Canadian financial institutions soon must collect information on financial accounts held by tax residents of jurisdictions outside of Canada and the United States and then provide these collected details to the Canada Revenue Agency (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 1 July 2017.
Canada’s proposed common reporting standard (CRS) rules will require financial institutions in Canada to:
These rules apply to accounts held by individuals and certain entities.
Read an August 2016 report [PDF 84 KB] prepared by the KPMG member firm in Canada: Canadian FIs — Start Collecting Non-Resident Account Details
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