Notice of Important information required to complete our records
We appreciate and value your business and we thank you for choosing RBC. We are contacting you because we require additional information pertaining to your tax residency.
There is no immediate action required at this time, but in the coming week(s), you will be receiving a package by mail that includes a letter as well as a tax form that must be completed and returned to us.
The letter will outline the details of what we require, the timelines to have all information in good order, and how to contact us should you have any questions.
It is very important that we receive the requested documentation back from you to ensure that there is no disruption to the use of your account(s). Without this information, it may become necessary for us to restrict certain transactions1 on banking and non-registered investment accounts at a future date until the information is provided to us satisfactorily. Please note that in the event that a transaction for the repayment of credit is restricted, you may incur fees, interest, or other charges on the applicable credit facility, and/or you may be subject to adverse credit bureau reporting.
As a federally regulated financial institution, we are required to comply with tax regulations related to client accounts with RBC. To combat global tax evasion and improve tax compliance, all Canadian financial institutions are obligated to
identify accounts held by U.S. persons as well as accounts for certain non-U.S. entities in which U.S. persons have an interest and report information about these accounts (“U.S. Reportable Accounts”) on an annual basis to the Canada Revenue Agency (CRA). In turn, the CRA will forward the information to the U.S. Internal Revenue Service (IRS). This is our obligation under the Foreign Tax Compliance Act (FATCA), and
identify and report information to the CRA on certain accounts held by clients that may be reportable for tax purposes in countries participating in the Common Reporting Standard (CRS).
We appreciate your assistance in completing the package and returning it to us in a timely manner.
If you have not received a package by 2 weeks from today, please contact us using the information provided below to verify that your mailing address is correct, and ensure a package is sent to you.
