Canada: New FATCA guidance provides relief | KPMG | GLOBAL

Canada: New FATCA guidance provides relief

Canada: New FATCA guidance provides relief

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.

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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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