Canadian financial institutions that must report under the U.S.-based FATCA as well as Canada’s new common reporting standard (CRS) rules may see some relief now that the Canada Revenue Agency (CRA) has updated its FATCA guidance.
The CRA’s changes and clarifications, some of which are based on comments from industry groups and stakeholders, help to further align these two similar information reporting regimes. As a result, financial institutions may have more consistent information collection and reporting burdens for both FATCA and CRS.
Read an April 2017 report [PDF 85 KB] prepared by the KPMG member firm in Canada: FIs — New FATCA Guidance Provides Relief
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