At Float, we are committed to ensuring that you continue to enjoy a seamless and compliant financial experience. As part of this commitment, we need your help with an important regulatory requirement.
To comply with tax regulations, all Float customers must complete the RC519 Declaration of Tax Residence for Entities form, which will be distributed via email to Primary Administrators beginning the week of September 16, 2024. This form helps us verify whether your account is subject to specific tax reporting obligations.
Please review and complete the RC519 form by October 16th, 2024. This will allow us to determine if your account falls under certain reporting requirements and ensure your Float account remains in good standing without any interruptions.
- What are FATCA and CRS?
- How does this involve Float?
- What steps does Float take to comply?
- What should I do if I receive a request to complete the RC519 form?
- Why is it necessary to complete the RC519 form?
- How can I get assistance with the RC519 form?
- What if I don't complete the form by the deadline?
- FATCA-CRS RC519 Form Collection Frequently-Asked Questions (FAQ)
What are FATCA and CRS?
CRS and FATCA are regulatory frameworks that require financial institutions in Canada to report certain account information to the Canada Revenue Agency (CRA). Under FATCA, accounts held by U.S. taxpayers must be reported to the CRA, while the Common Reporting Standard (CRS) mandates reporting on accounts held by non-residents of Canada. These regulations help the CRA ensure compliance with international tax laws and promote financial transparency.
How does this involve Float?
Float Financial Solutions Inc. must comply with FATCA and CRS by identifying and reporting specific financial accounts. This involves collecting and processing information from our customers to meet reporting obligations to CRA.
What steps does Float take to comply?
- Collect Self-Certification Forms: We reach out to customers to gather the necessary forms to determine reportability.
- Use RC519 Form: We use the RC519 Declaration of Tax Residence for Entities form for collecting required information.
- Identify Reportable Accounts: We review the collected forms to identify accounts that need reporting to the CRA and IRS.
- Implement Mandatory Self-Certification: All customers must complete the RC519 form in order to make transactions.
What should I do if I receive a request to complete the RC519 form?
- Review the Request: You will receive a secure link to a pre-filled form from PandaDoc.
- Complete the Form: Check the pre-filled details, update any necessary information, and sign the form.
- Submit: The process is quick. Once submitted, your account status will be updated accordingly.
Why is it necessary to complete the RC519 form?
Completing the RC519 form ensures that Float complies with FATCA and CRS requirements, meets reporting obligations to the CRA and keeps your Float account in good standing.
How can I get assistance with the RC519 form?
Please consult our FAQ: FATCA-CRS RC519 Form Collection Frequently-Asked Questions (FAQ)
If you have questions or need assistance, please contact us by submitting a request from help.floatfinancial.com. We’re here to support you.
What if I don't complete the form by the deadline?
Please complete the form by October 16th, 2024, to avoid potential disruptions to your account. Delays in submission may affect your account’s status.
Thank you for your cooperation and for being a valued Float customer!