Global Tax Adviser, February 09, 2016. Canada has signed a Joint Declaration with Switzerland which expresses the intent of both countries to engage in the automatic exchange of financial account information as per the OECD's Common Reporting Standard (CRS). The Declaration was signed in Ottawa on February 5, 2016.
Finance's announcement also confirms Canada's intention to implement the CRS on July 1, 2017, with a first exchange of information in 2018. By the implementation date, Canadian financial institutions will be expected to have procedures in place to identify accounts held by non-residents, and to report the required information to Finance. As Finance formalizes exchange arrangements with foreign jurisdictions, and verifies that each jurisdiction has the appropriate capacity and safeguards in place, the information will begin to be exchanged on a reciprocal, bilateral basis.
Finance said that it intends to release draft legislative proposals for implementing the CRS in Canada "in the near future" for public comment.
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Information is current to February 09, 2016. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500