On April 15, 2016 the Canadian Department of Finance released for consultation draft legislative proposal to implement the Common Reporting Standard (CRS). Canada is one of the jurisdictions having committed to exchanging information with each other under the CRS.
The exchange relationships between jurisdictions are typically based on the multilateral Convention on Mutual Administrative Assistance in Tax Matters. Click here to be forwarded to the Convention on Mutual Administrative Assistance in Tax Matters (Text amended by the provisions of the Protocol amending the Convention on Mutual Administrative Assistance in Tax Matters, which entered into force on 1st June 2011). Additionally click here to be forwarded to the CRS Multilateral Competent Authority Agreement (MCAA) which is based on its Article 6 of the Convention on Mutual Administrative Assistance in Tax Matters.
Canada intends to implement the CRS starting on July 1, 2017. As of that date, Canadian financial institutions would be required to have procedures in place to identify accounts held by non-residents and to report the required information to the Canada Revenue Agency (CRA).
As the CRA formalizes exchange arrangements with foreign jurisdictions, having verified that each jurisdiction has appropriate capacity and safeguards in place, the information would begin to be exchanged on a reciprocal, bilateral basis with the jurisdiction in which the account holder is resident.
The Canadian Department of Finance invites interested parties to provide comments on the draft legislative proposals by July 15, 2016. According to a press release issued by the Canadian Department of Finance in this respect, comments can be directed to This email address is being protected from spambots. You need JavaScript enabled to view it. or to:
Tax Policy Branch
Department of Finance
90 Elgin Street
Ottawa, Ontario
K1A 0G5
Click here to be forwarded to the Legislative Proposals Relating to the Implementation of the OECD Common Reporting Standard (Pdf file), which was published by the Canadian Finance Department on April 15, 2016 as available on the website of the Canadian Department of Finance.
Click here to be forwarded to the Explanatory Notes Relating to the Income Tax Act and Income Tax Regulations (Pdf file), which was published by the Canadian Finance Department on April 15, 2016 as available on the website of the Canadian Department of Finance..
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