FATCA/CRS – Back to Basics and Recent CRA Enforcement Activity
Overview
Members of the alternative investment industry (including alternative investment funds, securities dealers, investment advisors and custodians) are subject to compliance obligations under Part XVIII (“FATCA”) and Part XIX (“CRS”) of the Income Tax Act (Canada).
This session will provide compliance professionals with information about the following:
- FATCA/CRS 101 – A refresher on the FATCA/CRS obligations that apply to members of the alternative investment industry;
- CRA Enforcement Activity – Reviewing the CRA’s enforcement and audit activity for assessing the FATCA/CRS compliance practices of members of the alternative investment industry; and
- Compliance Best Practices – Reviewing the common issues or errors that have been identified by the CRA during its audits, and the best practices that your organization can adopt to avoid making them.
Where
Virtual
Speakers
Grace Pereira
Partner
BLG Beyond AUM Law
Tony Zhang
Tax Lawyer
BLG Beyond AUM Law
Grace Pereira
Partner
BLG Beyond AUM Law
Grace has a taxation of investment funds practice, where she advises funds, their managers and sub-advisers. Her experience includes:
- Structuring new products;
- Restructurings;
- Acquisitions;
- Investment fund mergers, wind-ups and qualifying dispositions;
- Transfer pricing;
- Registered plans; and
- FATCA & CRS due diligence and reporting.
Grace is an active member of various industry associations, including the Securities and Investment Management Association (formerly the Investment Funds Institute of Canada), the Canadian ETF Association and the Portfolio Management Association of Canada. On behalf of those organizations, she has participated in various submissions on behalf of the asset management industry to the Department of Finance (Canada) regarding tax law changes that impact the industry.
Tony Zhang
Tax Lawyer
BLG Beyond AUM Law
Tony advises on tax issues affecting various types of investment funds, such as domestic and offshore hedge funds, exchange traded funds (ETFs), mutual funds, pooled funds, private equity funds and other alternative funds. His clients include fund managers, securities dealers, portfolio managers, custodians and other participants of the asset management industry. He has experience with fund formation, registered plans, ongoing tax compliance, and the taxation of derivative trading strategies.
Tony frequently provides advice to financial institutions on their account holder obligations under the Common Reporting Standard and the Foreign Account Tax Compliance Act. His experience includes helping financial institutions develop compliance programs and representing them in enforcement procedures.
He also represents taxpayers in their disputes with taxation authorities, such as the Canada Revenue Agency and the Ontario Ministry of Finance.
Tony is an active member of various industry associations, including the Securities and Investment Management Association (formerly the Investment Funds Institute of Canada), the Canadian ETF Association and the Portfolio Management Association of Canada. On behalf of those organizations, he has participated in various submissions on behalf of the asset management industry to the Department of Finance (Canada) regarding tax law changes that impact the industry.