FATCA CRS FAQS
FATCA (the Foreign Account Tax Compliance Act) and CRS (the Common Reporting Standard) are two pieces of tax legislation that are used by many countries around the world to assess tax status of individuals and entities. As a federally regulated financial institution (FRFI), Odyssey is required to comply with both FATCA and CRS tax reporting requirements.
You’ve been asked to self-certify to confirm your tax residency status, which is required under FATCA and CRS regulations. Financial institutions are legally obligated to collect this information to ensure compliance with international tax reporting requirements.
Self-certification helps determine whether your account details need to be reported to the appropriate tax authorities.
If you have been identified as an impacted individual (i.e. your securities are held in your name), you will be contacted by a member of the Odyssey team. As an individual, you are required to complete the RC518 self-certification form. This form can be found here.
If you have been identified as an impacted entity (i.e. your securities are held in the name of a corporation), you will be contacted by a member of the Odyssey team. As an entity, you are required to complete the RC519 self-certification form. This form can be found here.
If you are an individual, you will need:
Your full name
Permanent residence address
Date and country of birth
Country of tax residence
Tax Identification Number (for example SIN (for Canada), SSN (for US))
Declaration of tax residence
Signature
If you are an entity, you will need:
Entity’s legal name
Jurisdiction of incorporation
Permanent residence address
Declaration of tax residence
Business number or Trust number
If the entity is a financial institution:
Global Intermediary Identification Number (GIIN)
Signature by an authorized person
If the entity is considered a passive non-financial entity:
Controlling person(s) to provide:
Full name
Date of Birth
Tax Identification Number
Permanent address
Declaration of tax residence
Please navigate here and follow the detailed instructions on the form to complete the form correctly.
Once received, please complete the form at your earliest convenience. We ask that the form be completed within 30 days of receipt.
No, please follow this link and complete the form online. If you are unable to complete the form online or would prefer to print and mail it to us, please complete and mail a copy of the relevant form to us at:
Odyssey Trust Company
Stock Exchange Tower
1230 – 300 5th Avenue SW
Calgary AB T2P 3C4
Yes, if you submit your form electronically using our website, you will receive an email confirmation of your completed form.
If you do not self-certify Odyssey is required to report your account as undocumented to the relevant tax authorities. This could lead to some compliance issues. In some circumstances, Odyssey may be required to restrict or close your account, depending on local laws and regulations.
FATCA is specific to the United States, focusing on U.S. taxpayers, while CRS is a global initiative involving over 100 countries, aimed at identifying and reporting tax residents of other jurisdictions.
For an Individual, Odyssey is required to report – Full name, Tax Identification Number, Country of residence, Date of birth, Address, Account balance, Income earned.
For an Entity, Odyssey is required to report – Legal name, Tax Identification Number, Residence Country, Business number, Address, Account balance, Income earned.
Yes, any time you move to another country, you trigger a change of circumstance and are required to complete a new self-certification.
