US Tax for Banks in Canada – Tools & Links

🧭 Internal Tools (USTaxBanks)

• QI Review Tool – checklist for preparing the QI periodic review (including sampling template).
• FATCA Data Validation (Excel) – structure and field checks aligned with FATCA XML / Canadian Part XVIII reporting.
• Customer Documentation Matrix (QI/CRS) – overview of acceptable documentation (W-8BEN(-E), W-9, CRS self-certifications).
• W-8 / W-9 Form Reference (current IRS versions) – PDF download & quick reference for frequently used forms.
• 1042-S / 8966 Checklist – completeness check before submission to the IRS / CRA gateway.

Note: Internal tools are only available to registered Canadian financial institutions or existing clients.

🇨🇦 FATCA Canada – CRA Resources

Official sources of the Canada Revenue Agency (CRA) for the implementation of FATCA (Part XVIII) and CRS (Part XIX), including due diligence, reporting and XML specifications.

• 🔗 Enhanced financial account information reporting – overview
  Entry point for FATCA (Part XVIII) and CRS (Part XIX) obligations for Canadian financial institutions.
• 📘 Guidance on the Canada–U.S. Enhanced Tax Information Exchange Agreement (FATCA)
  CRA handbook for FATCA due diligence and reporting (Part XVIII of the Income Tax Act).
• 📘 Guidance on the Common Reporting Standard (CRS)
  Detailed guidance on CRS implementation in Canada (Part XIX).
• 📄 How to complete and file a Part XVIII Information Return
  Instructions for completing and filing FATCA information returns, including Web Forms, XML and corrections.
• 🧩 XML specifications for information returns (including FATCA / CRS)
  Technical XML schema specifications used for FATCA and CRS reporting to the CRA.
• 🌐 Reporting and sharing of financial account information with other jurisdictions (CRS)
  Administrative aspects of CRS reporting for Canadian financial institutions.
• 🏛️ Department of Finance Canada – FATCA FAQ
  Background on the Canada–U.S. FATCA Intergovernmental Agreement (IGA) and implementation in Canadian law.
• 🕒 Filing deadlines (Part XVIII / FATCA)
  As a rule, the Part XVIII Information Return for a calendar year must be filed before May 1 of the following year via electronic filing. Example: reporting period 2024 → filing deadline before May 1, 2025. Always check current CRA guidance for possible changes or administrative relief.

🇺🇸 QI – IRS Resources

Official sources of the Internal Revenue Service (IRS) on the Qualified Intermediary (QI) regime and related withholding and reporting obligations for Canadian banks and dealers.

• 🔗 Qualified Intermediary Program (IRS.gov)
  Overview of the QI regime, including links to the QI/WP/WT system and program announcements.
• 📜 Revenue Procedure 2022-43 – 2023 QI Agreement (PDF)
  Current QI withholding agreement, including rules for QDDs and PTP income.
• 🧾 Notice 2022-23 (PDF)
  Notice with proposed changes and clarifications to the QI agreement, including QDD and PTP aspects.
• 📘 QI General FAQs
  Frequently asked questions on QI registration, periodic review, certifications and other operational topics.
• 🔐 QI/WP/WT System – apply, renew, certify or terminate
  Secure portal for managing QI, WP and WT agreements and certifications.
• 🧮 Forms & reporting (selection):
  
  • About Form 1042-S – Foreign Person’s U.S. Source Income Subject to Withholding
  • About Form 8966 – FATCA Report
  • IRS Forms W-8 / W-9 overview: About Form W-8BEN • About Forms W-8 (overview) • About Form W-9

🌐 Additional Sources

• OECD – Common Reporting Standard (CRS) schema & user guides
  Global standard for automatic exchange of financial account information, including XML schema and status messages.
• Canadian Bankers Association – FATCA & CRS overview
  Background material explaining how FATCA and CRS affect Canadian financial institutions and clients.
• FATCA in Canada – example disclosure (RBC)
  Illustrative public disclosure on FATCA obligations from a major Canadian financial institution.
• OECD – Implementation Handbook for the AEOI Standard
  Practical implementation guidance for CRS and automatic exchange frameworks.

🔄 Note on Timeliness

All links and references on this page are checked regularly. Nevertheless, legislation, CRA guidance and IRS materials may change at short notice. Always refer to the most recent official publications when planning filings or audits.
Last updated: November 23, 2025