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FATCA overview

Commercial Banking – Canada

The Foreign Account Tax Compliance Act (FATCA) is legislation introduced by the United States Department of Treasury (Treasury) and the US Internal Revenue Service (IRS) to counter tax evasion in the US. HSBC is committed to being fully FATCA compliant in all countries where we operate, in accordance with the legislative timeline.

In Canada, the principles of FATCA have been brought into our local laws. This means that HSBC may need to provide information on US accounts to the Canada Revenue Agency.

In order to establish your tax status, we need to obtain certain documents from you. These documents are HSBC declarations and/or IRS forms that will enable you to declare and confirm your tax status to us for the purposes of FATCA.

Please read the information carefully and select the document that you need to confirm your tax status to us.

HSBC cannot offer any advice relating to FATCA, and we recommend customers contact a professional tax advisor to discuss their tax situation if needed.

IGA declaration for active/passive non-financial foreign entity (NFFE):
This is an HSBC document which you may be able to sign instead of a US W-8 series form to confirm non-US tax status. Please read the form carefully to ensure you meet the relevant conditions. If you believe that you do not meet the relevant conditions, please do not use this declaration and instead use the relevant W-8 series form or W-9 form.

Should you have problems printing the form you need, please contact your local branch.

W-9 form: This is the withholding certificate referred to as a ‘W-9’. This form is completed to confirm US tax status.

W-8 forms: This is a link to the withholding certificates referred to as ‘W-8s’ on the IRS website. This is a series of forms that are completed to confirm non-US tax status. One form is required depending on your situation.

In order to provide customers with further support when completing IRS W forms, we have provided some additional customer guidance for the forms W-9, W-8BEN and W-8BEN-E.

(Page last updated May 2015)