On December 23, 2016 the Canadian Department of Finance  issued a press release announcing that through an exchange of notes dated December 22 and December 9, 2016 the Canadian Minister of Finance and the Swiss Federal Councillor concluded an agreement (Hereafter: the Agreement) between the Government of Canada and the Government of the Swiss Confederation under the Convention on Mutual Administrative Assistance in Tax Matters as amended by the 2010 Protocol (Hereafter: the Convention).

The Agreement concluded via the exchange of notes provides that the Convention will have effect for administrative assistance between Canada and Switzerland in relation to taxation periods beginning on or after January 1, 2017. This is one year earlier than would have been the case without the Agreement. The Agreement provides the legal basis for the automatic exchange of information for tax purposes based on the OECD/G20 Common Reporting Standard.

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