Canada: CRS to be implemented July 2017

Canada: CRS to be implemented July 2017

Canada has signed a joint declaration with Switzerland that expresses an 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 5 February 2016.

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Canada’s Department of Finance's announcement also confirms Canada's intention to implement the CRS on 1 July 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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