Entry into Force of the Information Exchange Agreement between Canada and the United States
July 2, 2014
- Intergovernmental Agreement for the Enhanced Exchange of Tax Information under the Canada-U.S. Tax Convention [PDF 203 Kb]
- Backgrounder: Intergovernmental Agreement for the Enhanced Exchange of Tax Information under the Canada-U.S. Tax Convention
The Intergovernmental Agreement (IGA) between Canada and the United States for the enhanced exchange of tax information under the Convention between Canada and the United States with Respect to Taxes on Income and on Capital entered into force on June 27, 2014. The IGA was signed on February 5, 2014. Legislation to implement the IGA, including related amendments to the Income Tax Act, was set out in Part 5 of Bill C-31, which received Royal Assent on June 19, 2014.
The provisions of the IGA generally have effect in Canada as of July 1, 2014. These include the requirements, outlined in Annex I of the IGA, for Canadian financial institutions to institute due diligence procedures to identify accounts held by U.S. persons. In compliance with Article 3 of the IGA, reciprocal information exchange between the Canada Revenue Agency and the U.S. Internal Revenue Service will begin by the end of September 2015.
For further information contact:
Department of Finance
For information concerning the interpretation and application of the IGA, more information is available on the Canada Revenue Agency's (CRA) website or by contacting the CRA. Contact information is available on the CRA website. The CRA website also has information concerning tax treaties and other information concerning international tax issues for individuals and businesses.