Finance’s draft legislative proposals would implement certain measures that were originally announced in the 2016 federal budget including items concerning the common reporting standard (CRS).
The draft legislation includes provisions that are intended to clarify certain aspects of the CRS rules. Specifically, the draft legislation aims to eliminate the ability of financial institutions to apply the due diligence procedures for pre-existing individual accounts to new individual accounts. The measures would be effective on Royal Assent.
Read an August 2016 report prepared by the KPMG member firm in Canada
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