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Important - Process changes for policies with cash surrender values. Read more!

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New FATCA and CRS Requirements

12/14/2020 12:00:00 AM

Effective January 1, 2021, self-certification of residence for tax purposes must be obtained when a policy is issued. Assumption Life will require that the self-certification be indicated in the life insurance applications, at the time of application. If you are unable to provide the SIN, you will be expected to complete the fill out the RC518 Declaration of Tax Residence for Individuals form and send it to Assumption Life in order for the policy to be issued.

As a regulated financial institution, we must comply with the Foreign Account Tax Compliance Act (FATCA), a measure designed to prevent U.S. taxpayers from avoiding taxes by using foreign bank accounts, and the Common Reporting Standard (CRS). Canadian financial institutions are required under Part XVIII and Part XIX of the Income Tax Act to collect the information provided on this form to determine if they have to report the financial account to the Canada Revenue Agency (CRA). The CRA may share that information with the government of a foreign jurisdiction that the client is a resident of for tax purposes, or a citizen of in the case of the United States. The client can ask the financial institution if they have reported the financial account to the CRA and what information they have provided.

Note that not all financial accounts are subject to FATCA and CRS requirements. For example, term life insurance is not subject to review or reporting.

Changes in the application process

Paper application  ensure that the Canadian owner's Social Insurance Number is listed in the application under the "Owner" section.

Lia application until we make the necessary adjustment to our Lia sales tool you are required to enter the Canadian Owners Social Insurance Number in the Special Instructions box indicated on the right side of the Lia sales tool.

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These changes apply to permanent (whole life) products with a cash surrender value. The Assumption Life products listed below are part of this category:

  • Total Protection
  • Golden Protection Deferred
  • Golden Protection
  • No Medical Whole Life
  • No Medical Whole Life Plus
  • Essential Whole Life
  • ParPlus
  • ParPlus Junior

 
IMPORTANT: If the application is submitted without the SIN, the application will not be issued. Our New Business Team will contact you to obtain the missing information.