Canada: CRS guidance for financial institutions

Canada: CRS guidance for financial institutions

The Canada Revenue Agency (CRA) has clarified the upcoming reporting rules that require Canadian financial institutions to provide information on accounts held by residents of jurisdictions outside of Canada and the United States. While the detailed account information must be provided to the CRA beginning in 2018, affected financial institutions must have procedures in place to identify this information by 1 July 2017.

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The guidance applies to Canadian entities that will be subject to the common reporting standard (CRS). The guidance:

  • Extends relief for client name accounts held by investment funds and dealers to client name accounts held by custodians and investment managers
  • Sets parameters under which financial institutions can rely on documentation collected by their agents to reduce their own documentation procedures, and reduces the number of controlling persons that must be reported for collective investment vehicles established as trusts in countries that are not participating jurisdictions for CRS purposes

 

Read an April 2017 report [PDF 125 KB] prepared by the KPMG member firm in Canada: FIs — CRA Gives Details on CRS Approach for 2017

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