Canadian FIs – Collect Non-Resident Account Details | KPMG | CA

Canadian FIs – Start Collecting Non-Resident Account Details

Canadian FIs – Collect Non-Resident Account Details

Canadian financial institutions will soon have to collect information on certain financial accounts.

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Canadian FIs – Start Collecting Non-Resident Account Details

These FIs must collect this information on accounts held by tax residents of jurisdictions outside of Canada and the United States and provide these details to the CRA. This requirement is part of an international initiative under which Canada has agreed to provide this information to other countries’ tax authorities in exchange for information about financial accounts held by Canadians in those jurisdictions. Although this reciprocal exchange of information begins in 2018, affected financial institutions must have procedures in place to identify this information by July 1, 2017.

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