In July 2019, the text of the U.S. Competent Authority Arrangement (“CAA”) with Canada, signed on 28 February and 20 March 2019, was made available on the Treasury website (Link).
The Arrangement is in accordance with the Foreign Account Tax Compliance Act (“FATCA”) IGA signed between these jurisdictions in 2014 (Link). In general, a Competent Authority Arrangement is a bilateral agreement between the U.S. and a treaty partner to clarify or interpret treaty provisions (Link). The CAAs establish the procedures for the automatic exchange obligations and for the exchange of information between these jurisdictions.