Worksheet: FATCA reporting for U.S. citizens

Tax reporting requirements for cross-border clients have been changing. Refer to this sheet so you don’t miss a thing.

A U.S. person’s advisor and bank must report:

2015
Regarding	Information to be reported to the CRA before May 2, 2016
Each specified U.S. person, either:	• Address
• holding a U.S. reportable account; or	• U.S. Tax Identification Number (TIN)
• who is a controlling person of a passive non-financial foreign entity (NFFE) that holds a U.S. reportable account	• Canadian Tax Identification Number
	• Account number or functional equivalent
	• Account balance or value

Custodial accounts	Total gross amount of:
	• interest;
	• dividends; or
	• other income
Depository accounts	Total gross amount of interest paid or credited to the account during the year
Other accounts	Total gross amount paid or credited to account holder with respect to the account, including aggregate amount of redemption payments made to account holder, during the year

2016
All information listed for 2015, plus:
Regarding	Information to be reported to the CRA before May 2, 2017
Custodial accounts	Total gross proceeds from sale or redemption of property paid or credited to the account during the year

2017 and onward

All of the information listed for 2016 is to be reported to the CRA before May 2 of the following calendar year.

When is the latest I can sell an asset prior to June 25?