Don’t think that the Foreign Account Tax Compliance Act (FATCA) applies to you or your business?

You may want to double-check and not be caught off-side.
Beginning July 1, 2014, FATCA will have an impact on all Canadian enterprises, not only those that receive cross border payments. Canadian enterprises will be required to certify their status under FATCA to the financial institutions where they hold accounts. Some non-financial Canadian companies, such as holding companies or trusts, will also find themselves required to comply with FATCA by having to report information to the financial institutions with which they do business, as well as the IRS whether or not they receive US source income.
In preparation, your finance team will need to understand the potential impact of FATCA on your organization: what changes will need to be made, and the new processes to ensure ongoing compliance. The stakes are high – failure to address FATCA in a timely manner can frustrate commercial relationships and potentially lead to unnecessary withholding of 30 percent on payments received from US sources.
KPMG Enterprise is pleased to invite you to a complimentary seminar to educate you on the FACTA rules impacting Canadian entities and provide practical advice for preparing for these changes before your financial institution comes to you. Given US tax system’s broad reach, our US Tax professionals will also cover tips on personal tax exposure for US citizens residing in Canada and how to remain in good standing with the IRS.

Seminar discussion topics:

• FATCA and its impact on Canadian privately held entities
• CFC and PFIC issues for US persons in Canada
• The US voluntary disclosure program
• Expatriation and US estate taxes

Who can benefit from this seminar?

Canadian owner managed businesses and entrepreneurs regardless as to whether they do business in the US; US persons residing in Canada; bankers, lawyers and other business advisors with clients who are US citizens and/or who do business in the US.

Please contact Vicki Ng at (519) 660-2153 or by email at seminarrsvp@kpmg.ca if you have any questions about the event.