enhanced Exchange of Information under the Convention between Canada and the United States of America with Respect to Taxes on Income and on Capital (the “agreement”). Under the agreement, Canada agrees to adopt domestic legislation to require certain Canadian financial institutions to report certain information with respect to accounts held by certain U.S. persons to the Canada Revenue Agency. Canada also agrees to automatically exchange this information with the United States pursuant to Article XXVII of the Convention between Canada and the United States of America with Respect to Taxes on Income and on Capital.