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PLEASE READ - Update to FATCA and CRS reporting
Submitted by Victoria on December 23, 2020 - 11:11am
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BACKGROUND
The Foreign Account Tax Compliance Act (FATCA) has been operational beginning July 1, 2014 and Common Reporting Standards (CRS) have been operational beginning July 1, 2017.What that has meant to you and BMO Insurance is the requirement to collect a self-certification declaration of tax residency as part of the new application and policy change process for certain life insurance, SPIA and GIF plans. 

CHANGE EFFECTIVE JANUARY 1, 2021
While the self-certification of tax residency is currently a ‘settling’ requirement, effective January 1, 2021, BMO Insurance will require a complete and valid self certification for FATCA and CRS prior to the approval of the insurance application, policy set up for non-registered SPIA and non-registered GIF and prior to a policy change.

As a reminder, the following is a summary of the FACTA and CRS requirements for each product:

New application 

PlanRequired form (Completed in good order) *
- Universal life insurance
- BMO Insurance Whole Life		Face-to-Face Life Insurance and Critical Illness Insurance Application Form, 126ESmart App
Individually owned:
►  Completion of Section 4.3
OR
Corporate owned (Entity):
►  Part 2 and Part 3 of the Entity Verification, 715E
OR		Individually owned:
►  Completion of self-certification questions in the Owner tab
OR
Corporate owned (Entity):
►  Part 2 and Part 3 of the Entity Verification, 715E
OR
Non-Registered SPIAApplication for Single Premium Immediate Annuity, 348E (refer to instructions in Advisor’s Report)

Individually owned: 

Corporate owned (Entity): 
Non-Registered GIFIndividually owned: 
►  Completion of question11.(4) of the BMO GIF Application Form – Nominee, 589E
►  Completion of 14.(4) of the BMO GIF Application Form, 592E
OR

Corporate owned (Entity): 



Policy Changes (Conversions, address changes, policy owner changes)

PlanRequired form (Completed in good order) *
- Universal life insurance
- BMO Insurance Whole Life
- Non-Registered SPIA
- Non-Registered GIF		Individually owned: 
Corporate owned (Entity): 

 *BMO Insurance reserves the right to request additional information as required.

 
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