How will you determine if I have reportable accounts?
As of July 1, 2017, all Canadian financial institutions, including SCU, are required to have new individual and business (entity) members declare their tax residency when opening a membership, and to provide documentation to support their declaration.
We may request that existing members complete a form declaring their tax residency, based on certain criteria, or when a member has a change in circumstances. We will then review the information you provide against the applicable requirements to determine if your accounts are reportable.
In addition, please note that businesses with passive income will be required to complete tax residency for controlling persons.