Retail Banking and Wealth Management – Canada
To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new information-gathering and reporting requirement for financial institutions. This is known as the Common Reporting Standard (“the CRS”), as coordinated by the Organisation for Economic Development (OECD), and we’d like to help you understand what it means for you.
Under the CRS, we expect that we will be required to identify where customers/entities are “tax resident”. We will base this on information that we have already, or we may ask you for additional details. Generally under the CRS, if you are tax resident outside Canada, then we will report this to the Canada Revenue Agency (CRA), along with other information relating to your account(s). This may then be shared with different countries’ tax authorities.
What will you need to do?
Canada has announced it intends to implement the CRS starting July 1, 2017. Draft legislation to implement the CRS in Canada will be released in the near future. Please refer back to this page for more information.
If you have any specific questions regarding the tax residency for you or your business, please contact a professional tax adviser, as we are unable to provide tax advice. You may also visit the Canada Revenue Agency website for more information.
Page last updated June 2016