About the Common Reporting Standard (CRS)
source: Canada Revenue Agency (CRA)
The Common Reporting Standard (CRS) is a new international standard for the automatic exchange of financial account information between tax administrations to use in fighting tax evasion and to promote voluntary compliance with tax laws. Canada and close to a hundred other jurisdictions are committed to its implementation.
Under the CRS, financial institutions must take steps to identify certain accounts held by, or for the benefit of, non-residents and to report such accounts to the Canada Revenue Agency (CRA). The information would then be available for sharing with the jurisdiction in which the account holder resides for tax purposes under the provisions and safeguards of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters or the relevant bilateral tax treaty.
For a list of the jurisdictions that have committed to implement the CRS visit the Organization for Economic Cooperation and Development website at: https://www.oecd.org/tax/transparency/AEOI-commitments.pdf.
For more information, visit the CRA's CRS site here.
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