FATCA

Members of Mountain View Financial who are U.S. persons living outside of the United States need to understand the Foreign Account Tax Compliance Act (FATCA) and how it may apply to you.

FATCA is a United States law requiring financial institutions around the world to collect and submit financial information on U.S. persons living outside of the United States to U.S. authorities. U.S. citizens are taxed on their worldwide income regardless of where they live, and FATCA is meant to encourage proper reporting of all investment income and dispositions of securities regardless of where in the world the investments are held.

Beginning July 1, 2014, non-U.S. financial institutions will be required to identify, document and report on accounts held by U.S. persons. Canada's Department of Finance announced that Canada and the United States have signed an Inter-Governmental Agreement (IGA) to improve international tax compliance and to implement the Foreign Account Tax Compliance Act (FATCA) in Canada. Mountain View Financial will comply with the legislation regarding the implementation of FATCA.

U.S. persons are subject to additional reporting and tax obligations on income and asset reporting, including filing annual tax returns and other information with the U.S. government. Please consult a tax professional to better understand FATCA and your obligations as a U.S. person living outside of the U.S. The Canadian Revenue Agency has also developed online resources to help you understand the impact of the Inter-Governmental Agreement on individuals and entities. Visit the Canadian Revenue Agency website for more information.