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