Reportable Account unless one of the exceptions in subparagraph B(4) applies with respect to that account.Marginal note:Financial institution(6)For the purpose of applying the procedures referred to in paragraphs (2)(d) and (e) and (3)(c) and (d) to a financial account of an account holder that is resident in Canada, the definitionFinancial Institutionin subparagraph 1(g) of Article 1 of the agreement is to be read as follows:g)The termFinancial Institutionmeans any Entity that is a Custodial Institution, a Depository Institution, an Investment Entity or a Specified Insurance Company, and that is a listed financial institution within the meaning of Part XVIII of theIncome Tax Act.Marginal note:Dealer accounts(7)Subsection (8) applies to a reporting Canadian financial institution in respect of a client name account maintained by the institution if(a)property recorded in the account is also recorded in a financial account (in this subsection and subsection (8) referred to as the “related account”) maintained by a financial institution (in this subsection and subsection (8) referred to as the “dealer”) that is authorized under provincial legislation to engage in the business of dealing in securities or any other financial instrument, or to provide portfolio management or investment advising services; and(b)the dealer has advised the institution whether the related account is a U.S. reportable account.However, subsection (8) does not apply if it can reasonably be concluded by the institution that the dealer has failed to comply with its obligations under this section.Marginal note:Dealer accounts(8)If this subsection applies to a reporting Canadian financial institution in respect of a client name account,(a)subsections (1) to (4) do not apply to the institution in respect of the account; and(b)the institution shall rely on the determination of the dealer in respect of the related account in determining whether the account is a U.S. reportable account.
(a)for preexisting individual accounts that are lower value accounts, other than accounts described in paragraph A of section II of Annex I to the agreement, the procedures described in paragraphs B and C of that section, subject to paragraph F of that section;(b)for preexisting individual accounts that are high value accounts, other than accounts described in paragraph A of section II of Annex I to the agreement, the procedures described in paragraphs D and E of that section, subject to paragraph F of that section;(c)for new individual accounts, other than accounts described in paragraph A of section III of Annex I to the agreement, the procedures described in paragraph B of section III of Annex I to the agreement;(d)for preexisting entity accounts, other than accounts described in paragraph A of section IV of Annex I to the agreement, the procedures described in paragraphs D and E of that section; and(e)for new entity accounts, other than accounts described in paragraph A of section V of Annex I to the agreement, the procedures described in paragraphs B to E of that section.
(a)if the account is a preexisting individual account described in paragraph A of section II of Annex I to the agreement, the procedures described in paragraphs B and C of that section, subject to paragraph F of that section;(b)if the account is a new individual account described in paragraph A of section III of Annex I to the agreement, the procedures described in paragraph B of section III of Annex I to the agreement;(c)if the account is a preexisting entity account described in paragraph A of section IV of Annex I to the agreement, the procedures described in paragraphs D and E of that section; and(d)if the account is a new entity account described in paragraph A of section V of Annex I to the agreement, the procedures described in paragraphs B to E of that section.
(a)in applying paragraph C of that section VI, an account balance that has a negative value is deemed to be nil; and(b)the definitionNFFEin subparagraph B(2) of that section VI is to be read as follows:2NFFEAnNFFEmeans any Non-U.S