By way of background, as per the Canadian IGA, credit unions can apply to be classified as a “local client base” financial institution.
In this case, the credit union would be FATCA compliant by reporting to the IRS only the names of clients who are US residents – the names of clients who are US persons living in Canada wouldn’t be reported.
More details found in the following post, taken from the Isaac Brock Society FATCA exempt credit union (as per the IGA with Canada)
As seen on the Maple Sand Box :
PatCanadian on October 20, 2014 at 1:55 pm said:
Hi everyone,
This took me a while but here is a summary for BC credit unions. I hope we can get information for the rest of Canada at some point:
Summary of Credit Unions in BC and FATCA Status:
Full FATCA reporting:
Aldergrove Financial Group
Blue Shore Financial
Bulkley Valley CU
Coast Capital
Community Savings CU
First CU
First West CU (includes Envision, Valley First and Enderby)
Integris CU
Interior Savings CU
Island Savings
Vantage One
Local Client based with reduced FATCA reporting requirements:
Coastal Community CU
G&F Financial
Kootenay Savings CU
Prospera
Westminster Savings
Vancity
Fully exempt (total assets less than $175 million US):
Columbia Valley CU
Greater Vancouver Community CU
Due to time constraints, I did not look into some small credit unions with 4 branches or less and several very specialized credits unions, for example, those for non-profits and police.
Please keep in mind that I am not a legal professional. I am just an ordinary Canadian calling the FI’s and asking the FATCA questions. The CU employees and managers seem to be in the” learning about FATCA” phase. Always double-check with your own financial institution. As a precaution, it may be wise to withhold your last name and decline to verify your member status.
