We’re committed to keeping you informed as new guidelines emerge for keeping our business compliant with the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) of the Income Tax Act (Canada).
As of January 1, 2021 you’ll now be required to provide valid self-certification on all new wealth, universal and permanent life insurance applications within 90 days of submission. If we don’t receive this, Sun Life could face penalties.
What does this mean for you?
For individuals: you’ll need to complete the International tax residency self-certification for FATCA/CRS section on new insurance and wealth applications before we’ll issue the policy.
For corporations and other entities: you’ll need to provide the International tax classification for an entity (4545 form) before we’ll issue the policy.
We’ll decline any applications for which these requirements are not met.