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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 

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

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