Empire Life | Insight
Foreign Account Tax Compliance Act (FATCA)
The Foreign Account Tax Compliance Act (FATCA) is U.S. tax legislation enacted in 2010 to better detect tax evasion by U.S. persons living worldwide with financial accounts at non-U.S. financial institutions.
Effective July 1, 2014, Canadian financial institutions are required to collect information to report to the Canada Revenue Agency on certain financial accounts held in Canada by U.S. persons.
To comply with this new legislation, we have updated our life applications and most of our segregated fund contracts applications.
For more information on what these changes mean from an administrative perspective, please see CIRE 2014-18.
The Fast and Full administration team currently sends you a copy of the Fast and Full application via an encrypted email. Some of these emails are not being opened and therefore, you will not receive a copy of the new application submitted by your advisor.
These emails expire 2 weeks from the date that they are sent, so it is important that you open the email when received. Some emails have been caught in spam filters so we ask that you check your spam mail regularly.
Get Consumers Talking About Life Insurance by Going Viral!
With the launch of our new insurance consumer web site, www.empirelife.ca, we encourage you to share our Dumb Ways to Die links on your social media accounts like Facebook, LinkedIn and Twitter. Let’s get more Canadians talking about the importance of life insurance!
The Dumbest Way to Die is Without Life Insurance; the unexpected happens every day.
New Point of Sale Regulatory documents
New versions of the following documents will be on our website on Friday:
- Fund Facts (INP-0100) and Fund Facts (Closed Funds),
- Option Plus Group RSP Segregated Fund Highlights (GP-0039)
- The Equity Dividend Option Information Folder (INP-0026)
Print versions will be in stock by the end of next week. In order to ensure you receive current versions, we ask that you please wait to order new stock until June 16 for INP-0010, and June 20 for GP-0039.