Protected B when completed
How to fill out the form
Section 1 – Identification of account holder
Use Section 1 to identify the account holder. Sometimes the account holder’s
address may be different from the mailing address. If this is the case, give both
addresses.
The account holder is the person listed or identified as the holder of the
financial account by the financial institution that maintains the account. But,
when a person other than a financial institution holds a financial account for the
benefit of or for another person as an agent, custodian, nominee, signatory,
investment advisor, or intermediary, they are not considered the account
holder. In such cases, the account holder is the person for whom the account
is held.
If a trust or an estate is listed as the holder of a financial account, the trust or
the estate is the account holder, not the trustee or the liquidator. Similarly, if a
partnership is listed as the holder of a financial account, the partnership is the
account holder, not the partners in the partnership. In such cases, fill out
Form RC521, Declaration of Tax Residence for Entities – Part XIX of the
Income Tax Act.
An account holder also includes any person who can access the cash value or
designate a beneficiary under a cash value insurance contract or an annuity
contract.
The policy/account number is the number your financial institution assigned
to you. For example, enter the number assigned to you (such as a bank
account number or insurance policy number) in this box. When you fill out this
form as a controlling person of an entity, enter the policy or account number
assigned to the entity, not your personal number. If you do not have such a
number, leave this box blank.
Section 2 – Declaration of tax residence
Use Section 2 to identify the account holder’s tax residence and taxpayer
identification number. If the account holder does not have such a number, give
the reason.
Generally, an individual will be a tax resident of a jurisdiction if, under the laws
of that jurisdiction, they pay or should be paying tax there because of their
domicile, residence, or a similar criterion.
Individuals who are tax residents in more than one jurisdiction can rely on the
tie–breaker rules in tax conventions (when they apply) to resolve cases of dual
tax residence.
For more information on tax residency, talk to your tax adviser or go
to oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/
tax-residency/#d.en.347760.
A taxpayer identification number, often referred to by its abbreviation TIN, is
a unique identifier made of letters or numbers that the jurisdiction assigns to an
individual. The jurisdiction uses the TIN in administering its tax laws to identify
the individual. Enter the TIN in its official format. For more details about
acceptable TINs, go to oecd.org/tax/automatic-exchange/crs-
implementation-and-assistance/tax-identification-numbers/#d.en.347759.
Reasons that fall under “Reason 3: Other reason” for not having a TIN
include not being eligible to receive one. However, if you are eligible to receive
a TIN but you do not have one, you have 90 days to apply for one through
your jurisdiction of residence. You have 15 days after you receive it to give it
to your financial institution.
Section 3 – Certification
Make sure you fill in and sign Section 3 before you give this form to your
Canadian financial institution.
Type of controlling person
Fill in this section only if you are filling out this form as a controlling person of
an entity.
Controlling persons of an entity are the natural persons who exercise direct
or indirect control over the entity. Generally, whether any person exercises
control over an entity is determined in a way similar to how beneficial owners
are identified for Canada’s Proceeds of Crime (Money Laundering) and
Terrorist Financing Act.
For example, a person is generally considered a controlling person of a
corporation if they directly or indirectly own or control 25% or more of the
corporation. When no natural person is identified as exercising control of the
corporation, a director or senior official of the corporation is considered the
controlling person.
In the case of a trust, controlling persons include its settlors, trustees,
protectors (if any), beneficiaries (or class of beneficiaries), and any other
natural persons exercising ultimate effective control over the trust.
A settlor, trustee, protector, or beneficiary of a trust may be an entity. If so, to
determine the trust’s controlling persons you have to look through the entity’s
chain of control or ownership to identify the natural persons exercising ultimate
effective control over the entity. You then have to report those you find as
controlling persons of the trust. Financial institutions may apply this
requirement in a way similar to how beneficial owners are identified for
Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
In the case of a legal arrangement other than a trust, controlling persons are
persons in equivalent or similar positions.
Type of controlling person*
* Enter the description that best describes the type of controlling person:
1) Direct owner of a corporation or other legal person
2) Indirect owner of a corporation or other legal person (through an intermediary)
3) Director or senior official of a corporation or other legal person
4) Settlor of a trust
5) Trustee of a trust
6) Protector of a trust
7) Beneficiary of a trust
8) Other controlling person of a trust
9) Equivalent to a settlor of a legal arrangement other than a trust (e.g. partnership)
10) Equivalent to a trustee of a legal arrangement other than a trust (e.g. partnership)
11) Equivalent to a protector of a legal arrangement other than a trust (e.g. partnership)
12) Equivalent to a beneficiary of a legal arrangement other than a trust (e.g. partnership)
13) Other controlling person of a legal arrangement other than a trust (e.g. partnership)
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